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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 |
TIDMWALG 19 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") Update re: Customer payment Further to the Company's announcement on 10 July 2018 regarding the default on two payments owed to the Company of an aggregate RMB 4.26 million (approximately GBP483,000) by the Company's largest customer (the "Customer"), Walcom still has not received either payment. The Customer has informed the Company that the payments are being arranged and will be made before the end of July. A further RMB 2.4 million (approximately GBP270,000) is owed to the Company by the Customer which 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. Although neither of the payments referred to above have been received, the Company has received other ordinary course trade receivables in the last week. As such, the Company's working capital position is significantly restrained but manageable in the near term. 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 engaging with lawyers in preparation for the possibility of having to take formal proceedings to recover the payment. The Company is closely monitoring its cash position and will make a further announcement as necessary. Further enquiries: Walcom Group Limited +852 2494 0133 Francis Chi (Chief Executive Officer) Albert Wong (Chief Financial Officer) Allenby Capital Limited +44 20 3328 5656 Virginia Bull END
(END) Dow Jones Newswires
July 19, 2018 07:58 ET (11:58 GMT)
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