Ann: Altech - Launch of German Project Equity Strategy, page-85

to me its always funny when people, no matter if management or stockboard user, call a partial project sale "we avoid dilution". The reality is there will be much more dilution regarding earnings and cashflow. Given the latest update by ATC which stated "Project EBITDA increases from US$76m to US$100m p.a.", ATC would loose annual EBITDA of U$38 to U$50m for just U$100m. And those U$100m won´t go into the pockets of ATC.

Don´t get me wrong. As I am not involved in any discussion with potential investors I dont blame Iggy for such a deal because he might have no better offers. But this deal with all its conditions clearly favours the Germans.