The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").
22 June
2020
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Company update
The Board of Walcom provides an update on the Company’s current
working capital position.
Mr Francis Chi, Chief Executive
of the Company, has reiterated his intention to provide the
proposed loan of HK$1,230,000 (the
“Director Loan”) to the Company to assist with its working capital
position. There can be no certainty as to the provision or
the timing of the proposed Director Loan.
Further to the announcement on 15 June
2020, the Company has made further changes to its payment
plan with its bank, pursuant to which the Company made a loan
repayment of RMB50,000 on
19 June 2020. As previously
announced, the Company will make six repayments of RMB50,000 on a monthly basis commencing in
July 2020. Under the revised payment
plan, the Company will also make a final loan repayment of
RMB150,000 to the bank in
December 2020.
Based on Walcom’s current cash flow projections, the
Company will be able to continue operations until 30 June
2020. In the absence of the Director Loan now being received in
part or in full by this date, the Company would be unable to
continue its operations and would be forced into liquidation with a
consequential diminution in value to shareholders.
Further announcements will be made in due course.
Further enquiries:
Walcom Group Limited
Francis Chi (Chief Executive Officer/Chief Financial Officer)
|
+852 2494 0133 |
Allenby Capital Limited (Nominated Adviser and
Broker)
David Hart / Asha Chotai |
+44 20 3328 5656 |