18 Sep 2020 16:14
18 September 2020
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
Open Offer and Placing Update
The Company announces that further to the announcement on 10th September 2020 there has been a further delay in the receipt of the remaining subscription monies due under the Placing. To date, approximately 60% of the committed subscription monies have been received by the Company, with one placee's commitment remaining outstanding. The Company is in contact with the placee and understands the delay is logistical only. The Company is therefore expecting to receive these outstanding subscription monies shortly, and in any event by no later than the 30th of September 2020. The Company will not extend the timetable past this date and should the outstanding subscription monies not be received by such date, it will take the necessary steps to close the Open Offer and Placing forthwith.
Consequently, and as a change to the timetable initially set out in the Company's announcement and Circular on 17th July 2020 and further to the announcement of 10th September 2020, application has been made for the Placing, Open Offer and Placing Commission Shares totalling 13,165,782 New Ordinary Shares to be admitted to trading on AIM on 7th October 2020 ("Admission"). CREST members' accounts will be credited in respect of the New Ordinary Shares in uncertificated form as soon as possible after 8.00 a.m. on 7th October 2020 and dispatch of share certificates in respect of the New Ordinary Shares in certificated form (certificated holders only) is expected to occur by approximately 14th October 2020.
As a result of the current change to the Placing and Open Offer timetable and further to the Company's announcements of 5th August 2020, 7th September and 10th September 2020, the timing for the Company's name change taking effect will occur as soon as practicable after the Placing and Open Offer has been completed.
Upon Admission the Company's issued share capital (excluding 2,647,804 shares held in Treasury by the Company) will then consist of 115,590,204 Ordinary Shares. All of the shares, excluding those in Treasury, have equal voting rights. The Company's total issued share capital (including those now held in Treasury) comprises 118,238,008 Ordinary Shares. This figure of 115,590,204 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The Company has also considered a contingency to close the Placing at a lower subscription amount and pursue all of its rights under existing legal agreements should all subscription monies not be received by the 30th of September 2020. Should the Company pursue this contingency a further announcement will be made with respect to a further revision to the Placing and Open Offer timetable.
Full details of the Open Offer and Placing are available in the Circular, published on 17th July 2020 and posted to Qualifying Shareholders. The Circular is also available on the Company's website at http://adamasfinance.com.
Capitalised terms used in this announcement have the meanings given to them in the announcement made and circular published on 17th July 2020 unless the context provides otherwise.
For further information on ADAM, please visit the Company's website at http://adamasfinance.com and follow the Company on Twitter (@AdamasFinance).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Adamas Finance Asia Limited | +44 (0) 778 531 5588 |
John Croft | |
WH Ireland Limited - Nominated Adviser | +44 (0) 20 7220 1666 |
James Joyce | |
James Sinclair Ford | |
Pello Capital Limited - Corporate Broker | +44 (0) 20 3700 2500 |
Mark Treharne | |
Maitland/AMO - Communications Advisor | +44 (0) 20 7379 5151 |
James Benjamin | |
Peter Hamid |
About Adamas Finance Asia
Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market of the London Stock Exchange and is committed to providing shareholders with attractive uncorrelated, risk adjusted long-term returns from a combination of realising sustainable capital growth and delivering dividend income.
The Company is focused on providing growth capital and financing to emerging and established Small and Medium Enterprises (SME) sector throughout Asia, well diversified by national geographies, instruments and asset classes. This vital segment of the economy is underserved by the traditional banking industry for regulatory and structural reasons.
The Company's investment manager, Harmony Capital, seeks to capitalise on its team's established investment expertise and broad networks across Asia. Through rigorous diligence and disciplined risk management, Harmony Capital is dedicated to delivering attractive income and capital growth for shareholders with significant downside protection through selectively investing in assets and proactively managing them.
Harmony Capital is predominately sourcing private opportunities and continues to create a strong pipeline of attractive income generating assets from potential investments in growth sectors across Asia, including healthcare, fintech, hospitality, IT and property.