8 Oct 2018 13:11
Walcom Group Ltd - Receipt of further customer paymentsWalcom Group Ltd - Receipt of further customer payments
PR Newswire
London, October 8
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")
8 October 2018
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Receipt of further customer payments
Walcom is pleased to announce it has received a further RMB 1,400,000 (approximately £154,900) from the Company’s largest customer (the “Customer”). A remaining RMB 4.96 million (approximately £548,800) is owed and due for payment.
As previously announced, the Company had begun legal proceedings against the Customer. The Company had, however, continued its out of court negotiations, including discussions regarding a payment plan. Following receipt of the above funds, the Company is proposing to withdraw from its legal action but will reserve all rights against the Customer and will consider the need for further legal action if deemed appropriate.
The receipt of the additional funds, along with improved seasonal trading, has improved the Company’s cash and working capital position. The Company will, however, continue to closely monitor its cash position.
Further enquiries:
| Walcom Group Limited Francis Chi (Chief Executive Officer) Albert Wong (Chief Financial Officer) | +852 2494 0133 |
| Allenby Capital Limited Virginia Bull | +44 20 3328 5656 |