Walcom Group Ltd Company update
22 June 2020 - 5:17PM
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").
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 +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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