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Adamas revised redemption deal with Global Pharm

21 October 2015 09:31

Adamas Finance Asia - through its 75% owned subsidiary, Blazer Delight - has entered into a revised agreement for the redemption of the remainder of the convertible bond held in the Chinese pharmaceutical company, Global Pharm Holdings Group.

Through the previous redemption agreement announced on 18 December 2014, the company was due to receive an initial payment of US$2.4 million on 31 December 2014, a further US$9 million on 31 March 2015 and a final payment of US$13.6 million on 30 April 2015, 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. However, Global Pharm has since made further payments to Blazer Delight, which total US$5.44 million, net to the Company.

Under the Revised Agreement, Global Pharm has agreed to make payments to Blazer Delight of not less than US$750,000 per month, net to the Company. All amounts received under the Revised Agreement will be offset against the two payments which were due on 31 March 2015 and 30 April 2015 and which remain subject to penalty interest of 26% per annum, compounded on a daily basis.

At 9:31am: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was 0p at 0.67p

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