Altech - Youbisheng approval of Altech Board Nominees
Altech - Youbisheng approval of Altech Board Nominees
Perth, July 19, 2019 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (ASX:ATC) (FRA:A3Y) is pleased to announce that the shareholders of Frankfurt listed Youbisheng Green Paper AG (YAG) have approved the appointment to its management board of Altech's nominees Mr Iggy Tan and Mr Uwe Ahrens. The third member of the management board is Mr Hansjoerg Plaggemars.

YAG shareholders, amongst other resolutions, have also approved the change of company name to Altech Advanced Materials AG; a capital increase of up to 63,102,080 Euro; and the increase in size of its supervisory board to five members. Already one Altech nominee Mr. Dieter Rosenthal, has been voted on to the supervisory board, with a plan to have two more nominees of Altech nominated in due course.

Each of the above actions are conditions precedent to the Company's agreement to acquire 29% of YAG, and to the Company's agreement to sell to YAG a non-exclusive right for it to acquire up to 49% of the Altech's HPA project for US$100 million. The agreements are the basis of Altech's European equity strategy, whereby investors will be provided a means to acquire a shareholding in up to a 49% direct interest in the Company's high purity alumina (HPA) project via subscribing to shares in Frankfurt Stock Exchange listed YAG (now approved to be renamed Altech Advanced Materials AG) (refer ASX Announcement of 18 July, 2019 for details).


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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