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Adamas update on Global Pharm payments

30 November 2015 14:49

Adamas Finance Asia has not received the overdue payments monthly payments for September and October from Global Pharm Holdings Group.

On 21 October, the company announced that it had, through its 75% owned subsidiary, Blazer Delight Limited, entered into a revised agreement for the redemption of the remainder of its convertible bond held in Global Pharm.

Monthly payments under the revised agreement are subject to Global Pharm's working capital requirements. Global Pharm had indicated to the company's investment manager, Adamas Global Alternative Investment Management Inc (Adamas GAIM), that it intended to make the overdue payments in respect of September and October in November.

The company says neither of the overdue payments nor the payment in respect of November have been received to date, due to Global Pharm's working capital being committed in stocks of ginseng.

Overdue payments under the revised agreement are subject to the penalties set out in the announcement of 26 October. Adamas GAIM is in close dialogue with Global Pharm on behalf of the company.

At 2:49pm: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was -0.01p at 0.64p

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