Funds secured to drive portfolio growth
ADAM has announced a fully underwritten Open Offer and Placing which will raise £3,134,710 gross.The new ordinary shares will be issued at 25p, a 13.8% discount to last night’s closing price and, on a per share basis, a discount of c. 60% to the audited net asset value of $100.9m at 31 Dec 2019.
One Open Offer Warrant is issued with each share; it has an exercise price of 40p and a three-year exercise period from date of issue. ADAM has received binding commitments to subscribe for any new shares and attached warrants not taken up by shareholders under the Open Offer.
It seeks to continue to develop a diversified, country and sector agnostic portfolio of income generating assets. The opportunity is immense as ADAM reports a growing pipeline of prospective investments derived from a vast pool of over 250m Asian Small and Medium Enterprises which have limited access to traditional bank financing.
This fundraising will provide resources to finance new investment, progressively rebalance the portfolio and shift the emphasis towards recent acquisitions. The Company has identified potential opportunities in IT, fintech, healthcare and online commerce, amongst others.
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