TIDMADAM
RNS Number : 6165A
Adamas Finance Asia Limited
13 September 2018
ADAMAS FINANCE ASIA LIMITED
("Adamas Finance Asia", "ADAM", the "Company" or the
"Group")
INTERIM CONSOLIDATED RESULTS FOR THE SIX MONTHSED 30 JUNE
2018
Adamas Finance Asia Limited (AIM: ADAM), a London quoted
pan-Asian diversified investment vehicle, is pleased to announce
its interim results for the six months ended 30 June 2018.
Key Points:
-- Transition of ADAM, by disposing of non-core legacy assets
and reinvesting in new income generating assets, now well
underway
-- Net loss of US$1.44 million (H1 2017: US$1.03 million)
-- Consolidated loss per share (basic) of US$1.77 cents (H1 2017: US$1.34 cents)
-- Consolidated NAV at 30 June 2018 increased 1.5% to US$95.0
million (31 December 2017: US$93.6 million)
-- New investment in DocDoc Pte. Ltd. for a US$2.0 million convertible bond
-- Appointment of Shard Capital Partners LLP as Broker in June 2018
Chairman of Adamas Finance Asia, John Croft, commented:
"The transition of ADAM is now well underway and we have made
good progress during the period under review. ADAM's Investment
Manager, Harmony Capital Investors Limited ("Harmony Capital"),
which was appointed in May 2017 has continued with the programme of
disposing of the legacy portfolio whilst seeking and securing new
investment opportunities.
"We still have much to achieve but since the start of the period
the ADAM portfolio has been evolving towards our goal of a
diversified pipeline of investments in pan-Asian SMEs with the
potential to deliver compelling income and growth opportunities for
our shareholders. We continue to view the investment climate as
attractive with the diversification inherent in our individual
investment mandate. There is an increasing number of future
investment opportunities open to ADAM and I look forward to
updating shareholders further as we seek to acquire the best of
these."
Enquiries:
Adamas Finance Asia Limited
John Croft +44 (0) 1825 830587
WH Ireland Limited - Nominated
Adviser
Tim Feather +44 (0) 113 394 6600
James Sinclair-Ford
Shard Capital Partners LLP -
Broker
Philip Pooley +44 (0) 20 7186 9967
Buchanan - Public Relations
Advisers
Charles Ryland +44 (0) 20 7466 5000
Henry Wilson
About Adamas Finance Asia
ADAM is a London quoted investment company focusing on
delivering long-term income and capital growth to shareholders
through a diverse portfolio of pan-Asian investments. It aims to
provide uncorrelated returns through a combination of capital
growth and dividend income from a broad spectrum of national
geographies and asset classes.
The Company's Investment Manager, Harmony Capital, which has a
dedicated team with real Asian expertise, is focused on the
strategy of creating income and capital growth. Harmony Capital is
sourcing predominantly private opportunities and has created a
strong pipeline of income generating assets which include potential
investments in fintech, healthcare, property, mining,
pharmaceuticals and telecoms across Asia.
CHAIRMAN'S STATEMENT
I am pleased to report on the Company's interim results for the
period ended 30 June 2018, which showed continued progress in
reshaping the portfolio into one comprising predominantly of income
generating and capital growth assets. Although this transformation
has been initiated, there is still more to do.
Our Investment Manager, Harmony Capital has been working very
hard to dispose of, or restructure a number of our legacy assets
which were acquired both prior to and through the Reverse Takeover
(RTO) in 2014. Since Harmony Capital's appointment in May 2017,
much progress has been made on which I reported in my annual
statement for 2017 and this positive momentum continued into the
last six months under review.
Achievements during the interim period include agreeing the
revised terms for the disposal of the interest in Global Pharm
Holdings Group Inc.; restructuring our holdings in a large part of
our original portfolio into an income generating Convertible Bond
in a well-known restaurant group in Hong Kong; and further
increasing our holding in Hong Kong Mining Holdings Limited, where
a new general manager has been appointed to bring the mine back
into production.
We are now able to turn our focus increasingly to the new and
exciting investment opportunities on which our Investment Manager
is working. Early in the period we announced our first new
investment since Harmony Capital was appointed, in DocDoc, which we
believe to be Asia's leading patient empowerment company.
