12 June 2019
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Result of Annual
General Meeting
Update on legal
proceedings
Walcom is pleased to announce that, at its annual general
meeting held earlier today, all resolutions were duly passed.
The Company also provides an update in relation to the Company’s
ongoing legal proceedings against the Group’s largest customer in
China (the “Customer”) which has
defaulted on paying large overdue trade receivables owed to the
Company. The payment default by the Customer was the subject
of a court case heard by the Shanghai Pudong New Area People's
Court, with the judgement from this court case dated 5 June 2019 being received by the Company on 10
June 2019. Based on documentary evidence presented to the
court during the hearing, the court affirmed the Company’s claim
against the Customer for the outstanding debt of RMB 4.76 million (plus interest on overdue
receivables of RMB 196,000) and has
ordered the Customer to fully settle the outstanding debt plus
interest within 10 days of the date of judgement. The
Customer has the right to appeal the court judgement. Should
it wish to do so, the Customer is required to submit an appeal to
the Shanghai First Intermediate People's Court within 15 days of
receipt of the original judgement date.
Despite the court ruling in favour of Walcom in relation to the
legal proceedings, it still remains unclear when and how much of
the overdue receivables can be recovered.
Further announcements will be made in due course if there are
any material developments with the legal proceedings or if any
payment is received by the Company in relation to the outstanding
debt.
Further enquiries:
Walcom Group Limited
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer) |
+852 2494 0133 |
Allenby Capital Limited
David Hart / Asha Chotai |
+44 20 3328 5656 |