ADAM.L Regulatory News (ADAM)

25 June 2019

The following amendment has been made to the 'Unaudited NAV Announcement and Portfolio Update' released on 25 June 2019 at 07:00 under RNS 2412D.

The original announcement was denominated in USD values. Following the redenomination of Adamas Finance Asia Limited's Ordinary Shares into Pounds Sterling announced on 21 June 2019 under RNS 9510C, all values in this announcement have been changed to Pound Sterling to reflect this.

All other details remain unchanged.

The full amended text is shown below.

ADAMAS FINANCE ASIA LIMITED

(the "Company" or "ADAM")

31 March 2019 Unaudited NAV Announcement and Portfolio Update

NET ASSET VALUE

Adamas Finance Asia Limited (AIM: ADAM), the London quoted pan-Asian diversified investment vehicle, is pleased to announce its quarterly net asset value ("NAV") update.

As at 31 March 2019, the consolidated unaudited estimated NAV per share was US$1.10/GBP0.86 per share. The Company has used the USD:GBP (US$1.00:GBP0.78) exchange rate as at 24 June 2019 to determine the GBP values.

Since 31 December 2018, the NAV per share has decreased by 5.1% primarily due to the issuance of new shares as announced on 13 February 2019. The total number of shares outstanding as at 31 March 2019 was 88,733,069 ordinary shares, of which, 87,896,265 ordinary shares have voting rights and 836,804 ordinary shares are held in treasury.

UPDATE ON KEY INVESTMENTS

Hong Kong Mining Holdings Limited ("HKMH")

On 6 March 2019, the Company announced an update on activity to restart production at HKMH's mining site in Shanxi Province, China. Workers have been active on-site and key management personnel have been appointed. The management team have been sourcing mining equipment such as crushing machines and conveyor belts to re-start operations. Furthermore, the onshore team have been in detailed discussions with mining contractors to outsource mining activities. However, due to minor regulatory delays, the Company advises that production is expected to recommence in the second half of 2019. HKMH is working closely with the local government to overcome any unanticipated delays.

Fook Lam Moon Holdings ("FLMH")

On 21 January 2019, FLMH was awarded "Chinese Restaurant of the Year 2019" in the recently-published "Top 100 Chinese Restaurants of the World". In this particular ranking, restaurants in 26 cities around the world are judged by an international panel of food critics based on their "Quality of Food", "Consistency of Quality", "Authenticity" and "Creativity". In the same month, FLMH launched a new VIP program designed to deliver year-round dining and lifestyle privileges to regular patrons at the restaurant's various outlets.

DocDoc Pte Ltd ("DocDoc")

In February 2019, the Hong Kong Cyberport Management Company Limited ("Cyberport") announced that its venture capital investment arm, Cyberport Macro Fund, has invested US$2.0MM/GBP1.6MM in DocDoc. Following this investment, DocDoc will open a new office in Hong Kong's Cyberport, a technology-focused business complex and start-up incubator. This recent investment from Cyberport Macro Fund brings the total funding DocDoc has raised to date to US$18.5MM/GBP14.5MM.

Infinity Capital Group Limited ("ICG")

On 31 January 2019, ADAM completed the first tranche of its investment in ICG. In February 2019, ICG announced that it has officially opened a flagship TELLUS showroom in Niseko, Japan - the first overseas location established by ICG since inception in 2015. ICG anticipates the opening of this showroom will facilitate new opportunities for exchange and collaboration with shareholders and potential buyers.

Further details of the Company and its investments are available on the Company's website www.adamasfinance.com 

Enquiries: 

About Adamas Finance Asia 

ADAM is a London quoted investment company focusing on delivering long-term income and capital growth to shareholders through a diverse portfolio of pan-Asian investments. It aims to provide uncorrelated returns through a combination of capital growth and dividend income from a broad spectrum of national geographies and asset classes from the Asian Small and Medium Enterprise (SME) sector. 

The company's investment manager, Harmony Capital, which has a dedicated team with real Asian expertise, is focussed on the strategy of creating income and capital growth. Harmony is sourcing predominately private opportunities and has created a strong pipeline of income generating assets from potential investments in industries such as healthcare, fintech, hospitality, IT and property across Asia.