Altech Batteries Ltd Stock Market Press Releases and Company Profile
Quarterly Activities Report and Cash Flow Statement
Quarterly Activities Report and Cash Flow Statement

Perth, Oct 31, 2019 AEST (ABN Newswire) - During the quarter Altech Chemicals Ltd (googlechartASX:ATC) (googlechartA3Y:FRA) announced that all conditions precedent had been satisfied for both transactions outlined in its proposed German project equity strategy. The strategy, which was announced on 18 July 2019, involves the acquisition of 29% of the shares of Frankfurt stock exchange-listed Youbisheng Green Paper AG (since re-named Altech Advanced Materials AG (AAM)), and the sale by Altech of a right to AAM for it to acquire up to 49% of Altech's high purity alumina (HPA) project for US$100 million.

To complete its acquisition of 29% of the shares of AAM, Altech made a cash payment of EUR500,000 and issued EUR1,000,000 of fully paid ordinary shares to the vendor (Deutsche Balaton AG) a balance of EUR1,229,000 of deferred cash consideration is due on 1 March 2020. Also, AAM made a non-refundable cash payment of EUR500,000 to Altech to complete its acquisition of the right to acquire up to a 49% interest in the Company's HPA project.

The satisfaction of all conditions precedent resulted in:

- The appointment of Altech's managing director Mr Iggy Tan and alternate non-executive director Mr Uwe Ahrens to the management board of AAM;

- The appointment to the supervisory board of AAM, Altech's nominee Mr Dieter Rosenthal, with two additional Altech nominees to be appointed to the five-member board;

- AAM shareholders approving the change of company name to Altech Advanced Materials AG;

- AAM shareholders approving a capital increase of up to EUR63,102,080; and

- Altech's satisfaction of its due diligence inquiries of AAM.

Altech managing director Iggy Tan said "it is pleasing to have documented both transactions of our German equity strategy in a very short timeframe, and to have satisfied all of the conditions precedent items within four weeks of signing the agreements. The next step is for AAM to appoint a German bank and brokers to manage a European marketing campaign for its pre-approved capital raise. We understand that there has already been interest in the proposed raise from potential European investors, attracted by the guaranteed year-6 buy-back and agreed return."

"Altech's German equity strategy does not stop any of the other joint venture partner initiatives that are also underway nor does it replace the mezzanine debt work that is progressing with Macquarie Bank."

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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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