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Adamas Finance Asia to change name as it raises funds

Published: 02:32 17 Jul 2020 EDT

Adamas Finance Asia Limited -

Adamas Finance Asia Limited (LON: ADAM), the pan-Asian small-cap investment group, is to raise £3.13mln from a placing and open offer and change its name to Jade Road Investments Limited.

Adamas said that its portfolio has undergone a transformation over the last few years and it is seeking to establish an identity that more fully represents its pan-Asian small and medium-sized enterprise focus.

“Furthermore, the board feels that this is an appropriate time for the company's name to reflect its Asian heritage while also acknowledging the wider investment scope which was adopted for its portfolio construction since May 2017,” the group said.

The new name reflects the spirit of connecting investors and capital from the West, across the Middle East and into the markets of the Far East, it added.

Adamas said it is pursuing the open offer fundraise to enhance further its balance sheet and to enable it to pursue a wide range of investment prospects.

Among the sectors that the company said it has identified as a potential opportunity are IT, fintech, healthcare and online commerce.

The issue price of 25p represents a discount of 13.8% to the mid-price on the latest practicable date, it noted.

The company will also issue one open offer warrant with each share with an exercise price of 40p and an exercise period of 3 years from the date of issue.

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