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AlsterResearch AG: Update Vulcan Energy - AUD 220m fresh cash
What’s it all about?Vulcan raises AUD 200m additional cash through a placement of 14.8m shares for AUD 13.50 each (underwritten private placement). Those new shares will be issued on 22 September. Additional AUD 20m will be raised through a share offering until 13 October. Eligible are shareholders in Australia or NZ. Altogether, the number of new shares equates to 15.0% of the current one. Due to the placement, Vulcan will have the scope to execute a targeted acquisition of existing brownfield energy and brine infrastructure. The additional capital also widens the leeway to act opportunistically, and thus to accelerate the process of ramping up production further. Vulcan Energy provides a rare opportunity to benefit from the strongly growing lithium growth trajectory and, by the same token, to participate in a project directly located in Germany, a heartland of automotive industry. We raise our PT to AUD 22.00 (old PT: AUD 19.50), equivalent to EUR 13.65, and reiterate our BUY recommendation. Upside 38%. For more insights into the exciting equity story, register for our Roundtable with Vulcan’s VP Business Development on Oct. 6

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