Adamas Finance Asia Limited Share Buyback (7436X)
23 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMADAM
RNS Number : 7436X
Adamas Finance Asia Limited
23 December 2019
23 December 2019
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
Share Buyback
Adamas Finance Asia Limited (AIM: ADAM), the London quoted
company focused on providing shareholders with attractive
uncorrelated, risk adjusted returns from a diversified portfolio of
pan-Asian investments, announces that the Company has purchased
2,400,000 existing Ordinary Shares of no par value in the capital
of the Company at a price of GBP 0.161 (USD 0.21) per Ordinary
Share, representing an aggregate purchase price of GBP386,400
(USD505,326) (the "Share Buyback").
ADAM has bought these shares on-market using existing cash
reserves aiming to avoid the potential continuation of an on-market
overhang which it believes was created recently by the seller of
this block. The Company understands that the selling pressure from
this shareholder was driven by non-market considerations and that
this purchase comprises the entire holdings of this
shareholder.
As these shares will be held in treasury by the Company, ADAM
may seek to place some or all of such shares with third party
investors. Further announcements will be made should shares be sold
to third parties. Any remaining shares not sold to a third-party
investor will be held in Treasury by the Company.
Further to the announcement on 25 February 2019 (RNS: 9385Q),
the Board of ADAM has authorised an increase in the capacity of the
Company's buyback programme to GBP543,340 (USD700,000).
John Croft, Chairman of Adamas Finance Asia Limited,
commented:
"This transaction provided the Company the opportunity to
acquire shares at an attractive price in a carefully managed way in
order to avoid further potential market uncertainty caused by this
overhang.
The Company is continuing to work hard and proactively to ensure
that the wider market understands the significant opportunities
offered by our strategy to deliver shareholder value."
Following the purchase of these Ordinary Shares, ADAM will hold
the shares as treasury shares. The Company's issued share capital
(excluding 3,316,804 held as treasury shares) will then consist of
101,595,575 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
104,912,379 Ordinary Shares. This figure of 101,595,575 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.
For further information, 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) 1825 830587
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
---------------------
Tim Sohal
---------------------
Maitland/AMO - Communications Advisor +44 (0) 20 7379 5151
---------------------
James Benjamin
---------------------
Peter Hamid
---------------------
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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