Walcom Group Ltd Receipt of further customer payments

 
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") 
 
                                                                 8 October 2018 
 
                             WALCOM GROUP LIMITED 
 
                          ("Walcom" or "the Company") 
 
                     Receipt of further customer payments 
 
Walcom is pleased to announce it has received a further RMB 1,400,000 
(approximately GBP154,900) from the Company's largest customer (the "Customer"). 
A remaining RMB 4.96 million (approximately GBP548,800) is owed and due for 
payment. 
 
As previously announced, the Company had begun legal proceedings against the 
Customer. The Company had, however, continued its out of court negotiations, 
including discussions regarding a payment plan. Following receipt of the above 
funds, the Company is proposing to withdraw from its legal action but will 
reserve all rights against the Customer and will consider the need for further 
legal action if deemed appropriate. 
 
The receipt of the additional funds, along with improved seasonal trading, has 
improved the Company's cash and working capital position. The Company will, 
however, continue to closely monitor its cash position. 
 
Further enquiries: 
 
Walcom Group Limited                         [phone] 
Francis Chi (Chief Executive Officer) 
Albert Wong (Chief Financial Officer) 
 
Allenby Capital Limited                      [phone] 
Virginia Bull 
 
 
 
END 
 

(END) Dow Jones Newswires

October 08, 2018 08:11 ET (12:11 GMT)