Altech Batteries Limited (Altech/the Company) (ASX: ATC and FRA: A3Y) is pleased to advise that it has received the final instalment 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 €1,583,333.
On 23 December 2020, Altech announced that it had finalised the sale of 25% of its German subsidiary AIG for €5.0 million, with the Company to retain ownership of the remaining 75%. The Initial Cash Consideration of €250,000 was received upon the signing of the Share Sale and Purchase Agreement, with Deferred Consideration amounting to €4.75 million, payable in three equal instalments of €1.583 million. Altech had previously received the first two instalments, with the final instalment of €1.583 million now also received.
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