Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech Advanced Material Capital Increase Approved
Altech Advanced Material Capital Increase Approved

Perth, Mar 13, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce that it has been advised by Frankfurt Stock Exchange listed Altech Advanced Materials AG (googlechartAMA1:FRA) (AAM) that its proposed capital increase has been approved by shareholders, at a shareholder meeting held in Heidelberg, Germany on 12 March 2020.

The approval provides for AAM to issue up to 63,102,080 new shares at a minimum price of EUR1.10 per share, which would raise EUR69.4 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 EUR1.10 per share (Rights Offer);

- any new shares not subscribed in the Rights Offer (the "oversubscription shares") may then be subscribed at EUR1.10 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 EUR1.10 but aiming at a price of EUR1.20 or higher per share.

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

The Rights Offer is scheduled to conclude by 30 April 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 placement agent for the planned private placement, to follow the Rights Offer.

In addition to the capital increase, AMM shareholders also approved the following items at the extraordinary general meeting:

(a) an additional authorised capital increase of EUR10,000,000 plus a conditional capital increase 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 funds in addition to what is raised in the capital increase;

(b) the election of Mr Wilko Stark to the AAM Supervisory Board; and

(c) relocation of AAM's registration of office from the jurisdiction of Manheim to Frankfurt am Main (Frankfurt), which has more exposure to public company shareholder matters.


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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.

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Contact

Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com



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