- Struggling animal feed supplier Walcom said it could only survive until 16 March if a loan from its chief executive doesn't materialise.

The company said Francis Chi had re-iterated his intention to provide a loan of HK$1.23m.

In the meantime, Walcom had been cutting spending, including by deferring rent and salary payments.

It was also making applications to Shanghai's local authority for deferral of social security payments, as well as exploring other financial incentives announced by the Shanghai government to mitigate the impact of COVID-19 on businesses.

'As a result, the board now believes that, in the absence of the loan being received in part or in full by 16 March 2020, the company may be unable to continue its operations and would be forced into liquidation with a consequential diminution in value to shareholders,' Walcom said.

At 9:31am: [LON:WALG] Walcom Group Ltd share price was 0p at 0.3p

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