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Adamas Finance Asia yet to receive some placing funds but balance sheet remains strong

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Adamas Finance Asia Limited (LON:ADAM) said it has yet to receive funds from one of its places but it retains a strong balance sheet.

The investment group is still owed GBP1.1mln of its originally targeted GBP3.1mln from the open offer and placing announced last July.

READ: Adamas Financial Asia says portfolio has been resilient in the face of the coronavirus pandemic

However, the company noted it has more than adequate cash for the operation of its business and planned investment activities as it enters 2021.

Strategic initiatives that have been delayed pending receipt of the final placing monies will now be progressed without any further delay, as there is no certainty of receiving the funds, Adamas added.

“However, vigorous efforts will continue to be made to collect the funds,” the firm stressed.

The Asia-focused small company financier said a further announcement will follow in January outlining the business initiatives which the company expects to launch in the new year.

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