LONDON (Alliance News) - Adamas Finance Asia Ltd said Monday that Global Pharm Holdings Group Inc has not yet made targeted repayments owing to the company under the terms of a convertible bond.
Adamas said Global Pharm is yet to drawdown a new bank loan, which it had agreed in October 2016 would trigger a USD2.7 million repayment.
Additionally, target repayment amounts from October to December have not yet been paid. Adamas said the payments are subject to Global Pharm's working capital and are anticipated in due course.
To date, Global Pharm has repaid approximately USD6.0 million against an original convertible bond redemption amount of around USD25.1 million. The outstanding amount is subject to interest of 26% per annum, compounded on a daily basis.
Shares in Adamas Finance Asia were untraded Monday, having last traded at USD0.580.
By Adam Clark; adamclark@alliancenews.com
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