Walcom Group deputy CFO steps down as it seeks working capital

Walcom Group announced on Tuesday that it was in advanced discussions with its chief executive Francis Chi over the provision of a loan of HKD 1m, which was expected to be made available by the second week of January.

The AIM-traded firm said it expected a further loan of HKD 0.5m to be provided by Chi before the end of January.

On the basis that the loans were received by the company as envisaged, Walcom said it expected to be able to meet its liabilities as they fall due until the end of January.

“Whilst the board is hopeful that discussions with 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,” the board cautioned in its statement.

“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.”

Walcom also announced that Hwai Ming Chan had informed the board that she was stepping down as deputy chief financial officer and company secretary, with effect from 29 February.

“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.”