Altech fulfills all precedent conditions towards the sale of 49% stake of Altech¡¯s HPA project to AAM

Altech Chemicals has posted an update on its German project equity strategy announced on 18 July 2019.  The strategy involves the acquisition of 29% of the shares of Youbisheng Green Paper AG, which will be re-named Altech Advanced Materials AG (AAM). The strategy also covers sale of 49% stake of Altech’s high purity alumina (HPA) project to AAM for US$100m. The company has confirmed that all precedent conditions have been fulfilled towards the strategy and Altech will now proceed to complete both the transactions.

Altech will make a cash payment of €500,000 to complete acquisition of 29% of the shares of AAM and issue €1,000,000 of Altech fully paid ordinary shares to the vendor (Deutsche Balaton AG).  The balance €1,229,000 cash consideration is to be paid on 1 March 2020.

AAM will make a non-refundable cash payment of €500,000 to Altech to acquire up to a 49% interest in the Company’s HPA project.

After the fulfilment of the precedent conditions, Altech’s managing director Mr Iggy Tan and alternate non-executive director Mr Uwe Ahrens have been appointed to the management board of AAM. Shareholders have approved the change of company name to Altech Advanced Materials AG (AAM) and a capital increase of up to €63,102,080.

Commenting on the development Altech managing director Iggy Tan said “it is pleasing to have documented both transactions of our German equity strategy in a very short time-frame, and to have satisfied all of the conditions precedent items within four weeks of signing the agreements.

The next step following transaction completion is for AAM to appointment a German bank and brokers to manage a Europe marketing campaign for its pre-approved capital raise.”

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