Adamas Finance Asia
Adamas Finance Asia aims to be the leading London-quoted pan-Asian focused diversified SME investment holding vehicle. It targets above average income and capital growth, with a stated objective to provide shareholders with unique access to a diversified portfolio with access to high-growth Asian economies.It has announced a proposed new US$5m investment in a medical devices company called PharmaJet Inc (PharmaJet). This follows a US$4m investment in a residential project in a popular Japanese ski resort in December 2018, which provided it with initial exposure to Asia’s winter tourism industry.
PharmaJet has developed innovative, needle-free injectors, which have US Food and Drug Administration marketing clearance, European Union CE Mark and World Health Organisation Personal Quality and Safety certification for the suitability of delivering medication and vaccines. ADAM was attracted by the underlying growth potential for the medical devices sector within Asia and the significant demand for needle-free injectors.
PharmaJet is seeking to raise between US$12M and US$20M for business expansion, particularly within Asia, and to move it towards a potential IPO. As the lead investor, ADAM intends to subscribe up to US$5M in a convertible bond and has agreed to a non-binding term sheet, subject to final legal documentation. The convertible bond has a four-year maturity and a 10% pa coupon (6% cash, 4% Payment-in-Kind). It will be drawn in tranches, with the first subject to satisfaction of certain conditions (eg completion of legal due diligence and execution of legally binding documentation).
This investment reflects the investment mandate of ADAM to seek an immediate, attractive income stream to underpin future distributions, and medium term capital growth. It is an example of ADAM’s ability to access niche investment opportunities not normally available to European investors. Detailed due diligence was carried out by Harmony Capital.
We are encouraged by two recent investments in rapid succession and expect the significant (93%) gap from the share price to reported NAV to shrink on further activity
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