Corporate: German court tells Altech Chemicals to re-do its capital raise

Only hours after Altech Chemicals (ASX:ATC) finished a capital raising it learned the hard work was to no avail.

It had successfully raised €2m ($3.2m) in a 40-for-one rights issue. More than half came from German investment company Deutsche Balaton. Deutsche Balaton is already Altech’s largest shareholder with a 15 per cent stake according to Bloomberg

Unfortunately a German local court refused to register the shares. This was because of a typo that company advisors told Altech was irrelevant.

The company has refunded the amount raised back to investors, but will now start the capital raise again.

Altech’s goal is to become one of the world’s leading suppliers of high purity alumina, which is used to coat the separators that keep apart the cathode and anode electrodes in lithium-ion batteries as well as in LED production.

The company is building a plant in Johor, Malaysia which will be supplied with feedstock from a kaolin deposit in Western Australia.

Altech fell 18 per cent at market open this morning to 6c. Shares have halved in the last couple of months.

In other ASX corporate news today:

Bad luck has continued for the ASX’s only plastic pallet maker, Range International (ASX:RAN). A potential client in Thailand has decided not to continue testing. The culprit is the weight of the pallets, meaning there was not a complete fit with Thai Union’s operations. While the company said it was a disappointment it said it was heartening that Thai Union was prepared to evaluate its solutions.

Splitit (ASX:SPT) co-founder Gil Don is on the way out of the company. Today the buy now, pay later stock announced a series of board movements including Don’s resignation to pursue new opportunities. CEO Brad Paterson joined the board along with co-founder of institutional investor network Claude Jan Koelble.