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Adamas Finance Asia Limited updates on portfolio and NAV

The stake in Future Metal Holdings Limited accounted for 45.2% of NAV.

Adamas Finance Asia Limited -
Net assets were valued at US$95.9mln

Adamas Finance Asia Limited’s (LON:ADAM) net asset value per share at 30 September was 84p or US$1.09 compared to 85p/US$1.10 at 30 June.

Net assets were valued at US$95.9mln (30 June 2019: US$96.4mln) with the NAV impacted by a marginal decrease in the company's cash balance, which was used to pay expenses. 

The stake in Future Metal Holdings Limited accounted for 45.2% of NAV.

A 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.

Fook Lam Moon Holdings has recently partnered with American Express to provide special offers for American Express' Platinum Cardholders. FLMH accounts for 28% of NAV.

DocDoc Pte Ltd completed an institutional capital raise in August, led by Adamas Finance Asia, raising US$13mln in the form of a convertible note. DocDoc accounts for 2.2% of NAV.

Infinity Capital Group Limited’s Tellus Niseko project 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. ICG accounts for 2.1% of NAV.

John Croft, chairman, said: "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."

Quick facts: Adamas Finance Asia Limited

Price: 23.5 GBX

AIM:ADAM
Market: AIM
Market Cap: £20.66 m
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