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Walcom Group Ltd - Company Update

Walcom Group Ltd - Company Update

Walcom Group Ltd - Company Update

PR Newswire

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” 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

Quick facts: Walcom Group Limited

Price: 0.3

Market: AIM
Market Cap: £206.5 k

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