Altech Batteries Limited (Altech/the Company) (ASX: ATC and 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 (€3.17 million). The final instalment of A$2.5 million (€1.58 million) will be due in December 2023.
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 instalments of A$2.5 million (€1.58 million). Altech has now received the first two instalments with the final instalment of A$2.5 million (€1.58 million) due in December 2023.
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