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Adamas receives $0.75m from Global Pharm

20 August 2015 08:23

Adamas Finance Asia has received a further payment of US$0.75 million from Global Pharm Holdings.

Under the redemption agreement announced on 18 December, the company was due to receive an initial payment of US$2.4m on 31 December, a further US$9m on 31 March and a final payment of US$13.6m on 30 April, an aggregate of US$25 million.

The initial payment was received, but the second and third payments were not made in accordance with the agreement. The company has now received four payments of US$0.75m which have been offset against the US$9m which was due on 31 March. Overdue amounts from the two payments due on 31 March and 30 April are subject to penalty interest of 26% per annum, compounded on a daily basis. The company's investment manager, Adamas Global Alternative Investment Management Inc, remains in discussions with Global Pharm to resolve the matter and agree a revised redemption schedule.

At 8:23am: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was 0p at 0.67p

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