Walcom Group Ltd Further re Customer payment
July 31 2018 - 6:38AM
UK Regulatory
TIDMWALG
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 GBP483,000) 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 +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
Allenby Capital Limited +44 20 3328 5656
Virginia Bull
END
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