Altech Batteries Ltd (ATC.AX) Receipt of A$5 Million from AAM

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is pleased to advise that it has received the first two instalments of Deferred Consideration from Altech Advanced Materials AG (AAM), in relation to the sale of 25% of Altech's subsidiary Altech Industries Germany GmbH (AIG). The amount received is A$5.12 million (EUR3.17 million). The final instalment of A$2.5 million (EUR1.58 million) will be due in December 2023.

On 23 December 2020, Altech sold 25% of its German subsidiary AIG for A$8 million (EUR5.0 million) to Altech Advanced Materials AG (AAM), with ATC retaining ownership of the remaining 75%. The Initial Cash Consideration of A$0.4 million (EUR0.25 million) was received upon the signing of the Share Sale and Purchase Agreement in December 2020, with Deferred Consideration amounting to A$7.6 million (EUR4.75 million), payable in three equal instalments of A$2.5 million (EUR1.58 million). Altech has now received the first two instalments with the final instalment of A$2.5 million (EUR1.58 million) due in December 2023.

Managing director, Iggy Tan welcomed the progress payment from AAM. "The original objective of establishing AAM on the Frankfurt Stock Exchange in the first place was to attract investment from the European market and establish some local German ownership and presence in our projects. AAM has completed a very successful fundraising program which will support their 25% of the Silumina Anode and Cerenergy Battery projects", he said.

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

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

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