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NAV Announcement and Portfolio Update

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RNS Number : 3846S
Adamas Finance Asia Limited
06 November 2019
 

6 November 2019

ADAMAS FINANCE ASIA LIMITED

(the "Company" or "ADAM")

Unaudited Net Asset Value and Portfolio Update for the quarter ended 30 September 2019

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, is pleased to provide the following update for the quarter ended 30 September 2019.

 

NET ASSET VALUE

The Company delivered consolidated unaudited estimated Net Asset Value ("NAV") per share at 30 September 2019 of GBP 0.84/USD 1.09 (30 June 2019: GBP 0.85/USD 1.10). The consolidated unaudited estimated NAV at 30 September 2019 was USD 95.9 million (30 June 2019: USD 96.4 million). The NAV was impacted by a marginal decrease in the Company's cash balance which was used to pay expenses.  The Company has used a USD:GBP exchange rate of USD 1.00:GBP 0.77 as at 1 November 2019 to determine GBP values.

 

UPDATE ON KEY PORTFOLIO INVESTMENTS

Future Metal Holdings Limited ("FMHL") - 45.2% of NAV

The restructuring of the asset was completed in September 2019. Important milestones were met during the period, including approval from the Shanxi Province Forest Bureau to acquire forest land in September 2019 with payment made by the Company during that same period. The quarry's general manager executed major contracts required to commence production at the quarry before the end of this year, with new equipment acquired. An independent market research firm conducted a granular market study into the quarry's products and customer base, which identified a clear and growing lack of supply across the country and continued increasing demand in nearby potential markets and from customers, leaving Future Metal well positioned in this market.

 

Fook Lam Moon Holdings ("FLMH") - 28.0% of NAV

Fook Lam Moon has recently partnered with American Express to provide special offers for American Express' Platinum Cardholders, including exclusive discounts, special pricing on the Signature Wine Pairing Menu, and other cardholder-only perks. This helps to underline FLMH's strategy of diversifying its client base via a variety of channels and attract diners from across the globe.

 

DocDoc Pte Ltd ("DocDoc") - 2.2% of NAV

On 6 August 2019, DocDoc completed its Series B fundraising round, led by Adamas Finance Asia, raising USD 13.0 million in the form of a convertible note. On 30 September 2019, DocDoc was highlighted in the NASDAQ Spotlight series in conjunction with the co-founders, Cole Sirucek and Grace Park, visiting the New York Stock Exchange. DocDoc was selected for Plug & Play Singapore's 2019 Insurtech program, where companies with proven businesses participate in private deal opportunities and exclusive networking sessions with corporates to establish pilot programs and agree commercial contracts.

 

Infinity Capital Group Limited ("ICG") - 2.1% of NAV

In July 2019, ADAM secured a co-investment from a Hong Kong family office on a risk participation basis. In September 2019, ADAM was informed that Tellus Niseko has reached the final stages of construction with minor design details and final sales prices to be finalised; the development is expected to be completed in December 2019.

 

John Croft, Chairman of Adamas Finance Asia, commented:

"We are pleased with the continuing good progress on the Company's key portfolio investments in the quarter. In particular, Future Metal Holdings Limited continues to make significant strides towards commencing production at its quarry which remains on target to restart this year.

 

The Company's pipeline of attractive investment opportunities, which are expected to create value for our shareholders with increasing income and capital growth potential, is continuing to grow through the established investment expertise and relationships of Harmony Capital, our investment manager. This strong pipeline, coupled with the Company's current investments, will help underpin the Company's growing income and capital growth potential as well as targeted future distributions to shareholders."

 

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 [email protected] or visit www.rns.com.
 
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Quick facts: Adamas Finance Asia Limited

Price: 23.5

Market: AIM
Market Cap: £20.66 m
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