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"). 
 
                                                                   22 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 reiterated his intention to 
provide the proposed loan of HK$1,230,000 (the "Director Loan") to the Company 
to assist with its working capital position.  There can be no certainty as to 
the provision or the timing of the proposed Director Loan. 
 
Further to the announcement on 15 June 2020, the Company has made further 
changes to its payment plan with its bank, pursuant to which the Company made a 
loan repayment of RMB50,000 on 19 June 2020. As previously announced, the 
Company will make six repayments of RMB50,000 on a monthly basis commencing in 
July 2020. Under the revised payment plan, the Company will also make a final 
loan repayment of RMB150,000 to the bank in December 2020. 
 
Based on Walcom's current cash flow projections, the Company will be able to 
continue operations until 30 June 2020. In the absence of the Director Loan now 
being received in part or in full by this date, 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 22, 2020 03:17 ET (07:17 GMT)