Walcom Group Ltd Company update

 
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"). 
 
                                                                    2 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 still been unable to 
provide the proposed loan of HK$1,230,000 (the "Director Loan") to the Company 
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. 
 
Further to the announcement on 29 May 2020, the Company has been able to 
further defer its loan repayment of RMB200k to 5 June 2020. The Company will 
require additional funding to repay this bank loan. Therefore, based on 
Walcom's current cash flow projections, the Company will be able to continue 
operations until 5 June 2020. In the absence of the Director Loan now being 
received in part or in full by 5 June 2020, 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                                           [phone] 
Francis Chi (Chief Executive Officer/Chief Financial 
Officer) 
 
 
Allenby Capital Limited (Nominated Adviser and Broker)       [phone] 
David Hart / Asha Chotai 
 
 
 
END 
 

(END) Dow Jones Newswires

June 02, 2020 11:00 ET (15:00 GMT)