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The Ouzo may have run out at Deputy Sheriff Towers, but the Wagnerian opera of ShareProphets AIM-China Filthy Forty play Walcom (WALG) took what surely is a final turn last night when at 4.22pm it announced that two directors were walking as of this morning, leaving just Mr Francis Chi on the board...
Nigel Somerville - the Deputy Sheriff of AIM - is currently conducting the ShareProphets national anthem as Walcom Group (WALG) Nomad Allenby Capital finally seems to have had enough of the farce of a non-arriving loan… and has “resigned… with immediate effect”. As Nigel enjoys an ouzo, how’s the ShareProphets China AIM 'Filthy Forty' looking now?...
Somewhat belatedly, this morning at 8.16 am ShareProphets AIM-China Filthy Forty play Walcom (WALG) finally got around to issuing an RNS which was surely due last Friday to tell us that the bank had again blinked, that CEO/CFO still hadn’t provided the bailout loan promised back in January and that he still intended to do so. The Nomad-signed RNS suggested that it was therefore business as (not so) usual. But then at 1.16pm the Fat Lady finally ploughed through the security cordon and before you knew it she had sung her heart out and the show was over.
Last Monday ShareProphets AIM-China Filthy Forty play Walcom (WALG) offered up yet another statement saying that again its CEO/CFO Mr Francis Chi had failed to offer up a bailout loan, that he still intended to do so (as he has since January!) and that in the absence of further funding it would be a one-way trip to the corporate undertakers last Friday, June 19. There was no statement on Friday, and here we are on Monday and there still has been no statement. Is Walcom bust or not? We need a statement.
So ShareProphets AIM-China Filthy Forty play Walcom (WALG) lives to fight on for a few more days after the bank blinked again and allowed Walcom to extend its payment plan, now with RMB 150,000 due on Friday but with CEO and CFO Mr Chi’s loan still nowhere to be seen, at some point the bank will lose patience and then either Mr Chi will have to cough up or it will be a one-way trip to corporate heaven.
The seemingly never-ending Wagnerian Opera of ShareProphets AIM-China Filthy Forty group Walcom (WALG) and its lack of a bailout director loan to avoid a one-way trip to the liquidator’s office saw the latest deadline yesterday pass without a statement. Oh dear: has the curtain finally come down?...
They say that if you owe the bank a quid you’ve got a problem, but if you owe the bank a million quid – or in the case of ShareProphets AIM-China Filthy Forty group Walcom (WALG), RMB200,000 by the end of May, then it is the bank which has a problem – especially if Walcom can’t pay. And so the latest deadline came and went….and it was the bank which blinked first...
AIM-listed Walcom (WALG), one of the handful of remaining members of our AIM-China Filthy Forty has once again updated the market over its grim financial position……and the CEO loan which has still not arrived. This melodrama has been ongoing since January – one wonders whether the company thinks that if it drags on long enough the Fat Lady, who has been well warmed up for months, will finally be too hoarse to sing. But I fancy the denouement is now on the way.
Shares in ShareProphets AIM-China Filthy Forty play Walcom (WALG) are STILL trading despite further warnings this morning that the company has insufficient funds to settle bank loan repayments due this month and in any case will run out of cash in a week. Surely we should have had a suspension pending financial clarification announcement by now.
The Wagnerian Opera that is the death of ShareProphets AIM-China Filthy Forty play Walcom (WALG) took a further step this morning: the Fat Lady has done her warm-up, got onto stage and loosened up by joining in the final chorus before stepping centre stage herself. But still AIM Regulation has not forced a suspension!
The Wagnerian Opera that is ShareProphets AIM-China Filthy Forty play Walcom (WALG) appears to be heading at last to its inevitable conclusion for this afternoon it was announced that CEO and CFO Mr Francis Chi had been unable to provide the bailout loan.....but still intended to do so...
And so the Wagnerian opera that is AIM-China Filthy Forty play Walcom (WALG) continues. To recap, it is out of cash and dependent on yet more loans from its CEO for survival which as yet had not been forthcoming….
The Wagnerian opera of the eventual demise of ShareProphets AIM-China Filthy Forty play Walcom (WALG) continues, as we learnt today that the bailout rescue loan from its CEO is still not in the bank, but apparently more orders and perhaps more importantly measures from the Shanghai government in response to the corona virus mean that the company will survive until a week on Monday in the continuing absence of the CEO’s largesse.
Another update from ShareProphets AIM-China Filthy Forty play Walcom (WALG) shows that the Wagnerian Opera of the cash-crisis is still not over, but the fat lady has been sent from stage left to stage right to make her entrance and so the company has another two weeks to sort itself out.
The forecast death of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seems to be stretching out long enough for your average Wagnerian opera. But yesterday the company announced that the fat lady is, at last, on her way.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) updated at lunchtime today that after weeks of prevaricating its CEO and CFO, Mr Francis Chi, has finally signed on the dotted line to give the company a lifeline in the form of a further loan of HK$ 270,000. But as lifelines go, this is as short as it gets for even with further loans which may or may or may not follow we are told that the cash will still run out in early February.
Two days before Christmas AIM-China Filthy Forty play Walcom (WALG) announced the departure of Yong Tian Chan from the board as of 1 January (ie today). Now the deputy CFO, Jessie Chan, is off, from the end of February. Meanwhile, the company is still teetering on the brink of insolvency as discussions with the CEO regarding another bailout sticking plaster continue.
