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Result of AGM and update on legal proceedings

Wed, 12th Jun 2019 08:53

Walcom Group Ltd - Result of AGM and update on legal proceedings

PR Newswire

12 June 2019

(“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

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