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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Walcom Group Limited | LSE:WALG | London | Ordinary Share | VGG574851074 | ORD HKD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
10 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”)
Customer payment
Further to the Company’s announcement on 28 June 2018 regarding the default on a payment owed to the Company of RMB 2 million (approximately £230,000) by the Company’s largest customer (the “Customer”), Walcom has not received the payment which was expected by today. The Customer has informed the Company that the payment is being arranged and will be available by the end of next week at the latest.
A further RMB 4.66 million (approximately £530,000) is owed to the Company by the Customer, of which RMB 2.26 million (approximately £255,000) is now due for payment. This payment has also not been received in accordance with the agreed terms of service. The remaining RMB 2.4 million will fall due between now and mid-September 2018.
As previously announced, the delay in receipt of the current payments, in conjunction with the challenging trading conditions seen in the first half of the financial year, has had a material adverse effect on the Company’s cash resources. If either one or both of the payments owed are not received within the next week, the Company’s working capital position will be significantly restrained.
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 continues to reserve all rights against the Customer and is considering the possibility of having to take formal proceedings to recover the payment if it is not received next week.
The Company is closely monitoring its cash position and will make a further announcement as necessary.
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 |
Copyright y 10 PR Newswire
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