DocDoc leverages proprietary data and clinical informatics
across a network of physicians and hospitals to support patients to
find high quality medical care across Asia. Headquartered in
Singapore, DocDoc connects and represents an extensive healthcare
network with over 23,000 physicians, 700 clinics and 100 hospitals.
DocDoc addresses a significant unmet need in the marketplace for
patient empowerment, resulting in efficiently priced treatments,
better outcomes and improved experiences for patients across
Asia.
The benefits of DocDoc's proprietary database, algorithms and
data models, combined with its business and customer service
processes, are beneficially impacting an underserved need in the
health insurance sector as evidenced by the execution of agreements
with several of the leading insurers in the region.
Additionally, the Investment Manager is working on a strong
pipeline of new investment opportunities, and I am hopeful that we
will be able to announce further new investments in the coming
months.
In June we also announced the appointment of Shard Capital as
the Company's new Broker. We are working closely with Shard Capital
to increase awareness of the Company amongst the investment
community. We are planning for this to help to improve liquidity in
the Company's shares as we seek to raise our profile.
The principal assets as at 30 June 2018 are detailed below:
Principal Assets Effective Interest Instrument Valuation
type
30 June 31 December 30 June 31 December
2018 2017 2018 2017
US$ million US$ million
CPE Legacy Portfolio Interest
(Fortel Loan/China bearing
iEducation etc.) - - loan/Equity 26.5 26.5
Hong Kong Mining Structured
Holdings Limited 84.81% 79.26% equity 42.3 39.4
Redeemable
convertible
Meize Energy Industrial preference
Holdings Ltd 7.9% 7.9% shares 8.2 8.2
DocDoc Pte. Ltd. - - Convertible
bond 2.0 -
Global Pharm Holdings
Group Inc. - - Receivable 3.0 3.0
GCCF/Others 3.2 3.3
Cash 9.8 13.2
Total net asset
value 95.0 93.6
CPE Legacy Portfolio
In April 2018 the Company announced the terms of a conditional
agreement to dispose of its combined interest in a substantial
portion of its legacy asset portfolio in exchange for a Convertible
Bond ("CB"), issued by a well-known Hong Kong based food and
beverage business primarily operating high-end Chinese restaurants.
Shareholder approval to proceed with the transaction was obtained
via a General Meeting of the Company on 26 April 2018.
Completion of the transaction is pending the restructuring of
the CB's issuer, which will make it the controlling shareholder of
the restaurant group.
The consideration for the disposal is US$26.5 million in
aggregate, equivalent to (i) the carrying value of the Company's
interest in the Sale Portfolio as reported in its unaudited half
yearly accounts for the six months ended 30 June 2017; (ii)
increases in the carrying value of certain positions up to and
including 31 December 2017 (unaudited); and (iii) accrued interest
up to and including 31 December 2017.
Hong Kong Mining Holdings Limited ("HKMH")
HKMH is a natural resources company whose primary asset is a
large dolomite magnesium limestone mine in the province of Shanxi,
China. In March 2018 the Company announced it undertook a share
swap and allotment with certain third-party minority shareholders
of HKMH by issuing 4,277,568 new ordinary shares in exchange for
5.5% shares in HKMH and waived the repayment of certain loans.
After the transaction, the Company's indirect ownership in HKMH
increased from 79.26% to 84.81%. The Company will provide
additional priority interest bearing loans up to US$2.0 million to
facilitate the resumption of mine operations.
The onshore operating company successfully renewed the Mining
Licence in August 2018, which is valid for two years. It is the
first company to complete the mining licence renewal process in
Linfen City, Shanxi following the change in mining policy in China.
The new policy now requires mining companies to obtain approvals
from each of six government departments before they are approved
for a Mining Licence. We expect several mines within the local
region may either lose their licences or be forced to reduce the
size of their mining areas. Currently the onshore operating company
is in the process of renewing its Work Safety Licence which is a
prerequisite for restarting mining operations.
A new general manager has been appointed tasked with the
day-to-day running of operations at the mine site. The Company is
also investing sums in equipment and infrastructure at the mining
site in order to restart operations. Harmony Capital has actively
implemented a range of initiatives which we anticipate will lead to
bringing the mine back into production in the first half of
2019.
