Australia's Altech Chemicals slumps on A$14.5 mln entitlement offer

Altech

10/11/2020 03:11

** Shares of Altech Chemicals Ltd  ATC.AX  fall as much as
14.3% to A$0.042, their biggest intraday percentage fall since
March 23 
    ** Alumina supplier launches A$14.5 mln ($10.56 mln)
partially underwritten non-renounceable pro-rata entitlement
offer 
    ** Two new shares at A$0.04 each for every five shares held
by Altech shareholders - ATC  urn:newsml:reuters.com:*:nASX5Fbqnn
    ** Issue price at a discount of 18.4% to stock's last close
    ** Co to use proceeds for construction works, development
activities associated with Anode grade HPA product
    ** Stock hits lowest level since Sept. 18
    ** About 1.9 mln shares change hands vs 30-day average
volume of 1.7 mln shares
    ** Stock had fallen 49% this year, as of last close   


($1 = 1.3734 Australian dollars)

 (Reporting by Nikhil Subba in Bengaluru)
 ((Nikhil.Subba.thomsonreuters.com@reuters.net))