14 Feb 2020 11:09
Walcom Group Ltd - Company UpdateWalcom Group Ltd - Company Update
PR Newswire
London, February 14
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").
14 February 2020
WALCOM GROUP LIMITED(“Walcom” or “the Company”)
Company Update
The Board of Walcom provides an update on its working capital position.
As previously announced, Mr Chi, Chief Executive Officer of the Company, has indicated that he intends to provide a loan of HK$1,230,000 to Walcom Bio-Chemicals Industrial Limited, Walcom’s wholly owned subsidiary. Mr Chi has confirmed to the Company that it is still his intention to provide the loan in full, but that arranging the funding has taken longer than he anticipated. It is his intention to provide the loan during the week commencing 17 February 2020.
At present and in the absence of the loan from Mr Chi, the Company currently has adequate working capital to meet its liabilities as they fall due until [Friday 21 February 2020]. The Company is taking what action it can to extend this period, including discussing more favourable trade terms with its customers and suppliers. However, whilst the Company is hopeful that it will secure the necessary funding from Mr Chi, in the event that it is unable to address the working capital shortfall, it is likely that the Company will 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 |