Icon Group Ltd.

Capital/Financing Update • Jun 22, 2020

National Storage Mechanism | Additional information

Walcom Group Ltd - Company update

PR Newswire

London, June 22

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").

22 June 2020

WALCOM GROUP LIMITED

(“Walcom” or “the Company”)

Company update

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

Mr Francis Chi, Chief Executive of the Company, has reiterated his intention to provide the proposed loan of HK$1,230,000 (the “Director Loan”) to the Company to assist with its working capital position.  There can be no certainty as to the provision or the timing of the proposed Director Loan.

Further to the announcement on 15 June 2020, the Company has made further changes to its payment plan with its bank, pursuant to which the Company made a loan repayment of RMB50,000 on 19 June 2020. As previously announced, the Company will make six repayments of RMB50,000 on a monthly basis commencing in July 2020. Under the revised payment plan, the Company will also make a final loan repayment of RMB150,000 to the bank in December 2020.

Based on Walcom’s current cash flow projections, the Company will be able to continue operations until 30 June 2020. In the absence of the Director Loan now being received in part or in full by this date, the Company would 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