Adamas Finance Asia Says Only Two Thirds Of July Equity Raise Received

(Alliance News) - Adamas Finance Asia on Thursday said it has raised GBP2.0 million through its ...

Alliance News 31 December, 2020 | 12:15PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Adamas Finance Asia on Thursday said it has raised GBP2.0 million through its placing and open offer of shares, instead of the originally targeted GBP3.1 million.

In July, the Asia-focused investor said it had raised GBP3.1 million through a placing and open offer, with the amount to go toward funding new investments across a number of sectors including IT, fintech, healthcare and online commerce.

However, on Thursday, Adamas said it had not yet received GBP1.1 million from one of the placees. It noted though that despite this, it has a strong balance sheet with more than adequate cash for the operation of its business and planned investment activities.

"Strategic initiatives that have been delayed pending receipt of the final placing monies will now be progressed without any further delay, as there is no certainty of receiving the funds. However, vigorous efforts will continue to be made to collect the funds," it said.

Shares in Adamas Finance were trading 3.6% lower at 21.20 pence each midday Thursday in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.