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").
6 December
2019
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Company Update
Further to its announcement on
29 November 2019, the Company
provides the following update regarding its working capital
position.
Pursuant to the terms of an existing
bank facility and as anticipated, a short-term bank loan of
RMB 1 million is due for repayment by
the Company during the second week of December 2019. The Company and the lender have
agreed on a repayment plan whereby the loan will be repaid in
monthly instalments over a period of six months, with the final
instalment due in June 2020. The bank
loan will not be renewed as previously envisaged.
The Company remains in discussions
with Mr Francis Chi, Chief Executive
of the Company, regarding the provision of a further loan to help
stabilise the Company’s working capital position. However, if the
Company is unable to secure further funding, it has adequate
working capital to meet its liabilities as they fall due until the
end of December 2019.
Whilst the Board is hopeful that
discussions regarding 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 |