Adamas Finance Asia Limited Update on Future Metal Holdings Limited (8518S)
11 November 2019 - 6:00PM
UK Regulatory
TIDMADAM
RNS Number : 8518S
Adamas Finance Asia Limited
11 November 2019
11 November 2019
ADAMAS FINANCE ASIA LIMITED
(the "Company" or "ADAM")
Positive Progress and Update on Future Metal Holdings
Limited
("Future Metal")
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 an update on its
investment in Future Metal, which was previously known as Hong Kong
Mining Holdings. The Company holds an 85% shareholding in Future
Metal, representing ADAM's largest investment by value in the
portfolio.
The Company is pleased to report continuing good progress at
Future Metal with the management team onsite nearing completion of
the necessary works to prepare the quarry to restart production as
planned in late 2019, with a test production run scheduled to occur
later this month.
The local management team is continuing to closely oversee and
monitor all activities on site and has sourced and contracted
experienced local construction teams to assist with the renovation
and repair of buildings and equipment. As of today, onsite works
included:
-- The instalment of key utilities including electricity and water.
-- Full renovation of staff living quarters to provide secure
and safe accommodation for the local management team and contract
labourers.
-- Purchased and successfully installed a new weighbridge for the quarry.
-- Site levelling has also been completed near the quarry's
entrance ground and is to be carried out at the production station
later this month.
-- Installation of major production equipment on site, including
a jaw crusher, an impact crusher and two vibrating sieves.
In addition, the local management team believes that the quarry
is likely to commence initial production following the instalment
of the conveyor belts.
-- Conveyor belts to transport output will be installed
following the completion of site levelling works.
-- It is a requirement of the local environmental bureau that
the quarry completes the land hardening process as well as fully
enclose the plant prior to granting of the Work Safety Permit. The
local management team is in late-stage discussions with a number of
contractors to assist with these tasks.
On 16 September 2019, the Company announced the anticipated
metrics for such full-scale production at Future Metal's quarry,
including the expected output quantities and estimated sales
prices, as well as a new independent market study that confirmed
considerable demand locally from customers for the quarry's
products.
On 4 September 2019, the Company announced that various permits
and licences have been applied for and awarded to Future Metal to
enable production to restart. Harmony Capital, the Investment
Manager of ADAM, was and continues to be instrumental in ensuring
the ongoing good progress at Future Metal.
Further details on Future Metal including an updated photo
gallery of recent on-site activities can be found on Future Metal's
website: www.futuremetalholdings.com.
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
---------------------
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 rns@lseg.com or visit www.rns.com.
END
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