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Interim Results

Adamas Finance Asia losses rise

22 September 2017 08:16

Adamas Finance Asia's net losses rose to $1.03m in the six months to the end of June - up from $454,000 last time - as the group repositioned itself for future growth.

Consolidated net asset value at the period end was $76.8m compared with $77.8m at the end of December.

Chairman John Croft said: 'The first half of 2017 was one of significant change for the company as it started to reposition for future growth following the appointment of a new investment manager in May and a broadening of the investing policy which was approved by shareholders.

'Activity included the disposal of the Tian Tong Shan Villa project, generating in excess of US$15m in cash now available for re-investment.

'Additionally, post the period end, the company recently announced the disposal of its investment in Global Pharm for a cash consideration of US$15.6m.

'These two disposals represent a significant step forward and, subject to completion of the Global Pharm disposal, provide the Company with substantial cash resources to be deployed into new investments.

'These proactive actions taken by the Board have provided us with a much firmer and more positive platform from which to grow the business.

'As mentioned at the time of our 2016 final results in June, we have plans to strengthen the Board with some new key appointments.

'I was therefore delighted to announce the appointment of Hugh, Viscount Trenchard to the Board shortly after our 2016 final results announcement.

'Hugh brings a wealth of experience in Asia and a wide network of contacts, as well as insights that will help shape the company's new investment strategy and development in the future.

'I am confident, with our new strategy and investment manager in place, that we will be able to announce further progress during the remainder of 2017.'

At 8:16am: (LON:ADAM) Adamas Finance Asia Ltd share price was 0p at 1.33p

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