Ann: Altech - German Project Equity Strategy Commences, page-13

Even if Deutsche Balaton ended up owning of AAM(old YAG) they would not gain control.
The deal limits AAM's ownership on Altech Chemicals Pty Ltd to 49%.
For them to get control of Altech Chemicals Limited, they would need to increase their holding to > 50% (Currently 9.35%).
Many things would need to happen and be approved for this to occur. Maybe a possibility in a distant future.
I do agree 'old Wilhelm is playing for Germany and this is a strategic play'.
How will he make big money out of this deal if successful?
The value of Deutsche Balaton's current 9.35% holding would double which would net them an AU7m profit.
What level of control does Balaton wish to retain after the AAM raise?
They(also us) need the third and fourth round allocations to be at a price much greater than Euro1.1 to raise the full US100m.
If demand for the guaranteed 15% return is high enough, bidding could drive the issue SP to well over Euro2.0.
Altech won't take up their 29% and I can't see Balaton paying ~ US40m to maintain control of AAM.
The objective of AAM is to be an investment vehicle for European funds to gain exposure to a 'green' / EV high return investment.
My feeling is Balaton will retain around a 15% ~ 20% ownership in AAM thus combining with ATC to allow >70% of new shares to be available in round 3 (and possibly 4) allocations for the non-holding institutions to eagerly bid for and snap up.
Given this may all play out to completion in November, It would not surprise if another ATC cap raise to Balaton was announced in late October.
Any ATC CR's from now on will potentially be double dilutive for existing shareholders, as ATC's ownership may shrink to 51%.