To be fair to ShareProphets AIM-China Filthy Forty play Walcom (WALG) it has made no secret of its financial woes since its formerly best customer defaulted on payments owed, plunging the company into crisis, even if the initial announcements suggested mis-placed confidence that the default would be resolved.
In my last update on the sorry saga of AIM-China Filthy Forty play Walcom (WALG), I commented that having been teetering on the brink for an age….I wonder if the company will survive into the new year. This was in the light of a bank loan due for repayment in the second week of this month (and no cash to pay it with)...
The death throes of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seem to be going on even longer than your average opera. Having encountered problems last in getting its largest customer to pay up (still no progress there despite a court win) and hits to its business by disease, Walcom has been teetering on the brink for an age. But with the Christmas and New Year break coming up, I wonder if the company will survive into the new year following Friday's intra-day update.
Yesterday ShareProphets AIM-China Filthy Forty play Walcom (WALG) announced that its death, due to lack of funds, has again been postponed – to the end of October. This time the saviour was its CEO, Francis Chi, who has offered up a loan of HK$ 350,000 (around £36,000) to Walcom Bio-Technology Chemicals Limited, a wholly owned subsidiary. It is unsecured, but suggests that the plc will be heading for the knacker’s yard and the choice parts will end up owned by someone else.
ShareProphets AIM-China Filthy Forty play and member of my slam-dunk sells for 2019 Walcom (WALG) has warned again about its financial position – but this time the warning is more direct than before. If you hold shares, now really is just about the last chance to get out for suspension and a trip to the corporate undertakers could come pretty much any time. The company tells us it expects to have enough cash to mid-October, but "expects" and certainty are two different things...
Oh dear, oh dear – an intra-day Company Update….not a good sign. ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of a handful left – has updated the market on its position. We learn that African Swine Fever continues to affect most of the company’s domestic customers (so another profit warning), its former best customer still hasn’t paid up and it is unclear whether it will, the company has only funds to see it through to the middle of next month and absent alternative funding it will be a trip to the corporate undertakers. Apart from that, everything is fine!
Last month one of the five had its denouement as AIM-listed Haydale (HAYD) had an emergency bailout - as long predicted by me - at only 2p. That left just four. My suspicion was that AIM-listed member of the Filthy Forty, Walcom (WALG) would be next with its head under the guillotine and the news there was only marginally better as death has been postponed to June.
The final death throes of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seem to be upon us. This is as a result of its biggest customer defaulting on payments, leaving Walcom with no cash, a much reduced client pool and a stack of bills to pay. On 28 February the company warned it may go belly up by the end of March. The good news is that the executioner has been held off until mid-April, and Walcom is now proposing to sell off a subsidiary to raise a bit of cash...
Well, you can’t say you have not been warned! ShareProphets AIM-China Filthy Forty member (one of the few remaining) Walcom (WALG) warned yesterday that Trading in the first two months of the financial year has been significantly below budget. But that was the minor issue, as its defaulting customer still hasn’t paid up. Walcom is pretty specific over its predicament;
As Tom Winnifrith drowns himself in Ouzo for breakfast this morning, after AIM-listed Telit (TCM) put off its disposal and fellow AIM-listed Altona (ANR) and Alien Metals (UFO – formerly Arian Silver) were suspended on AIM, I wonder if I’m missing out. Back on 21 November 2018, AIM-listed Walcom (WALG) of the ShareProphets AIM-China Filthy Forty told us it had a debt repayment due in January…..
Yesterday ShareProphets AIM-China Filthy Forty member (one of only 7 remaining) Walcom (WALG) updated the market on its efforts to get its largest customer to pay its bills. Bad news there, as was the accompanying profit warning, repayments of borrowings, discussions with lender and the final coup de grace: ….the Company may be in a position where it is unable to settle its liabilities as and when they fall due. What’s not to like!
ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of just seven remaining – announced yesterday that its largest customer had at last ponied up some cash. But it is only to the tune of about £34,000. Against a further approx. £632,000 owed and overdue, and another approx. £92,000 falling due by mid-month, that is a drop in the ocean.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of just seven remaining – has announced that its largest customer still hasn’t ponied up the wonga. There’s a surprise…..not! Also unsurprising is the share price reaction, where the bid price has dropped to just 0.25p. If you wanted a bag of crisps, you’ll have to settle for Tesco Value ones now.
On 28th June ShareProphets AIM-China Filthy Forty play (one of only seven remaining) Walcom (WALG) announced it was having problems getting its biggest customer to pay – but it was ok because it expected to cough up by 10 July. Well, here we are and surprise, surprise……it still hasn’t ponied up the wonga. The company issued an RNS entitled “Customer Payment” (if that is not misleading, I don’t know what is!)
This morning ShareProphets AIM-China Filthy Forty play Walcom Group (WALG) issued a trading statement. Given that its interims are due by tomorrow, that does not look good – indeed, I wonder if the numbers will not be forthcoming and a suspension will follow.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) hasn’t provided as much entertainment as some of its fraudulent brethren, but yesterday’s trading statement – issued at 10.36am, so bad news – is a bit of a gift.
Despite being part of the ShareProphets AIM-China Filthy Forty, Walcom (WALG) has rather slipped under the radar. Our apologies for this oversight are due. Yesterday the company released FY15 results. I have no idea what the company does, but the numbers presented seem to raise rather a lot of Red Flags. But are they fluttering for the company or for the Sham Sheriff and head of the oxymorons at AIM Regulation, Mr Marcus Stuttard?
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