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ADAM confirms successful exit from Project Media

06 July 2016 08:31

Adamas Finance Asia Limited says the Greater China Credit Fund, into which the company has invested US$4.0 million, has achieved a successful exit from Project Media, a bridging-finance investment project that has yielded a gross internal rate of return of 22.2%.

GCCF is an investment vehicle established by ADAM's investment manager, Hong Kong-based Adamas Asset Management (HK) Limited, to provide secured financing for operationally-strong growth companies in China.

HK$40 million (approximately US$5.1 million) in bridge funding to support the development of a media business listed on the Hong Kong stock exchange. The collateral backing for the loan was a proportion of the borrower's shareholding in the listed company. The borrower has now repaid in full both the principal and interest on the loan, and the successful exit has increased GCCF's net asset value by US$1.5 million, with the cash generated now available for future investment.

ADAM's initial US$1 million investment in GCCF in August 2013 has to date yielded dividend distributions totalling US$361,000. The Company invested a further US$3.0 million into GCCF in March 2016.

ADAM chairman John Croft said: "This successful exit from Project Media provides another important example of how our Hong Kong advisory team is able to structure successful deals with strong Chinese partners who meet stringent due diligence standards. The bridging finance has been repaid in full and on schedule, and we look forward to further returns from our continuing investment in GCCF."

At 8:31am: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was 0p at 0.45p

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