Adamas Finance Asia Limited UPDATE: REDEMPTION OF GLOBAL PHARM CONVERTIBLE (8320U)

TIDMADAM

RNS Number : 8320U

Adamas Finance Asia Limited

23 January 2017

Adamas Finance Asia Limited

("ADAM" or the "Company")

UPDATE ON REDEMPTION OF GLOBAL PHARM CONVERTIBLE BOND

Further to the announcement on 7 October 2016, the Company announces that Global Pharm Holdings Group Inc. has yet to drawdown the new bank loan which triggers the repayment of US$2.7 million to ADAM. In addition, the target amounts agreed under the Revised Agreement for October to December 2016 have yet to be paid. Payments under the Revised Agreement are targets and stated to be subject to Global Pharm's working capital requirements. The Directors expect that they will be paid in due course.

Global Pharm has, to date, made payments of approximately US$6.01 million (net to ADAM) to offset against the original redemption amount of the Convertible Bond of approximately US$25.05 million (net to ADAM). The outstanding amount of the Convertible Bond continues to be subject to interest of 26% per annum, compounded on a daily basis.

The Company's investment manager is in discussions with Global Pharm and a further announcement will be made in due course.

Terms defined in the announcement of 7 October 2016 have the same meaning in this announcement.

Enquiries:

 
 Adamas Finance Asia Limited 
 John Croft                     +44 (0) 1825 830587 
 
 WH Ireland Limited 
                                    +44 (0) 113 394 
                                               6600 
 Tim Feather                        +44 (0) 117 945 
  Ed Allsopp                                   3444 
 
 First City Public Relations 
  (Hong Kong)                        +852 2854 2666 
 Allan Piper

This information is provided by RNS

The company news service from the London Stock Exchange

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January 23, 2017 04:15 ET (09:15 GMT)

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