Global Pharm Holdings Group Inc. ("Global Pharm")
Global Pharm is a pharmaceutical company involved in
pharmaceuticals, the cultivation of herbs for Traditional Chinese
Medicine ("TCM") and TCM processing and distribution. The previous
announced disposal of the Company's interest in Global Pharm to
Fortune Insight Limited ("Fortune") for a cash consideration of
US$15.6 million did not complete as originally planned. Under new
terms which were announced in June 2018, the Company is entitled to
received US$3.0 million in cash and in addition, Fortune will
subscribe for shares in the Company at an aggregate amount of
US$12.6 million. In July 2018, the Company received US$3.0 million
from Fortune. A further announcement will be made on the
subscription in due course.
Summary and Outlook
The transition of ADAM is now well underway and we made good
progress during the period under review. ADAM's Investment Manager,
Harmony Capital, which was appointed in May 2017 has continued with
the programme of disposing of the legacy portfolio whilst seeking
and securing new investment opportunities with ADAM returning to
making acquisitions.
We still have much to achieve but since the start of the period
the ADAM portfolio has been evolving towards our goal of a
diversified pipeline of investments in pan-Asian SMEs with the
potential to deliver compelling income and growth opportunities for
our shareholders. We continue to view the investment climate as
attractive with the diversification inherent in our unique
investment mandate. There is an increasing number of future
investment opportunities open to ADAM and I look forward to
updating shareholders further as we seek to acquire the best of
these opportunities.
John Croft
Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Year ended
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
Note US$000 US$000 US$000
Realised gain/(loss)
on disposal of investments - - (14,329)
Fair value changes on
financial assets at
fair value through profit
or loss 51 337 33,885
Administrative expenses (1,489) (1,435) (7,958)
----------- ------------- ------------
Operating (loss)/gain (1,438) (1,098) 11,598
Net finance income/(expense) 1 40 82
Other income - 28 14
----------- ------------- ------------
(Loss)/Profit before
taxation (1,437) (1,030) 11,694
Taxation 5 - - -
----------- ------------- ------------
(Loss)/Profit for the
period (1,437) (1,030) 11,694
----------- ------------- ------------
Total comprehensive
(expense)/income for
the period (1,437) (1,030) 11,694
----------- ------------- ------------
Profit/(Loss) per share 7
(1.77)
Basic cents (1.34) cents 15.23 cents
=========== ============= ============
(1.74)
Diluted cents (1.34) cents 14.96 cents
=========== ============= ============
The results above relate to continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
Note US$000 US$000 US$000
----------------------------- ----- ----------- ------------ --------------
Assets
Unquoted financial assets
at fair value through
profit or loss 8 80,560 60,344 75,639
Loans and other receivables 6,556 1,455 6,579
Cash and cash equivalents 9,786 15,025 13,217
----------- ------------ --------------
Total assets 96,902 76,824 95,435
----------- ------------ --------------
Liabilities
Other payables and accruals 1,896 65 1,882
--------------
Total liabilities 1,896 65 1,882
----------- ------------ --------------
Net assets 95,006 76,759 93,553
=========== ============ ==============
Equity and reserves
Share capital 9 132,302 129,543 129,543
Share based payment reserve 4,201 - 4,070
Accumulated losses (41,497) (52,784) (40,060)
----------- ------------ --------------
Total equity and reserves
attributable to owners
of the parent 95,006 76,759 93,553
=========== ============ ==============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
based Foreign
Share payment translation Accumulated
capital reserve reserve losses Total
US$000 US$000 US$000 US$000 US$000
Group balance at 1
January 2017 129,543 - - (51,754) 77,789
Loss for the period - - - (1,030) (1,030)
Other comprehensive
income
Total comprehensive
expense for the period - - - (1,030) (1,030)
Group balance at 30
June 2017 129,543 - - (52,784) 76,759
--------- --------- ------------- ------------ --------
Profit for the period - - - 12,724 12,724
Other comprehensive
income
Total comprehensive
income for the period - - - 12,724 12,724
--------- --------- ------------- ------------ --------
Share-based payments - 4,070 - - 4,070
Group balance at 31
December 2017 129,543 4,070 - (40,060) 93,553
--------- --------- ------------- ------------ --------
Loss for the period - - - (1,437) (1,437)
Other comprehensive
income
Total comprehensive
expense for the period - - - (1,437) (1,437)
--------- --------- ------------- ------------ --------
