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Thread: ATC- Altech HPA

  1. #11
    FEAR n GREED JBmurc's Avatar
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    Would love to be building a large position in ATC at these prices .....

    ALTECH TARGETS INCREASED PROJECT
    DEBT OF US$70 MILLION
    Highlights
    • Altech targeting total project debt of US$70 million
    • Export credit cover (ECA) component increased to US$60 million
    • Residual debt component now up to US$10 million
    • Sole lender structure proposed for the entire debt portion of up to US$70 million
    • Simplified debt financing and attractive ECA-covered component
    Altech Chemicals Limited (Altech/the Company) (ASX: ATC) is pleased to announce that the Company’s targeted
    debt financing for its proposed Malaysian high purity alumina (HPA) project has increased to US$70 million
    (previously US$60 million).
    The export credit cover (ECA) component to be covered by the German export credit agency (ECA), Euler
    Hermes Aktiengesellschaft (Euler Hermes) has increased from US$40 million to US$60 million. Accordingly,
    Altech has reduced the targeted amount for the remaining uncovered debt portion from US$20 million to US$10
    million, which has resulted in a revised total project debt target of US$70 million.
    In accordance with the positive cursory pre-assessment undertaken by Euler Hermes (please refer to ASX
    Announcement of 3 August 2016 for details), the Company’s ongoing due diligence process has the objective of
    an application for ECA-cover incorporating the abovementioned adjusted debt structure.
    Furthermore, German government-owned KfW IPEX-Bank, mandated to provide debt structuring and advisory
    services to the Company, has proposed a simple and cost effective “sole lender” debt structure whereby the
    entire US$70 million of project debt is proposed to be provided exclusively by KfW IPEX-Bank (subject to ongoing
    due diligence and respective loan approval).
    The interest rate of project finance debt supported by ECA cover is very attractive, consequently the overall cost
    of debt for the Company shall be reduced compared to the originally contemplated structure.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  2. #12
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    I m watching this one

  3. #13
    Senior Member Dej's Avatar
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    Quote Originally Posted by JBmurc View Post
    Would love to be building a large position in ATC at these prices .....

    ALTECH TARGETS INCREASED PROJECT
    DEBT OF US$70 MILLION
    Highlights
    • Altech targeting total project debt of US$70 million
    • Export credit cover (ECA) component increased to US$60 million
    • Residual debt component now up to US$10 million
    • Sole lender structure proposed for the entire debt portion of up to US$70 million
    • Simplified debt financing and attractive ECA-covered component
    Altech Chemicals Limited (Altech/the Company) (ASX: ATC) is pleased to announce that the Company’s targeted
    debt financing for its proposed Malaysian high purity alumina (HPA) project has increased to US$70 million
    (previously US$60 million).
    The export credit cover (ECA) component to be covered by the German export credit agency (ECA), Euler
    Hermes Aktiengesellschaft (Euler Hermes) has increased from US$40 million to US$60 million. Accordingly,
    Altech has reduced the targeted amount for the remaining uncovered debt portion from US$20 million to US$10
    million, which has resulted in a revised total project debt target of US$70 million.
    In accordance with the positive cursory pre-assessment undertaken by Euler Hermes (please refer to ASX
    Announcement of 3 August 2016 for details), the Company’s ongoing due diligence process has the objective of
    an application for ECA-cover incorporating the abovementioned adjusted debt structure.
    Furthermore, German government-owned KfW IPEX-Bank, mandated to provide debt structuring and advisory
    services to the Company, has proposed a simple and cost effective “sole lender” debt structure whereby the
    entire US$70 million of project debt is proposed to be provided exclusively by KfW IPEX-Bank (subject to ongoing
    due diligence and respective loan approval).
    The interest rate of project finance debt supported by ECA cover is very attractive, consequently the overall cost
    of debt for the Company shall be reduced compared to the originally contemplated structure.

    You still in JBMurc? I am suprised (and happy) it hasnt run. I had to move some money around from this end of last year and am now in a good position to chuck some back in. Glad to see it hasnt moved much, but has, as you say, ticked more boxes. Looks like minimal equity to fund this project, not sure why it hasn't jumped up from here. Tight capital structure as well (no huge amount of options like some of the RTOs).
    “If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius

  4. #14
    FEAR n GREED JBmurc's Avatar
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    No was really hoping to have been buying in again but my other investments aren't playing ball ....
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  5. #15
    FEAR n GREED JBmurc's Avatar
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    Happy to once again be a ATC shareholder(thanks to MKO moving upwards) ...and would like to increase my position before the Finance is finalized and ATC heads upwards at a steady rate during construction then production to a 400-600mill Mrktcap ....(present 30.6mill)
    Last edited by JBmurc; 05-10-2016 at 10:39 PM.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  6. #16
    Senior Member Dej's Avatar
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    Quote Originally Posted by JBmurc View Post
    Happy to once again be a ATC shareholder(thanks to MKO moving upwards) ...and would like to increase my position before the Finance is finalized and ATC heads upwards at a steady rate during construction then production to a 400-600mill Mrktcap ....(present 30.6mill)
    You are lucky it has been subdued as of recently - welcome back JB.
    “If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius

  7. #17
    FEAR n GREED JBmurc's Avatar
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    Yes here's hoping it all goes to plan ..which so far it has
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  8. #18
    Senior Member Dej's Avatar
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    Quote Originally Posted by JBmurc View Post
    Yes here's hoping it all goes to plan ..which so far it has
    Managed to double up - still ticking more boxes. Recent updates to project as follows:

    - Secured Johor HPA site with 20 year lease (with options to extended further 20 years).
    - Opened a Malaysian subsidiary office and hired a local project coordinator.
    - Confirmation of global HPA demand as a part of the current due diligence being completed for debt financing.
    - Targeting US$70m project debt for Malaysian HPA plant (total plant cost approximately $80 million as per 2016FY report)
    - IRR of 33.3%, Pre TaxNet Present Value (@ 9% discount) US$357.5m (A$432.8m)
    - At full production total annual sales revenue is US$92m (A$115m) applying an FOB sales price of US$23,000/t (A$25,560/t) of final HPA product. EBITDA $55.7m USD.

    Main price triggers from now on:
    - Debt funding term sheet agreed in Q1 2017
    - Project equity in Q2 2017
    - Site works to commence in Q2 2017
    - Build time of 18 months, so production in early 2019.

    As of September 2016, the capital structure includes:
    - 11% held by Malaysian investors (6% of that in Melewar Equities Group - investment firm of the Negeri Sembilan Royal Family in Malaysia).
    - Approximately 40% held in top 20 investors
    “If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius

  9. #19
    FEAR n GREED JBmurc's Avatar
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    If all goes to plan I will be at least doubling my holding before long ....Giant in the making here
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  10. #20
    FEAR n GREED JBmurc's Avatar
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    Now starting to kick into gear guys ....now up 45% for the last month ...the profit +life span of deposit etc equal numbers truly staggering ...10x bagger looks quite possible within
    the next 3yrs ...with longer term a Fat yield play
    Last edited by JBmurc; 20-01-2017 at 05:28 PM.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

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