(Alliance News) - Adamas Finance Asia Ltd on Friday said it intends to raise GBP3.1 million thorough an open offer to fund investments as it unveiled plans to change its name to Jade Road Investments Ltd.
The Asia-focused investment vehicle said the open offer will give shareholders the opportunity to subscribe for up to 12.5 million shares at 25.0 pence each on the basis of one new share for every 8.216 existing shares.
The issue price represents a 14% discount to the Thursday closing price of 0.29 pence. The stock was untraded on Friday afternoon in London.
Adamas said the new cash will go toward enhancing its balance sheet and will allow it to pursue a wide range of investment prospects across a number of sectors including IT, fintech, healthcare and online commerce.
WH Ireland is acting as manager in connection to the fundraise.
The company also said it is seeking shareholder approval to change its name to Jade Road Investments. It highlighted that its portfolio has undergone a transformation over the last few years and it is now seeking to establish an identity which more fully represents its pan-Asian small and medium-sized enterprise focus. It added that it also believes its name should reflect its Asian heritage while also acknowledging the wider investment scope which was adopted for its portfolio construction since May 2017.
By Ife Taiwo; ifetaiwo@alliancenews.com
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