Issue of shares 2,759 - - - 2,759
Share-based payments - 131 - - 131
Group balance at 30
June 2018 132,302 4,201 - (41,497) 95,006
========= ========= ============= ============ ========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Year ended
30-Jun 30-Jun 31 December
2018 2017 2017
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
------------------------------------- ----------- ----------- ------------
Cash flow from operating activities
(Loss)/Profit before taxation (1,437) (1,030) 11,694
Adjustments for:
Dividend income - - -
Finance income (1) (40) (82)
Exchange (gain)/loss 96 - (453)
Fair value changes on unquoted
financial assets at fair value
through profit or loss (51) (337) (33,885)
Realised (loss)/gain on disposal
of investment - - 14,329
Share-based expenses 131 - 4,070
Decrease/(Increase) in other
receivables 23 (12) (139)
Increase/(Decrease) in other
payables and accruals 14 99 1,805
----------- ----------- ------------
Net cash used in operating
activities (1,225) (1,320) (2,661)
----------- ----------- ------------
Cash flow from investing activities
Finance income received 1 - -
Sale proceeds of unquoted financial
assets at fair value through
profit or loss - 15,001 15,100
Purchase of unquoted financial
assets at fair value through
profit and loss (2,000) - -
Loans granted (207) 36 (530)
Proceeds from repayment of
loan granted - - -
----------- ----------- ------------
Net cash (used in)/generated
from investing activities (2,206) 15,037 14,570
----------- ----------- ------------
Net cash (used in)/generated
from financing activities - - -
----------- ----------- ------------
Net (decrease)/increase in
cash & cash equivalents during
the period (3,431) 13,717 11,909
Cash and cash equivalents and
net debt at the beginning of
the period 13,217 1,308 1,308
Cash & cash equivalents and
net debt at the end of the
period 9,786 15,025 13,217
=========== =========== ============
NOTES TO THE FINANCIAL INFORMATION
1. CORPORATE INFORMATION
The Company is a limited company incorporated in the British
Virgin Islands ("BVI") under the BVI Business Companies Act 2004 on
18 January 2008. The address of the registered office is Commerce
House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British
Virgin Islands VG 1110 and its principal place of business is
811-817, 8/F., Bank of America Tower, 12 Harcourt Road, Central,
Hong Kong.
The Company is quoted on the AIM Market of the London Stock
Exchange (code: ADAM) and the Quotation Board of the Open Market of
the Frankfurt Stock Exchange (code: 1CP1).
The principal activity of the Company is investment holding. The
Group is principally engaged in investing primarily in unlisted
assets in the areas of mining, power generation, health technology,
telecommunications, media and technology ("TMT"), and financial
services or listed assets driven by corporate events such as
mergers and acquisitions, pre-IPO, or re-structuring of state-owned
assets.
The condensed consolidated interim financial information was
approved for issue on 13 September 2018.
2. BASIS OF PREPARATION
The condensed consolidated interim financial information has
been prepared in accordance with International Accounting Standard
("IAS") 34 "Interim Financial Reporting".
3. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated interim financial information has
been prepared on the historical cost convention, as modified by
revaluation of certain financial assets and financial liabilities
at fair value through the income statement.
The accounting policies and methods of computation used in the
condensed consolidated financial information for the six months
ended 30 June 2018 are the same as those followed in the
preparation of the Group's annual financial statements for the year
ended 31 December 2017 and are those the Group expects to apply
into financial statements for the year ending 31 December 2018.
The seasonality or cyclicality of operations does not impact on
the interim financial information.
4. SEGMENT INFORMATION
The operating segment has been determined and reviewed by the
Board to be used to make strategic decisions. The Board considers
there to be a single business segment, being that of investing
activity, which is reportable in two cash generating units.
The reportable operating segment derives its revenue primarily
from debt investment in several companies and unquoted
investments.
The Board assesses the performance of the operating segments
based on a measure of adjusted Earnings Before Interest, Taxes,
Depreciation and Amortisation ("EBITDA"). This measurement basis
excludes the effects of non-recurring expenditure from the
operating segments such as restructuring costs. The measure also
excludes the effects of equity-settled share-based payments and
unrealised gains/losses on financial instruments.
