Adamas Finance Asia Limited Receipt of US$820,000 from GCCF
September 26 2016 - 2:01AM
RNS Non-Regulatory
TIDMADAM
Adamas Finance Asia Limited
26 September 2016
Adamas Finance Asia Limited
("ADAM" or the "Company")
Receipt of US$820,000 from Greater China Credit Fund
Adamas Finance Asia Limited is pleased to announce that the
Greater China Credit Fund ("GCCF" or the "Fund"), into which it has
invested US$4 million, has returned investment capital of
approximately US$700,000 to the Company as a result of the Fund's
exit from Project Media announced on 6 July 2016, and has also paid
investment interest of US$120,000 for Q2 2016.
GCCF was established by ADAM's investment adviser, Adamas Asset
Management (HK) Limited ("Adamas"), to provide secured financing
for operationally-strong growth companies in China. As such, the
Fund addresses the trillion dollar funding gap that exists for SMEs
across Greater China, capitalising on the inefficiencies of the
"grey banking" finance industry. It uses a mix of debt, convertible
instruments and structured or preferred equity to minimise
investment risk. It is a closed-end structure targeting a return of
15%-18% net internal rate of return (IRR).
ADAM initially invested US$1 million into GCCF in August 2013,
and followed this with a further US$3 million in March 2016.
GCCF invested US$5.2 million in Project Media in January 2015,
providing bridging finance to support the development of a media
group quoted on the Hong Kong Stock Exchange, with equity in the
business provided as collateral backing. As announced by the
Company in July 2016, the borrower has now repaid in full both the
principal and interest on the loan. With interest received, Project
Media yielded a gross IRR of 22.2%.
Including the US$120,000 interest now paid to ADAM for Q2 2016,
the Company has to date received income distributions from GCCF
totalling US$481,000.
Following the additional return of capital from Project Media,
the Company remains invested in GCCF in the amount of US$3.15
million.
ADAM Chairman John Croft said: "Following our recent interim
results, this new cash distribution represents another positive
step forward for ADAM, and further underscores the long-term
potential of our loan-financing and fund investment strategy. It
also provides another example of the expertise of the Adamas
advisory team in Hong Kong in realising strong returns through
structured deals with Chinese growth companies that meet stringent
due diligence standards."
Enquiries:
Adamas Finance
Asia Limited
John Croft, Non-Executive +44 (0) 1825 830
Chairman 587
Nominated Adviser:
+44 (0) 113 394
WH Ireland Limited 6600
Tim Feather
Liam Gribben
Broker:
+44 (0) 20 7220
finnCap Limited 0500
William Marle
Grant Bergman
Public Relations
Advisers:
First City Public
Relations (Hong
Kong) +852 2854 2666
Allan Piper
This information is provided by RNS
The company news service from the London Stock Exchange
END
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