Altech - SPP Closing Date Extended
- Share Purchase Plan (SPP) offered to eligible shareholders
- Closing date extended to Wednesday 7 June 2017 (5pm WST)
- SPP offer priced at a 5% discount to the 5 day VWAP to 7 June 2017
Existing eligible shareholders of Altech have the opportunity to subscribe to a maximum of $15,000 of new shares and a minimum amount of $1,000 of new shares, via the SPP.
Shares issued under the SPP will be priced at a 5% discount to the volume-weighted average price of Altech shares as traded on the Australian Securities Exchange over the 5 days up to, and including, the day on which the SPP offer closes (now 7 June 2017), rounded down to the nearest half-cent. Altech will announce the final issue price for the SPP shares after the offer closes.
Under the SPP rules, shareholders who were recorded on the share register at 5 May 2017 (record date) with a registered address in Australia or New Zealand are eligible to participate.
Each eligible shareholder is entitled to apply for up to $15,000 of new fully paid ordinary shares of the Company without incurring any brokerage or other transaction costs. All new shares issued under the SPP will rank equally with existing ordinary shares of the Company.
Shareholders that have not yet taken up the offer to participate in the SPP, but wish to do so, are urged to return the completed individualised SPP application form along with payment for the application amount to the Company prior to the revised closing date of 7 June 2017. Alternatively, shareholders can pay the application amount directly via BPAY(R), in which case there is no need to return the application form to the Company.
Shareholders that have not received an SPP application form, or require a replacement form, should contact Mr Shane Volk (Company Secretary, see contact details below).
About Altech Chemicals Ltd
HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. There is no substitute for HPA in the manufacture of synthetic sapphire.
Global HPA demand is approximately 25,315tpa (2016) and demand is growing at a compound annual growth rate (CAGR) of 16.7% (2016-2024), primarily driven by the growth in worldwide adoption of LEDs. As an energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is replacing the traditional incandescent bulbs.
Altech Chemicals Ltd