Icon Group Ltd. — Capital/Financing Update 2020

Mar 12, 2020

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Walcom Group Ltd - Company Update

PR Newswire

London, March 12

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").

12 March 2020

WALCOM GROUP LIMITED

(“Walcom” or “the Company”)

Company Update

The Board of Walcom provides an update on the Company’s working capital position.

Mr Francis Chi, Chief Executive Officer of the Company, has re-iterated his intention to provide a loan of HK$1,230,000 to Walcom Bio-Chemicals Industrial Limited, Walcom’s wholly owned subsidiary and now expects to be able to do so by 18 March 2020.

As a result of the Company’s trading and the actions it has taken to control the Company’s working capital position, the Board now believes that, in the absence of the loan being received in part or in full by 23 March 2020, the Company may be unable to continue its operations and would 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)	+852 2494 0133
Allenby Capital Limited (Nominated Adviser and broker) David Hart / Asha Chotai	+44 20 3328 5656