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").
31 December
2019
WALCOM GROUP
LIMITED
(“Walcom” or “the Company”)
Company Update
Resignation of
Deputy Chief Financial Officer
Further to its announcement on
23 December 2019, the Company
announces that it is in advanced discussions with Mr Francis Chi, Chief Executive of the Company,
regarding the provision of a loan of HK$1
million, which is expected to be made available by the
second week of January 2020. The
Company expects a further loan of HK$0.5
million to be provided by Mr Francis
Chi before the end of January
2020. On the basis that the loans are received by the
Company as currently envisaged, the Company expects to be able to
meet its liabilities as they fall due until the end of January 2020.
Whilst the Board is hopeful that
discussions with Mr Francis Chi will
have a successful outcome, there can be no guarantee that the loans
will be provided, and the Company’s working capital position will
be stabilised. In this instance, the Company may be unable to
continue its operations and may be forced into liquidation with a
consequential diminution in value to shareholders.
The Company also announces that Ms
Hwai Ming Chan (Jessie) has informed
the board of Walcom that she intends to step down as Deputy Chief
Financial Officer and Company Secretary of the Company, with effect
from 29 February 2020. The Board
would like to express its thanks to Ms Chan for her contribution to
the Company. The Company intends to seek a replacement for Ms Chan
and 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 |