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Walcom News Story

WALG 0.35p 0.0  0.0%
01/08/19 75.0k

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Walcom Group Ltd: Result of AGM and update on legal proceedings

Announcement: Wed 12th June, 2019 8:53am
12 June 2019

(“Walcom” or “the Company”)

Result of Annual General Meeting

Update on legal proceedings

Walcom is pleased to announce that, at its annual general meeting held earlier
today, all resolutions were duly passed.

The Company also provides an update in relation to the Company’s ongoing
legal proceedings against the Group’s largest customer in China (the
“Customer”) which has defaulted on paying large overdue trade receivables
owed to the Company.  The payment default by the Customer was the subject of
a court case heard by the Shanghai Pudong New Area People's Court, with the
judgement from this court case dated 5 June 2019 being received by the Company
on 10 June 2019.  Based on documentary evidence presented to the court during
the hearing, the court affirmed the Company’s claim against the Customer for
the outstanding debt of RMB 4.76 million (plus interest on overdue receivables
of RMB 196,000) and has ordered the Customer to fully settle the outstanding
debt plus interest within 10 days of the date of judgement.  The Customer has
the right to appeal the court judgement.  Should it wish to do so, the
Customer is required to submit an appeal to the Shanghai First Intermediate
People's Court within 15 days of receipt of the original judgement date.

Despite the court ruling in favour of Walcom in relation to the legal
proceedings, it still remains unclear when and how much of the overdue
receivables can be recovered. 

Further announcements will be made in due course if there are any material
developments with the legal proceedings or if any payment is received by the
Company in relation to the outstanding debt.

Further enquiries:

 Walcom Group Limited Francis Chi (Chief Executive Officer) Albert Wong (Chief Financial Officer)  +852 2494 0133    
 Allenby Capital Limited David Hart / Asha Chotai                                                  +44 20 3328 5656  

Copyright (c) 2019 PR Newswire Association,LLC. All Rights Reserved

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