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30 Nov 2015 14:30
Adamas Finance Asia Limited
(the "Company")
Global Pharm UPDATE
On 21 October 2015, the Company announced that it had, through its 75% owned subsidiary, Blazer Delight Limited, entered into a revised agreement for the redemption of the remainder of its convertible bond held in Global Pharm Holdings Group Inc. ("Global Pharm") (the "Revised Agreement").
Monthly payments under the Revised Agreement are subject to Global Pharm's working capital requirements. Global Pharm had indicated to the Company's investment manager, Adamas Global Alternative Investment Management Inc. ("Adamas GAIM") that it intended to make the overdue payments in respect of September and October in November. Neither of the overdue payments nor the payment in respect of November have been received to date, due to Global Pharm's working capital being committed in stocks of ginseng. Overdue payments under the Revised Agreement are subject to the penalties set out in the announcement of 26 October 2015.
Adamas GAIM is in close dialogue with Global Pharm on behalf of the Company. Further announcements will be made as appropriate.
Enquiries:
Adamas Finance Asia Limited John Croft | +44 (0) 1825 830587
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Nominated Adviser | |
W H Ireland Limited Tim Feather Liam Gribben | +44 (0) 113 394 6600 |
Broker Edmond de Rothschild Securities (UK) Limited |
+44 (0) 20 7845 5950 |
John Armstrong-Denby Hiroshi Funaki | |
Public Relations Advisers | |
Ryan Communication (Hong Kong) Scott McFarlane | +852 6297 3801
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