Adamas Finance Asia Limited Realisation of Investment in BRJ (3581U)
April 06 2016 - 4:36AM
UK Regulatory
TIDMADAM
RNS Number : 3581U
Adamas Finance Asia Limited
06 April 2016
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
Realisation of Investment in BRJ
The Directors of ADAM are pleased to announce that the Greater
China Credit Fund LP ("GCCF") has acquired the Renminbi Qualified
Foreign Limited Partner vehicle ("RQFLP") of BRJ China Credit Fund
Limited ("BRJ"), (the "Acquisition").
GCCF was launched by Adamas Asset Management (HK) Limited
("Adamas HK") in August 2013 with a strategy of providing
high-yielding credit finance to operationally strong companies
predominantly in Greater China. The Company's investment manager,
Adamas Global Alternative Investment Management Inc. , is an
affiliated company of Adamas HK.
BRJ was launched by Adamas HK to provide asset-backed,
structured loans to Chinese SMEs in need of short term bridging
finance not easily available in China. BRJ's RQFLP vehicle has
local government approval over a "quota" of US$50 million which
enables BRJ to provide finance to companies in mainland China using
funds raised or generated offshore.
The Company committed US$1 million into GCCF on its launch in
August 2013 and a further US$3 million in September 2015.
In April and July 2014 the Company made two investments into BRJ
totalling US$800,000.
Since the investments into BRJ, the Company has received
distributions in cash totalling US$87,735 and as a result of the
Acquisition, will receive approximately US$840,000 in cash in
respect of its holding in BRJ.
The Company had planned to make further investments into both
GCCF and BRJ as cash is realised from the existing ADAM portfolio,
including the delayed redemption of the interest in Global Pharm
Holdings Group Inc. The Company has been notified that, following
the Acquisition, GCCF will be closed for further investment.
Therefore the Directors do not expect to make any further
investments into GCCF or BRJ.
Enquiries:
Adamas Finance Asia Limited
John Croft +44 (0) 1825 830587
Nominated Adviser and Broker
WH Ireland Limited
Tim Feather
Liam Gribben +44 (0) 113 394 6600
Public Relations Advisers
Ryan Communication (Hong Kong)
Scott McFarlane +852 6297 3801
This information is provided by RNS
The company news service from the London Stock Exchange
END
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