LONDON (ShareCast) - Adamas Finance Asia said on Monday that it has received a further payment of $0.75m from Global Pharm Holdings Group following the sale of its interest in the company.
In May, Adamas updated the market on the disposal of its interest in Global Pharm, saying it had received $0.75m. Under the redemption agreement announced in December 2014, Adamas was due to receive an initial payment of $2.4m on 31 December 2014, a further $9n on 31 March 2015 and a final payment of $13.6m on 30 April 2015.

The initial payment was received, but the second and third payments were not made in accordance with the agreement.

"The company has now received two payments of $0.75 million which have been offset against the $9 million which was due on 31 March 2015," said Adamas. "Overdue amounts from the two payments due on 31 March 2015 and 30 April 2015 are subject to penalty interest of 26% per annum, compounded on a daily basis."

It said that the company's investment manager, Adamas Global Alternative Investment Management is in discussions with Global Pharm to resolve the matter and negotiate a revised redemption schedule.

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