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Adamas Fin Asia Ltd - Share Buyback

RNS Number : 7436X
Adamas Finance Asia Limited
23 December 2019

23 December 2019


("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).










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 [email protected] or visit www.rns.com.

Quick facts: Adamas Finance Asia Limited

Price: 28.5

Market: AIM
Market Cap: £25.05 m

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