Altech – A$5.12 million payment tranche received for sale of 25% of Altech industries Germany

Highlights:

• Altech Batteries Limited is pleased to advise that it has received the first two installments 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 (€3.17 million)
• On 23 December 2020, Altech sold 25% of its German subsidiary AIG for A$8 million (€5.0 million) to Altech Advanced Materials AG (AAM), with ATC retaining ownership of the remaining 75%
• The Initial Cash Consideration of A$0.4 million (€0.25 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 (€4.75 million), payable in three equal installments of A$2.5 million (€1.58 million)