The segment information provided to the Board for the reportable
segments for the periods are as follows:
BVI
Six months ended Year ended
30 June 30 June 31 December
2018 2017 2017
US$000 US$000 US$000
Realised gain/(loss) on
disposal of investments - - (14,329)
Fair value changes on financial
assets at fair value through
profit or loss 51 337 33,885
Financial income 1 40 82
Other income - 28 14
Note: There is no activity for the business segment in HK.
5. TAXATION
The Company is incorporated in the BVI and is not subject to any
income tax.
6. DIVID
The Board does not recommend the payment of an interim dividend
in respect of the six months ended 30 June 2018 (30 June 2017:
Nil).
7. PROFIT/(LOSS) PER SHARE
The calculation of the basic and diluted profit/(loss) per share
attributable to owners of the Group is based on the following:
Six months ended Year ended
30 June 30 June 31 December
2018 2017 2017
US$000 US$000 US$000
(Restated)
Numerator
Basic/Diluted: Net profit/(loss) (1,437) (1,030) 11,694
------------- ------------- ------------
Number of shares
'000 '000 '000
Denominator
Basic: Weighted average shares 81,064 76,787 76,787
Effect of diluted securities:
Incentive fee-50% in ordinary shares (Note 11 (iii)) 1,401 - 1,367
------------- ------------- ------------
Diluted: Adjusted weighted average shares 82,465 76,787 78,154
------------- ------------- ------------
Profit/(Loss) per share
Basic
Diluted (1.77) cents (1.34) cents 15.23 cents
(1.74) cents (1.34) cents 14.96 cents
------------- ------------- ------------
The weighted average number of shares as at 30 June 2017 has
been restated to incorporate the impact of the share consolidation
in September 2017.
For the six months ended 30 June 2018 and 2017, the warrants
issued to the Investment Manager are anti-dilutive and therefore
there is no impact on the weighted average shares in issue.
8. UNQUOTED FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
30 June 30 June 31 December
2018 2017 2017
US$000 US$000 US$000
At the beginning of the period 75,639 75,044 75,044
Fair value changes through
profit and loss 51 337 33,885
Additions 4,870 - -
Disposals - (15,037) (33,290)
At the end of the period 80,560 60,344 75,639
======== ========== ============
9. SHARE CAPITAL
Number of Amount
Shares US$000
Authorised, called-up and fully paid
ordinary shares of no par value each
at 30 June 2017 191,967,084 129,543
Share consolidation - two new ordinary
shares of no par value for every five
existing Shares (ii) (115,180,279) -
Share issued for acquisition of additional
shares in HKMH in March 2018 (iii) 4,277,568 2,759
-------------- --------
Authorised, called-up and fully paid
ordinary shares of no par value each
at 30 June 2018 81,064,373 132,302
============== ========
(i) Under the BVI corporate laws and regulations, there is no
concept of "share premium", and all proceeds from the sale of no
par value equity shares is deemed to be share capital of the
Company.
(ii) On 18 July 2017, a reorganization of the existing ordinary
shares was proposed whereby every five existing ordinary shares
were consolidated into two new ordinary shares ("Share
Consolidation"). The record date for Share Consolidation was 20
September 2017.
(iii) On 28 March 2018, the Company issued 4,277,568 new
ordinary shares of no par value each at US$1.20 per share in
consideration for the acquisition of shares in HKMH held by certain
minority shareholders. After the acquisition, the Company's
indirect shareholding in HKMH increased from 79.26% as at 31
December 2017 to 84.81% as at 30 June 2018.
10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The following table provides an analysis of financial
instruments that are measured subsequent to initial recognition at
fair value, grouped into Level 1, 2 or 3 based on the degree to
which the fair value is observable:
l Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active markets for identical assets or
liabilities;
l Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are
observable for the assets or liability, either directly or
indirectly; and
l Level 3 fair value measurements are those derived from inputs
that are not based on observable market data.
As at As at As at
30 June 30 June 31 December
2018 2017 2017
US$000 US$000 US$000
Level 3
Unquoted financial assets at
fair value through profit or
loss (Note 8) 80,560 60,344 75,639
--------- --------- -------------
80,560 60,344 75,639
========= ========= =============
There is no transfer between levels in the current period.
Carrying values of all financial assets and liabilities are
approximate to fair values. The value of level 3 investments has
been determined using the yield capitalisation (discounted cash
flow) method.
