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").
29 November
2019
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Company Update
Walcom provides the following update regarding its working
capital position.
Pursuant to the terms of an existing bank facility and as
anticipated, the Company is required to repay a short-term bank
loan of RMB 1 million during the
second week of December 2019.
The lender has verbally indicated that, following the
repayment of the bank loan, a new bank loan of RMB 1 million will be made available to the
Company within several working days.
In order to repay the short-term bank loan, the Company will
require additional funding and is in discussions with Mr
Francis Chi, Chief Executive of the
Company, regarding the provision of a further loan. Should the loan
from Mr Chi be issued as envisaged by the Board and the bank loan
renewed, the Company will have adequate working capital to meet its
liabilities as they fall due until at least the end of January
2020.
Whilst the Board is hopeful that discussions regarding the new
bank loan and the provision of further funding will have a
successful outcome, there can be no guarantee that the Company’s
working capital position will be stabilised. In the event that it
is unable to address the working capital shortfall, the Company may
be unable to continue its operations and may 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
Francis Chi (Chief Executive Officer/Chief Financial Officer)
Jessie Chan (Deputy Chief Financial Officer) |
+852 2494 0133 |
Allenby Capital Limited (Nominated Adviser and
broker)
David Hart / Asha Chotai |
+44 20 3328 5656 |