LONDON (Alliance News) - Adamas Finance Asia Ltd on Thursday said it has received a further USD750,000 from Global Pharm Holdings Group Inc.
Under a redemption agreement disclosed in December 2014, the company was due to receive an initial USD2.4 million at the end of that month, a further USD9 million at the end of March 2015 and a final USD13.6 million at the end of the following month, together a combined USD25 million.
The initial payment was received. The second and third were not made in accordance with the agreement, Adamas said.
Adamas has now received four payments of USD750,000. They have been offset against the USD9 million that was due at the end of March.
Overdue amounts from the payments due at the end of March and April are subject to penalty interest of 26% per annum, compounded on a daily basis.
"The company's investment manager, Adamas Global Alternative Investment Management Inc, remains in discussions with Global Pharm to resolve the matter and agree a revised redemption schedule," the company said
Adamas shares were untraded at USD0.590 in London on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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