leadf
logo-loader
viewAltech Chemicals Ltd

Altech Chemicals raises €2 million in a 40:1 rights offer

The company’s recent rights offer has been supported by Deutsche Balaton through a €1.2 million participation.

Altech Chemicals Ltd - Altech Chemicals provides update on capital raising initiatives
An updated prospectus will be submitted to BaFin for next phase of capital increase

Altech Chemicals Ltd (ASX:ATC), through Altech Advanced Materials AG (AAM), has raised €2 million predominantly from existing retail shareholders from a 40:1 rights offer within stage-1 of its capital raise.

On January 17, 2020, AAM announced that stage-1, a 40:1 rights offer to existing shareholders at a price of €1.10 per new share, had resulted in subscriptions for approximately €2.0 million of new shares and had been registered on January 16, 2020.

In line with expectations

As AAM had approximately 1.5 million shares on issue, and approximately 100 predominantly retail shareholders eligible to participate in the rights offer, funds raised via the offer were in line with company expectations.

The company had anticipated that the next phase of its capital increase could proceed using the prospectus that was prepared for the 40:1 rights offer, subject to shareholder approval at its January 15 Extraordinary General Meeting (EGM).

However, on January 10 AAM was advised by the Mannheim Local Court that the court would not support the proposed extension deadline.

An updated prospectus is therefore required for lodgement with BaFin in conjunction with shareholder re-approval of the capital increase for the Stage 2 (external parties) fundraising.

Looking ahead

AAM has advised Altech that at this point in time it does not anticipate that the preparation of an updated prospectus or the convening of another shareholder EGM will result in a delay in the timeframe for the planned stage-2 capital raise.

AAM in conjunction with Altech will be conducting marketing roadshows in Europe during this quarter.

Quick facts: Altech Chemicals Ltd

Price: 0.041 AUD

ASX:ATC
Market: ASX
Market Cap: $37.24 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Altech Chemicals Ltd named herein, including the promotion by the Company of Altech Chemicals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Altech Chemicals moves to secure site for second high purity alumina plant...

Altech Chemicals Limited's (ASX:ATC) (FRA:A3Y) Iggy Tan speaks to Proactive's Andrew Scott after announcing a purchase agreement option for a 10-hectare industrial site in the Saxony region of Germany as the company considers constructing a second high purity alumina (HPA) plant. The company...

on 21/7/20

2 min read