Adamas Finance Asia Limited Open Offer and Placing Update (4858Z)
September 18 2020 - 11:14AM
UK Regulatory
TIDMADAM
RNS Number : 4858Z
Adamas Finance Asia Limited
18 September 2020
18 September 2020
ADAMAS FINANCE ASIA LIMITED
(" ADAM " or the " Company ")
Open Offer and Placing Update
The Company announces that further to the announcement on 10(th)
September 2020 there has been a further delay in the receipt of the
remaining subscription monies due under the Placing. To date,
approximately 60% of the committed subscription monies have been
received by the Company, with one placee's commitment remaining
outstanding. The Company is in contact with the placee and
understands the delay is logistical only. The Company is therefore
expecting to receive these outstanding subscription monies shortly,
and in any event by no later than the 30(th) of September 2020. The
Company will not extend the timetable past this date and should the
outstanding subscription monies not be received by such date, it
will take the necessary steps to close the Open Offer and Placing
forthwith.
Consequently, and as a change to the timetable initially set out
in the Company's announcement and Circular on 17(th) July 2020 and
further to the announcement of 10(th) September 2020, application
has been made for the Placing, Open Offer and Placing Commission
Shares totalling 13,165,782 New Ordinary Shares to be admitted to
trading on AIM on 7(th) October 2020 ("Admission"). CREST members'
accounts will be credited in respect of the New Ordinary Shares in
uncertificated form as soon as possible after 8.00 a.m. on 7(th)
October 2020 and dispatch of share certificates in respect of the
New Ordinary Shares in certificated form (certificated holders
only) is expected to occur by approximately 14(th) October
2020.
As a result of the current change to the Placing and Open Offer
timetable and further to the Company's announcements of 5(th)
August 2020, 7(th) September and 10(th) September 2020, the timing
for the Company's name change taking effect will occur as soon as
practicable after the Placing and Open Offer has been
completed.
Upon Admission the Company's issued share capital (excluding
2,647,804 shares held in Treasury by the Company) will then consist
of 115,590,204 Ordinary Shares. All of the shares, excluding those
in Treasury, have equal voting rights. The Company's total issued
share capital (including those now held in Treasury) comprises
118,238,008 Ordinary Shares. This figure of 115,590,204 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
The Company has also considered a contingency to close the
Placing at a lower subscription amount and pursue all of its rights
under existing legal agreements should all subscription monies not
be received by the 30(th) of September 2020. Should the Company
pursue this contingency a further announcement will be made with
respect to a further revision to the Placing and Open Offer
timetable.
Full details of the Open Offer and Placing are available in the
Circular, published on 17th July 2020 and posted to Qualifying
Shareholders. The Circular is also available on the Company's
website at http://adamasfinance.com.
Capitalised terms used in this announcement have the meanings
given to them in the announcement made and circular published on
17th July 2020 unless the context provides otherwise.
For further information on ADAM, please visit the Company's
website at http://adamasfinance.com and follow the Company on
Twitter (@ AdamasFinance ).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Adamas Finance Asia Limited +44 (0) 778 531 5588
John Croft
---------------------
WH Ireland Limited - Nominated Adviser +44 (0) 20 7220 1666
---------------------
James Joyce
---------------------
James Sinclair Ford
---------------------
Pello Capital Limited - Corporate Broker +44 (0) 20 3700 2500
---------------------
Mark Treharne
---------------------
Maitland/AMO - Communications Advisor +44 (0) 20 7379 5151
---------------------
James Benjamin
---------------------
Peter Hamid
---------------------
About Adamas Finance Asia
Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market
of the London Stock Exchange and is committed to providing
shareholders with attractive uncorrelated, risk adjusted long-term
returns from a combination of realising sustainable capital growth
and delivering dividend income.
The Company is focused on providing growth capital and financing
to emerging and established Small and Medium Enterprises (SME)
sector throughout Asia, well diversified by national geographies,
instruments and asset classes. This vital segment of the economy is
underserved by the traditional banking industry for regulatory and
structural reasons.
The Company's investment manager, Harmony Capital, seeks to
capitalise on its team's established investment expertise and broad
networks across Asia. Through rigorous diligence and disciplined
risk management, Harmony Capital is dedicated to delivering
attractive income and capital growth for shareholders with
significant downside protection through selectively investing in
assets and proactively managing them.
Harmony Capital is predominately sourcing private opportunities
and continues to create a strong pipeline of attractive income
generating assets from potential investments in growth sectors
across Asia, including healthcare, fintech, hospitality, IT and
property.
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