Ann: Altech - Launch of German Project Equity Strategy, page-44

Thanks MPolo.
That makes it very clear to me now.
It also answers BkrDzn question. AAM is NOT capped at 15% if it doesn't what to be.
And your statement:
Not sure why anybody would buy AAM shares instead of A3Y or ATC except that you will be able to get a very large parcel quickly and it will enable the project to proceed which is what all shareholders want.
I think you have nailed the reason why you would buy AAM.
The future AAM raise will be timed to occur after Macquarie finance has been approved.
One scenario is if all the E70m money was raised plus the final placement to SMS (maybe they'll buy AAM), would see us close finance.