Walcom Group Ltd Company update
June 02 2020 - 10:00AM
UK Regulatory
TIDMWALG
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").
2 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 still been unable to
provide the proposed loan of HK$1,230,000 (the "Director Loan") to the Company
as intended. Mr Chi has, again, reiterated his intention to provide the
Director Loan but there can be no certainty as to the provision or the timing
of the Director Loan.
Further to the announcement on 29 May 2020, the Company has been able to
further defer its loan repayment of RMB200k to 5 June 2020. The Company will
require additional funding to repay this bank loan. Therefore, based on
Walcom's current cash flow projections, the Company will be able to continue
operations until 5 June 2020. In the absence of the Director Loan now being
received in part or in full by 5 June 2020, 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 +852 2494 0133
Francis Chi (Chief Executive Officer/Chief Financial
Officer)
Allenby Capital Limited (Nominated Adviser and Broker) +44 20 3328 5656
David Hart / Asha Chotai
END
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