Adamas Finance Asia Limited Update on Global Pharm Convertible Bond (1966N)
August 04 2017 - 10:36AM
UK Regulatory
TIDMADAM
RNS Number : 1966N
Adamas Finance Asia Limited
04 August 2017
Adamas Finance Asia Limited
("ADAM" or the "Company")
UPDATE ON GLOBAL PHARM CONVERTIBLE BOND
The Company is announcing an update on the redemption of the
remainder of the convertible bond owed by Global Pharm Holdings
Group Inc. ("Global Pharm") (the "Convertible Bond").
Global Pharm has, to date, made payments of approximately
US$6.01 million (net to ADAM) to offset against the original
redemption amount of the Convertible Bond of approximately US$25.05
million (net to ADAM). In the Company's audited accounts for the
year ended 31 December 2016, the carrying value of the Convertible
Bond was written down to US$17.3 million.
As a result of the continuing failure of Global Pharm to make
payments in redemption of the Convertible Bond, the Company
instructed a leading law firm in Hong Kong to advise on the actions
available to enforce payment. The work by the lawyers included the
commissioning of an investigative agency to report on Global Pharm
and its chairman.
The report from the lawyers has been received and the advice is
that the Company should consider taking steps to enforce the
available collateral, namely charges over shares in Global Pharm
held by, as well as a personal guarantee from, the chairman. It
should be noted that the investigative agency has not yet been able
to identify the exact location of the chairman.
The Company will take all appropriate action to recover the
monies owed under the Convertible Bond but, in light of the report
from the lawyers, the amount of ultimate recovery is in doubt.
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Adamas Finance Asia Limited
John Croft +44 (0) 1825 830587
WH Ireland Limited - Nominated Adviser
+44 (0) 113 394
6600
Tim Feather +44 (0) 117 945
Ed Allsopp 3444
finnCap Limited - Broker
William Marle +44 (0) 20 7220
Grant Bergman 0500
First City Public Relations
(Hong Kong) +852 2854 2666
Allan Piper +44 (0) 7438 148968
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUGUAWRUPMGCC
(END) Dow Jones Newswires
August 04, 2017 10:36 ET (14:36 GMT)
Jade Road Investments (LSE:JADE)
Historical Stock Chart
From Feb 2024 to Mar 2024
Jade Road Investments (LSE:JADE)
Historical Stock Chart
From Mar 2023 to Mar 2024