8 Oct 2014 07:00

Adamas Finance Asia Limited
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("ADAM" or the "Company")
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Greater China Credit Fund
ADAM is pleased to announce that the Greater China Credit Fund (the "Fund" or "GCCF"), an investment fund into which the Company invested US$1 million in September 2013, has achieved a gross IRR of 22% from a newly-exited credit finance project, Project Wealth. ADAM has also recently received a second semi-annual dividend distribution in the amount of US$75,300 from its investment in GCCF. This follows an initial dividend payment, also of US$75,300, received from the Fund in March 2014, and means ADAM's investment in GCCF has to date yielded an annual dividend return of 15.06%, well ahead of the 8% annual dividend targeted by the Fund.
GCCF was launched in August 2013 by Hong Kong-based Adamas Asset Management (HK) Limited ("Adamas"), which since February 2014 has been has been acting as ADAM's investment manager.
ADAM Chairman John Croft said: "This new high-yield exit from Project Wealth, together with the first-year dividend of more than 15% from our investment in GCCF, provides a clear example of the potential of providing credit finance in China. Adamas' on-the-ground understanding and experience bring a solid underpinning to our strategic repositioning as a provider of credit-finance."
With the newly-exited Project Wealth, GCCF provided bridging finance for a Hong Kong-listed resources company. The borrower has now repaid in full both the principal and interest on the HK$80 million (approx. US$10.2 million) secured loan. The collateral backing Project Wealth was 10% of a magnetite-sand mine located in the Philippines with a whole-mine valuation of US$500 million, further underpinned by 39.23% of the outstanding shares of the listed company.
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Enquiries:Â
Adamas Finance Asia Limited | |
John Croft | +44 (0) 1825 830587 |
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Nominated Adviser and Joint Broker | Â |
W H Ireland Limited | Â |
Tim Feather | +44 (0) 113 394 6611 |
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Joint Broker | |
NSBO Laurie Pinto | Â +44 (0) 207 024 4600 |
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Public Relations Advisers | Â |
First City Public Relations (Hong Kong) | Â |
Allan Piper | +852 2854 2666 |
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Tavistock Communications (London) | Â |
Simon Hudson | +44 (0) 20 7920 3170 |