leadf
logo-loader
viewAltech Chemicals Ltd

Altech Chemicals confirms AAM AG shareholder approval for €69.4 million raise

In July 2019 Altech Chemicals sold an option to Frankfurt-listed Altech Advanced Materials AG (AAM AG), whereby the German entity can acquire up to a 49% interest in Altech’s project for US$100 million.

Altech Chemicals Ltd - Altech Chemicals confirms AAM AG shareholder approval for €69.4 million raise
The new shares will be first offered to AAM’s existing shareholders

Altech Chemicals Ltd (ASX:ATC) (FRA:A3Y) has been advised by Altech Advanced Materials AG (FRA:AMA1) (AAM) that its proposed capital increase has been approved by shareholders, at a shareholder meeting held in Germany on March 12, 2020.

The approval provides for AAM to issue up to 63,102,080 new shares at a minimum price of €1.10 per share, which would raise €69.4 million fully subscribed.

The capital increase will be implemented as follows:

  • firstly, the new shares will be offered to AAM’s existing shareholders at a ratio of 1:40, i.e. for each 1 existing share held the holder is entitled to subscribe to 40 new shares, at a subscription price of €1.10 per share (rights offer);
  • any new shares not subscribed in the rights offer may then be subscribed at €1.10 per share by shareholders that took up all of their entitlement under the rights offer; then
  • any remaining unsubscribed shares can then be placed by AAM, at least at the issue price of €1.10 but aiming at a price of €1.20 or higher per share.

Updated prospectus submitted to BaFin

AAM has a period of 6-months in which to implement the capital increase.

The rights offer is scheduled to conclude by April 30, 2020 and will commence following approval by BaFin (German Federal Financial Supervisory Authority) of an updated AAM prospectus which has been submitted to BaFin.

Approval of the prospectus is expected in early April 2020.

AAM is supported by a global Swiss investment bank as a placement agent for the planned private placement, to follow the rights offer.

Wilko Stark appointed to supervisory board

AAM has appointed highly experienced automotive executive Wilko Stark to its supervisory board.

Stark has held a number of significant roles in the German automotive industry.

Most recently Stark was a member of the divisional board of Mercedes-Benz Cars, Germany, prior to which he was chief executive officer of Daimler’s CASE (Connectivity, Autonomous Driving, Shared mobility, Electromobility) activities, and group leader of battery electric vehicles.

Before joining Daimler AG, Stark was five years with Volkswagen Group as vice-president product planning and vice-president products for SEAT S.A. (wholly owned by Volkswagen), in Barcelona, Spain.

Quick facts: Altech Chemicals Ltd

Price: 0.04 AUD

ASX:ATC
Market: ASX
Market Cap: $36.33 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