Adamas Finance Asia has just published results for the year ended 31 December 2014. The results statement makes no mention of its net asset value per share but total net assets were $118.9m. There is no dividend. They made a loss of 0.34 cents per share.
The fund was a Chinese private equity fund and is now supposed to be a Chinese debt finance fund. The change happened on 18 February 2014. However, they have still not finished implementing the change in investing policy and so, under the AIM rules, they will have to ask shareholders whether they are still happy for them to carry on with the transformation.
We are told that within the legacy portfolio, they wrote down the value of Fortel by $5.8m (even though they say it is trading satisfactorily and revenue and profits are rising), wrote up the value of China iEducation by $2m and made a $3.1m profits on the sale of Global Pharm. Some money has been invested in two credit funds – Greater China Credit Fund and the BRJ China Credit Fund. They say they are making good returns on the finance they are providing.
ADAM : Adamas Finance reports delays on portfolio restructuring