15 Jul 2019 07:00
15 July 2019
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
Co-Investment in Infinity Capital Group
Adamas Finance Asia Limited, the London quoted pan-Asian diversified investment vehicle, is pleased to announce that, further to the announcement on 6 December 2018, a Hong Kong based family office (the "Family Office") has agreed (the "Co-Investment Agreement") to participate alongside the Company in its senior secured loan note facility (the "Loan Facility") provided to Infinity Capital Group ("ICG"). ICG develops premium residential projects in Hirafu Village, a world-class ski village in Niseko, Japan - one of the most popular winter travel destinations in the world.
The terms of the Loan Facility remain the same, being a principal amount of US$4.0 million, capable of being drawn down by ICG in two equal tranches of $2.0 million and paying a coupon of 17.5% per annum in cash. The first tranche of the Loan Facility was drawn down by ICG on 31 January 2019.
Upon completion of the Co-Investment Agreement, the Family Office will pay $1.0 million in cash to the Company, being 50% of such first tranche draw down. The second tranche of the Loan Facility will also be funded 50:50 by the Company and the Family Office. The Family Office shall share 50% of the economic benefit and obligations related to the Loan Facility announced on 6 December 2018 (including the outstanding obligation to fund the undrawn amount of the loan Facility).
The Loan Facility is secured by real estate assets which form part of ICG's portfolio in Niseko.
The Directors believe that in securing the Family Office's co-investment, the Company's investment manager has leveraged an extensive pan-Asian network to find a highly attractive co-investment partner, thereby enabling the Company to re-allocate capital within the Company's strong pipeline of high-growth Asian small and medium-sized enterprises across the region.
Enquiries
Adamas Finance Asia Limited | +44 (0) 1825 830587 |
John Croft |
|
WH Ireland Limited - Nominated Adviser | +44 (0) 113 394 6600 |
James Joyce James Sinclair-Ford |
|
VSA Capital Limited - Corporate Broker | +44 (0) 20 3005 5000 |
Andrew Monk Andrew Raca |
|
Buchanan - Financial PR | +44 (0) 20 7466 5000 |
Charles Ryland Victoria Hayns Henry Wilson |
|
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
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 focused 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.