Adamas Finance Asia Limited Proposed New Investment (9795M)
14 January 2019 - 6:00PM
UK Regulatory
TIDMADAM
RNS Number : 9795M
Adamas Finance Asia Limited
14 January 2019
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
PROPOSED NEW INVESTMENT
Adamas Finance Asia Limited ("ADAM" or the "Company"), the
London quoted pan-Asian diversified investment vehicle, is pleased
to announce a proposed new investment in PharmaJet Inc
("PharmaJet") through a convertible bond investment (the "CB").
PharmaJet has developed innovative needle-free injectors which have
received United States FDA marketing clearance, CE Mark and World
Health Organisation PQS certification to deliver medications and
vaccines.
PharmaJet is in a partnership with Mundipharma Pte Ltd
("Mundipharma"). This distribution relationship provides the
company with access to a significant number of markets to
distribute its needle-free injector technology.
PharmaJet's latest round of financing is targeting to raise
between USD12M to USD20M for expansion of its business,
particularly focused on Asia, and a potential Initial Public
Offering ("IPO"). As the lead investor, ADAM intends to subscribe
up to USD5M in the PharmaJet Convertible Bond offering. ADAM has
entered into a non-binding term sheet and finalisation of the
investment is subject to final legal documentation. The CB has been
structured with a 4-year maturity and an annual coupon of 10% (6%
cash and 4% Payment-in-Kind). The bond will be drawn in tranches
with the first tranche provided subject to the satisfaction of
certain conditions including completion of legal due diligence and
execution of binding documentation. Once issued, the bond is
convertible at the discretion of its holders at a 40% discount to a
pre-money valuation established by any 'liquidity' event which
would include an IPO of PharmaJet.
The company is contemplating an IPO in Singapore and/or the
NASDAQ in due course and subject to market conditions.
The Directors believe that this proposed investment in PharmaJet
is an attractive opportunity to participate in the healthcare
sector through products that have global reach and a high relevance
to Asian markets.
ADAM's Chairman, John Croft, commented on the new
investment:
"We are very excited with this proposed new investment in the
medical devices sector which is experiencing rapid growth,
particularly in Asia. PharmaJet has developed and is marketing one
of the leading needle-free injection solutions on the market which
competes with traditional needle-syringe delivery devices. This
investment represents another example of the attractive
opportunities available to ADAM in capturing fundamental growth
driven by Asia via a structured instrument which will provide
income and potential capital gain."
As this investment is subject to the completion of legally
binding documentation, amongst other conditions, a further update
will be provided in due course.
UPDATE ON FORTUNE INSIGHT PLACEMENT
Further to the Company's update in its interim results regarding
the subscription of USD12.6M by Fortune Insight Limited ("Fortune")
following the sale of the Company's holding in Global Pharm
Holdings Group Inc. to Fortune, the Company is awaiting the
subscription funds and will provide an update in due course.
Enquiries:
Adamas Finance Asia Limited
John Croft +44 (0) 1825 830587
WH Ireland Limited - Nominated Adviser
James Joyce
James Sinclair Ford +44 (0) 207 220 1666
VSA Capital Limited - Corporate
Broker
Andrew Monk +44 (0) 20 3005 5000
Andrew Raca
Buchanan - Financial PR
Charles Ryland
Victoria Hayns
Henry Wilson +44 (0) 20 7466 5000
About Adamas Finance Asia
ADAM is a London quoted investment company focusing on
delivering long-term income and capital growth to shareholders
through a diverse portfolio of pan-Asian investments. It aims to
provide uncorrelated returns through a combination of capital
growth and dividend income from a broad spectrum of national
geographies and asset classes from the Asian Small and Medium
Enterprise (SME) sector.
The company's investment manager, Harmony Capital, which has a
dedicated team with real Asian expertise, is focussed on the
strategy of creating income and capital growth. Harmony is sourcing
predominately private opportunities and has created a strong
pipeline of income generating assets from potential investments in
industries such as healthcare, fintech, hospitality, IT and
property across Asia.
About Mundipharma
Mundipharma, established in 1952 and headquartered in Singapore,
is a global network of companies which share a common goal of
identifying and accelerating the development of medicines which add
value to patients and healthcare providers globally. Mundipharma
employs over 8,600 people and generated annual revenues in excess
of USD3.4 billion.
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 rns@lseg.com or visit www.rns.com.
END
MSCCKQDQABKKQDD
(END) Dow Jones Newswires
January 14, 2019 02:00 ET (07:00 GMT)
Jade Road Investments (LSE:JADE)
Historical Stock Chart
From Apr 2024 to May 2024
Jade Road Investments (LSE:JADE)
Historical Stock Chart
From May 2023 to May 2024