Company Update

RNS Number : 7378D

Walcom Group Limited

21 February 2020

 

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").

21 February 2020

WALCOM GROUP LIMITED
("Walcom" or "the Company")

Company Update

The Board of Walcom provides an update on the Company's working capital position.

As previously announced, Mr Francis Chi, Chief Executive Officer of the Company, has indicated that he intends to provide a loan of HK$1,230,000 to Walcom Bio-Chemicals Industrial Limited, Walcom's wholly owned subsidiary.

Whilst the Board understands that is still Mr Francis Chi's intention to provide the loan, it has still not been received.

The Company continues to receive new customer orders which is benefitting its working capital position.  In addition, the Company has negotiated an extension to the time for the payment of rent, salaries and other expenses which are currently due in the very short term such that these expenses can be partially and gradually paid over the coming weeks.  As a result, the Board now believes that in the absence of the loan being received in part or in full by 6 March 2020, the Company may 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 Francis Chi (Chief Executive Officer/Chief Financial Officer) Jessie Chan (Deputy Chief Financial Officer)	[phone]
Allenby Capital Limited (Nominated Adviser and broker) David Hart / Asha Chotai	[phone]

 

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