Adamas Finance Asia Limited (LON:ADAM) has unveiled plans to buy-back up to US$500,000 of its own shares and also announced it has reached an agreement for the off-market purchase of 730,529 of its ordinary shares for a price of US$0.10 each, an aggregate purchase price of US$73,053.
The London-quoted pan-Asian diversified investment vehicle said the share repurchase programme will commence on 25 February 2019 and is due to be completed by the end of 2019.
The company has appointed VSA Capital to manage the share buy-back programme on its behalf, subject to pre-agreed parameters including a maximum price of US$0.79 per ordinary share - being a 25% discount to the group’s proforma net asset value per share of US$1.06.
In a separate statement, ADAM said the additional off-market purchase of shares is being made from Deloitte Financial Advisory Pty Ltd - as liquidators of the Avestra Accelerator Fund and Avestra Maximiser Fund - and Oak Point Partners, an investment firm specialising in the acquisition of remnant assets.
The company said the trades have not yet completed, and a further announcement will be made when they occur.
Following the purchase, ADAM said it will hold the shares bought back and purchased off-market as treasury shares.
Commenting on the buyback, ADAM chairman John Croft, Chairman said: "This marks another positive development in addressing historic outstanding issues.”
And, separately, the investment group pointed out that its shares are currently tradeable on a range of the UK and international platforms, with the recent publication of the company's Key Information Document (KID) expected to enable Adamas shares to be added to the fund, or closed-end fund lists available for investors' online trading.
ADAM said the full KID is available to view and download on its website along with further information on the company's investment strategy and growth prospects at http://adamasfinance.com/investors.