Adamas Finance Asia Limited re: redemption of Global Pharm Convertible Bond (9862L)
October 07 2016 - 3:45AM
UK Regulatory
TIDMADAM
RNS Number : 9862L
Adamas Finance Asia Limited
07 October 2016
Adamas Finance Asia Limited
("ADAM", the "Company" or the "Group")
UPDATE ON REDEMPTION OF GLOBAL PHARM CONVERTIBLE BOND
The Company is pleased to announce that its 75% owned
subsidiary, Blazer Delight Limited ("Blazer Delight"), has entered
into a revised agreement for the redemption of the remainder of its
convertible bond held in Global Pharm Holdings Group Inc. ("Global
Pharm") (the "Convertible Bond") (the "Revised Agreement").
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).
Under the Revised Agreement, Global Pharm has undertaken to make
the following payments (all amounts net to ADAM):
-- US$2.7 million, payable within 10 business days of the
drawdown of a new bank loan by Global Pharm;
-- US$75,000 in respect of each of September (which has been received) and October 2016; and
-- US$750,000 each month from November 2016.
The outstanding amount of the Convertible Bond continues to be
subject to interest of 26% per annum, compounded on a daily
basis.
As security for the Convertible Bond, Global Pharm Holdings
Limited, LLC ("GPHL") has undertaken to increase its pledge of
shares in Global Pharm to Blazer Delight to 9.09% of the issued
share capital of Global Pharm (net to ADAM).
As announced on 21 October 2015, GPHL undertook to transfer
shares in Global Pharm to Blazer Delight in respect of each
previously agreed monthly repayment which was missed or incomplete
(the "Transfer Shares"). Under the Revised Agreement, GPHL has
undertaken to transfer all shares not previously transferred which
have been accrued from January 2016 up to October 2016.
Following the resumption of monthly payments in November, for
each incomplete monthly payment, shares equivalent to 0.0075% (net
to ADAM) of the issued share capital of Global Pharm will be
transferred to Blazer Delight and the cap for the maximum amount of
Transfer Shares will be raised from 0.075% to 0.225% of the issued
share capital of Global Pharm. Provided the Convertible Bond is
fully repaid by 30 April 2019, the Transfer Shares will be returned
to GPHL.
Enquiries:
Adamas Finance Asia Limited
John Croft +44 (0) 1825 830587
WH Ireland Limited
+44 (0) 113 394
6600
Tim Feather +44 (0) 117 945
Ed Allsopp 3444
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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