Altech - Altech Advanced Materials AG Right Offer Result
Altech - Altech Advanced Materials AG Right Offer Result
Perth, Jan 20, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (ASX:ATC) (FRA:A3Y) in conjunction with Altech Advanced Materials AG (AAM) is pleased to provide an update on AAM's capital raising initiatives.

On 17 January 2020 AAM announced that Stage 1 of its capital raise, a 40:1 rights offer to existing shareholders at a price of EUR1.10 per new share had resulted in subscriptions for approximately EUR2.0 million of new shares and had been registered on 16 January 2020. As AAM had ~1.5m shares on issue, and approximately 100 predominantly retail shareholders eligible to participate in the rights offer, funds raised via the offer was in line with expectations.

AAM had anticipated that the next phase of its capital increase could proceed using the prospectus that was prepared for the 40:1 rights offer, subject to shareholder approval at its 15 January 2020 Extraordinary General Meeting (EGM). However on 10 January 2020, AAM was advised by the Mannheim Local Court that the court would not support the proposed extension deadline. An updated prospectus is thus required for lodgement with BaFin in conjunction with shareholder re-approval of the capital increase for the Stage 2 (external parties) fund raising.

AAM has further advised Altech that at this point in time it does not anticipate that the preparation of an updated prospectus or the convening of another shareholder EGM will result in a delay in the timeframe for the planned Stage 2 capital raise. AAM in conjunction with Altech will be conducting marketing roadshows in Europe during this quarter.


About Altech Chemicals Ltd

Altech Chemical Ltd ASX:ATCAltech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).

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.

    


Contact

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

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: +49-69-175-548320
Email: hoffmann@soarfinancial.com



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