AAM AG Recommences its Capital Increase Process
Perth, Feb 5, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) is pleased to announce that it has been advised by Frankfurt Stock Exchange listed Altech Advanced Materials AG (AMA1:FRA) (AAM), that AAM has recommenced its capital increase process with the scheduling of a shareholder meeting in Heidelberg, Germany on 12 March 2020.
The capital increase that is being put to AAM shareholders for approval is comparable to the process that was previously approved. The process comprises:
- submission of an updated prospectus to BaFin (German Federal Financial Supervisory Authority);
- approval of shareholders to issue 63,102,080 new AAM shares, which would raise EUR69.4 million at EUR1.10 per new share fully subscribed. The approved capital increase would be valid for 6 months;
- initially a 1:40 rights offer to existing shareholders (each AAM share currently owned gives the holder the right to subscribe to forty new AAM shares), with each new share priced at EUR1.10 per share;
- placement of any remaining unsubscribed new shares to investors (including existing shareholders) at a target price of EUR1.20 per share, with the ability to place and register these shares in multiple tranches;
As well as the capital increase, shareholders will be requested to approve: (a) authorised capital of EUR10,000,000 and conditional capital of EUR785,000, each of which may be utilised at the discretion of the AAM supervisory board for a period of up to approximately 5 years (until 1 March 2025) to raise additional new funds; (b) the move of AAM's registration of office from the jurisdiction of Mannheim to Frankfurt, which has more exposure to public company shareholder matters; and c) the election of Mr Wilko Stark to the AAM supervisory board. Most recently, Mr. Stark was divisional director at Mercedes-Benz Cars Purchasing and Supplier Quality and CEO of CASE (Connectivity, Autonomous Driving, Shared mobility, Electromobility) and the product group electric vehicles Mercedes-Benz EQ.
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
| ||
|