11. RELATED PARTY TRANSACTIONS
During the period under review, the Group entered into the
following transactions with related parties and connected
parties:
30 June 30 June 31 December
2018 2017 2017
Notes US$000 US$000 US$000
Remuneration payable to Directors 91 69 160
Amounts due to Directors (i)
- 12 -
* John Croft
* Wong Yiu Kit, Ernest - 3 2
- 6 -
* Conor MacNamara
* Hugh Viscount Trenchard 2 - 2
Adamas Global Alternative Investment Management Inc.
Management fee (ii) - 500 385
Amount due from Adamas Global Alternative Investment Management Inc. 423 309 428
Harmony Capital
Management fee (iii) 834 235 901
Incentive fee (iii) - - 3,503
Fair value of warrants issued under the equity compensation scheme for
Harmony Capital (iv) 131 - 1,707
Amount due to Harmony Capital 1,734 - 1,734
Fortune (v)
Disposal of interest in Global Pharm - - 3,000
Amount due from Fortune 3,000 - 3,000
(i) The amounts due thereto are unsecured, interest free and
have no fixed term of repayment. There are no other contracts of
significance in which any director has or had a material interest
during the current period.
(ii) Adamas Global Alternative Investment Management Inc. was
the Investment Manager of the Group until 30 April 2017. The
management fee which was calculated and paid bi-annually in advance
calculated at an annual rate of 1% of the higher of the net asset
value of the Company's portfolio of assets or market
capitalisation.
(iii) Harmony Capital has been appointed as the Investment
Manager of the Group starting from 1 May 2017. The management fee,
which was calculated and paid bi-annually in advance calculated at
a rate of 0.875% of the net asset value of the Company's portfolio
of assets at 30 June and 31 December in each calendar year.
Harmony Capital is entitled to receive an incentive fee from the
Company in the event that the audited net asset value for each year
is (1) equal to or greater than the audited net asset value for the
last year in relation to which an incentive fee became payable
("High Water Mark"); and (2) in excess of 105% of the audited net
asset value as at the last calendar year end ("the Hurdle").
Subject to the High Water Mark and Hurdle being excessed in respect
of any calendar year, the incentive fee will be equal to 20% of the
difference between the current year end NAV and the previous year
end NAV. 50% of incentive fee shall be paid in cash and the
remaining 50% of incentive fee shall be paid by ordinary
shares.
(iv) The Group has an equity compensation scheme for the
Investment Manager of the Group. In accordance with the provision
of the scheme, the Investment Manager is granted warrants to
subscribe for 20 million (before share consolidation undertaken by
the Company on 20 September 2017) ordinary shares, which is to be
issued in five equal tranches with an exercise price. No amounts
are paid or payable by the recipient of the warrants. The warrants
carry neither rights to dividends nor voting rights. Warrants may
be exercised at any time from the date of vesting to the date of
their expiry. Any equity compensation shares issued to or acquired
by the Investment Manager subject to an orderly market period,
which is 12 months after each date of issue. During each orderly
market period, the Investment Manager undertakes to the Company and
the broker not to effect a disposal of the relevant shares unless
the Investment Manager gives written notice to do so.
All warrants are equity-settled, the only conditions for all
warrants granted is that the warrants holder remains in the office
when exercises.
On 1 May 2018, the Company issued 1,600,000 warrants (noting
that the number of warrants have been recalculated pursuant to
paragraph 2 of Section 2 of the warrant instruction to reflect the
share consolidation undertaken by the Company on 20 September 2017)
to the Investment Manager to subscribe for ordinary shares in
respect of services provided to the Group at an exercise price of
US$1.21 per share. The warrants will expire 10 years after the date
of grant.
There was a total of 4,800,000 warrants granted to the
Investment Manager up to 30 June 2018.
(v) On 15 September 2017, the Company entered into a sale and
purchase agreement with Fortune for the sale of its 75% interest in
Blazer Delight Limited, through which the Company holds its
interest in Global Pharm for US$3 million in cash.
12. EVENTS AFTER THE REPORTING PERIOD
On 23 July 2018, the Company announced that it has received US$3
million from Fortune, being the cash component of the consideration
payable by Fortune in respect of its acquisition of the Company's
interest in Global Pharm.
13. COPIES OF THE INTERIM REPORT
The interim report is available for download from
www.adamasfinance.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR GGURCBUPRGMP
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