31 July 2018
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")
WALCOM GROUP
LIMITED
(“Walcom” or “the
Company”)
Update re:
Customer payment
Further to the Company’s announcement on 19 July 2018 regarding the default on two
payments owed to the Company of an aggregate RMB 4.26 million (approximately £483,000) by the
Company’s largest customer (the “Customer”), Walcom still has not
received either payment.
The Company has taken the necessary steps to begin legal
proceedings to recover the contractual monies due.
As previously announced, the Company’s working capital position
is significantly restrained but manageable in the near term. The
Company has continued to maintain at least the minimum level of
working capital required, however, this requires receipt of other
ordinary course trade receivables on a timely basis. With the
seasonal cyclicality the Group experiences, the Board is hopeful
that trading in the coming months will improve the cash
position.
If the full amount outstanding from the Customer is not
received, the Company might, in the absence of obtaining
alternative funds, be in a position where it is unable to settle
its liabilities as and when they fall due. The Company is
considering alternative financing arrangements, should any be
considered necessary.
The Company is closely monitoring its cash position and will
make a further announcement as necessary.
Further enquiries:
Walcom Group Limited
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer) |
+852 2494 0133 |
Allenby Capital Limited
Virginia Bull |
+44 20 3328 5656 |