18th Sep 2015 08:09
LONDON (Alliance News) - Adamas Finance Asia Ltd Friday reported a lower net asset value in the first half of 2015 as it didn't make any new investments, but said that it will invest in income generating funds as it exits from its existing portfolio.
The company said that its net asset value at June 30 was USD117.5 million, down from USD118.9 million at December 31, as it made no new investments in the period, but said that as it exits from the existing portfolio, the cash generated will be used to invest in new funds which will increase the proportion of the portfolio which is income generating.
It added that this should reposition the company to enable it to begin paying dividends to its shareholders.
"The six month period to June 2015 was one of steady progress for the company. Whilst no new investments were made during the period, steps have been taken where feasible to assist portfolio companies with the objective of exiting our current holdings," Chairman John Croft said in a statement.
"The amendment to the investing policy approved by shareholders in April enables the company to invest in funds as well as individual assets, facilitating access to investment opportunities in funds with successful track records of income generation. We anticipate announcing investments in line with this policy in the second half of the year," he added.
Shares in Adamas were untraded on Friday, having last traded at 0.550 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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