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")
8 October 2018
WALCOM GROUP
LIMITED
(“Walcom” or “the
Company”)
Receipt of further
customer payments
Walcom is pleased to announce it has received a further
RMB 1,400,000 (approximately
£154,900) from the Company’s largest customer (the “Customer”). A
remaining RMB 4.96 million
(approximately £548,800) is owed and due for payment.
As previously announced, the Company had begun legal proceedings
against the Customer. The Company had, however, continued its out
of court negotiations, including discussions regarding a payment
plan. Following receipt of the above funds, the Company is
proposing to withdraw from its legal action but will reserve all
rights against the Customer and will consider the need for further
legal action if deemed appropriate.
The receipt of the additional funds, along with improved
seasonal trading, has improved the Company’s cash and working
capital position. The Company will, however, continue to closely
monitor its cash position.
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 |