TIDMADAM
RNS Number : 3025B
Adamas Finance Asia Limited
07 October 2020
ADAMAS FINANCE ASIA LIMITED
(" ADAM " or the " Company ")
Result of Open Offer and Placing
And
Allotment of Performance Fee Shares
Further to the announcement on 1(st) October 2020, the Company
is pleased to announce that it has raised a total of GBP 1,991,916
(before expenses) via the Open Offer and Placing following the
issue of 8,356,663 Open Offer and Placing Shares (including 389,000
Placing Commission Shares issued to ADAM's Placees).
Due to internal compliance checks from the remitting bank of one
Placee, GBP1,142,794 of placement monies have been delayed in
transmission to the Company's bank account. The Company has been
provided with confirmation of the funds transfer and remains
confident of receiving the outstanding funds shortly. A further
announcement will be made once the GBP1,142,794 is received and a
further 4,571,177 Placing Shares (together with 237,942 Placing
Commission Shares) are issued.
Application has been made for 8,356,663 Placing, Open Offer and
Placing Commission Shares to be admitted to trading on AIM on 8(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 8(th) October 2020.
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.
For each Open Offer or Placing Share subscribed, a Qualifying
Shareholder (or, if relevant, a Placee) is also entitled to a
Warrant, expiring on the date falling 36 months from Admission. All
Warrants will be dispatched by approximately 14(th) October
2020.
Directors and Investment Manager's Participation in the Open
Offer and Placing
Following the completion of this Open Offer and Placing, ADAM's
Directors will beneficially own a total of 327,999 shares in the
Company and as follows:
Director Number of shares Total number of Percentage of
taken up in the Ordinary Shares enlarged voting
Open Offer and Placing held following Open share capital
Offer and Placing
John Croft 81,346 85,463 0.07%
Dr. George Lam 101,057 101,057 0.09%
Stuart Crocker 80,845 80,845 0.07%
Hugh, Viscount Trenchard 60,634 60,634 0.05%
John Batchelor 0 0 0%
The Company's Investment Manager, Harmony Capital Investors
Limited ("Harmony Capital"), will be allotted 161,690 Placing
shares.
As reported in the Company's 2019 Annual Report, Harmony
Capital's incentive fee for the financial year ending 31 (st)
December 2019 was USD1,907,000, of which 50% of such fee is payable
in ADAM shares. Consequently, the Company has also issued Harmony
Capital 4,496,784 ADAM shares ("Incentive Fee Shares") calculated
using the average share price prescribed in the Services Agreement
between the Company and Harmony Capital as at 31 (st) December
2019. Trading of the shares will commence on 8(th) October 2020. As
a result, Harmony Capital's total equity in ADAM will be 6,059,306
shares which is equivalent to 5.26% of the Company's voting share
capital.
As a result of this share allotment and the Incentive Fee Shares
issued to Harmony Capital, the Company's total issued share capital
(excluding 2,647,804 shares held in Treasury by the Company) will
consist of 115,277,869 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) will comprise 117,925,673 Ordinary Shares. The figure of
115,277,869 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.
Further announcements with regard to the Company's name change
taking effect after the completion of the Open Offer will be made
in due course.
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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name John Croft
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Chairman
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/ Amendment Amendment
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Adamas Finance Asia Limited
-------------------------------------------------------- -------------------------------------------------------
b) LEI 2138005R4IVX4O3IQ543
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Open Offer and Placing Shares in Adamas Finance Asia
instrument Limited
Ordinary shares
Identification code
VGG008271246
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Share Incentive Plan purchase
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.25 81,346
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information
* Aggregated volume 81,346
GBP 20,336.50
* Price
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 8 October 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Off Market
-------------------------------------------------------- -------------------------------------------------------
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dr. George Lam
------------------------------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------------------------ ----------------------------------------------
b) Initial notification/ Amendment Initial notification
------------------------------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------
a) Name Adamas Finance Asia Limited
------------------------------------------------------------ ----------------------------------------------
b) LEI 2138005R4IVX4O3IQ543
------------------------------------------------------------ ----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Placing Shares in Adamas Finance Asia Limited
Ordinary shares
Identification code
VGG008271246
------------------------------------------------------------ ----------------------------------------------
b) Nature of the transaction Share Incentive Plan purchase
------------------------------------------------------------ ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.25 101,057
----------
------------------------------------------------------------ ----------------------------------------------
d) Aggregated information
* Aggregated volume 101,057
GBP25,264.25
* Price
------------------------------------------------------------ ----------------------------------------------
e) Date of the transaction 8 October 2020
------------------------------------------------------------ ----------------------------------------------
f) Place of the transaction Off Market
------------------------------------------------------------ ----------------------------------------------
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Stuart Crocker
------------------------------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------------------------ ----------------------------------------------
b) Initial notification/ Amendment Initial notification
------------------------------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------
a) Name Adamas Finance Asia Limited
------------------------------------------------------------ ----------------------------------------------
b) LEI 2138005R4IVX4O3IQ543
------------------------------------------------------------ ----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Placing Shares in Adamas Finance Asia Limited
Ordinary shares
Identification code
VGG008271246
------------------------------------------------------------ ----------------------------------------------
b) Nature of the transaction Share Incentive Plan purchase
------------------------------------------------------------ ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.25 80,845
----------
------------------------------------------------------------ ----------------------------------------------
d) Aggregated information
* Aggregated volume 80,845
GBP20,211.25
* Price
------------------------------------------------------------ ----------------------------------------------
e) Date of the transaction 8 October 2020
------------------------------------------------------------ ----------------------------------------------
f) Place of the transaction Off Market
------------------------------------------------------------ ----------------------------------------------
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Hugh, Viscount Trenchard
------------------------------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------------------------ ----------------------------------------------
b) Initial notification/ Amendment Initial notification
------------------------------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------
a) Name Adamas Finance Asia Limited
------------------------------------------------------------ ----------------------------------------------
b) LEI 2138005R4IVX4O3IQ543
------------------------------------------------------------ ----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Placing Shares in Adamas Finance Asia Limited
Ordinary shares
Identification code VGG008271246
------------------------------------------------------------ ----------------------------------------------
b) Nature of the transaction Share Incentive Plan purchase
------------------------------------------------------------ ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.25 60,634
----------
------------------------------------------------------------ ----------------------------------------------
d) Aggregated information
* Aggregated volume 60,634
GBP15,158.50
* Price
------------------------------------------------------------ ----------------------------------------------
e) Date of the transaction 8 October 2020
------------------------------------------------------------ ----------------------------------------------
f) Place of the transaction Off Market
------------------------------------------------------------ ----------------------------------------------
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