Walcom Group Ltd Company Update
April 30 2020 - 5:58AM
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").
30 April 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Company update
Further to the announcement on 22 April 2020, the Board of Walcom provides an
update on the Company's 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 Walcom
Bio-Chemicals Industrial Limited, Walcom's wholly owned subsidiary, 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.
The Company has generated sufficient funds from its trading activities to
enable it to repay RMB400k of bank loans due on 30 April 2020. The repayment of
a further RMB50k of bank loans has been deferred. Based on Walcom's current
cash flow projections, the Company will be able to continue operations until 10
May 2020. If the Director Loan is not received prior to 10 May 2020, the
Company will be unable to service the outstanding loan repayment and 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
(END) Dow Jones Newswires
April 30, 2020 05:58 ET (09:58 GMT)
Walcom (LSE:WALG)
Historical Stock Chart
From Apr 2024 to May 2024
Walcom (LSE:WALG)
Historical Stock Chart
From May 2023 to May 2024