Less Ads, More Data, More Tools Register for FREE

Adamas Finance gets another $0.75m from Global Pharm

Mon, 15th Jun 2015 12:59

Adamas Finance Asia said on Monday that it has received a further payment of $0.75m from Global Pharm Holdings Group following the sale of its interest in the company.In May, Adamas updated the market on the disposal of its interest in Global Pharm, saying it had received $0.75m. Under the redemption agreement announced in December 2014, Adamas was due to receive an initial payment of $2.4m on 31 December 2014, a further $9n on 31 March 2015 and a final payment of $13.6m on 30 April 2015.The initial payment was received, but the second and third payments were not made in accordance with the agreement."The company has now received two payments of $0.75 million which have been offset against the $9 million which was due on 31 March 2015," said Adamas. "Overdue amounts from the two payments due on 31 March 2015 and 30 April 2015 are subject to penalty interest of 26% per annum, compounded on a daily basis."It said that the company's investment manager, Adamas Global Alternative Investment Management is in discussions with Global Pharm to resolve the matter and negotiate a revised redemption schedule.

Related Shares

More News
31 Dec 2020 12:15

Adamas Finance Asia Says Only Two Thirds Of July Equity Raise Received

Adamas Finance Asia Says Only Two Thirds Of July Equity Raise Received

19 Nov 2020 17:48

UK TRADING UPDATE SUMMARY: Headlam Recovers In Second Half To Date

UK TRADING UPDATE SUMMARY: Headlam Recovers In Second Half To Date

7 Oct 2020 18:20

UK TRADING UPDATE SUMMARY: Gym Group Fighting Fit With Fresh York Unit

UK TRADING UPDATE SUMMARY: Gym Group Fighting Fit With Fresh York Unit

18 Sep 2020 20:01

IN BRIEF: Adamas Finance Asia Placing Delayed Further

IN BRIEF: Adamas Finance Asia Placing Delayed Further

10 Sep 2020 20:16

IN BRIEF: Adamas Finance Reports Delay In Receiving Subscription Money

IN BRIEF: Adamas Finance Reports Delay In Receiving Subscription Money

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.