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Adamas Finance Asia Assets Rise On Portfolio Restructuring

(Alliance News) - Adamas Finance Asia Ltd on Wednesday reported a rise in net assets over the ...

Alliance News 4 September, 2019 | 5:37PM
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(Alliance News) - Adamas Finance Asia Ltd on Wednesday reported a rise in net assets over the first half as the investment company's manager continued to restructure it portfolio.

At June 30, Adamas' NAV per share was USD1.10 per share compared to USD1.13 at December 31, a 2.7% decline.

The pan-Asia investment company's net assets increased 3.8% over the first half, however, rising to USD96.5 million from USD93.0 million at December 31. In 2018, the company embarked on a share buyback programme, to improve its liquidity, which continued in the first half.

"The results marked another period of major progress as the efforts of the investment manager's re-structuring of the ADAM portfolio are starting to have a considerable effect on the company's income which has increased considerably on a year on year basis. When at an appropriate level, the board has signalled its intention to leverage this increasing income stream for a dividend distribution to reward our shareholders," said Chair John Croft.

Adamas did not declare a dividend in the first half, unchanged from the year before.

Croft continued: "We remain pleased with developments across our portfolio including Future Metal Holdings where production is expected to restart in the next reporting period. Meanwhile, our Investment Manager, Harmony Capital Investors Ltd, continues to seek new attractive investment opportunities for the company from a considerable pipeline drawn from their substantial network in the region."

Adamas total income increased to USD1.3 million from USD50,000 the year before. The sharp rise was attributed to increased interest payments and fair value adjustments.

As a result, the company's pretax loss in the half narrowed to USD157,000 from USD1.4 million the year before.

Shares in Adamas Finance Asia closed at 26.83 pence each in London on Wednesday.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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