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SES

Synthesis Energy Systems

$1.80 /

+0.05 (+2.86%)

17:52
10/10/19
10/10
17:52
10/10/19
17:52

Synthesis Energy Systems to acquire Australian Future Energy for $36M

Synthesis Energy Systems announced that it has signed a definitive Merger Agreement, whereby Australian Future Energy Pty Ltd, a private company incorporated in Brisbane, Australia in 2014, will merge with a wholly owned subsidiary of SES. As a result of the transaction, AFE will become a wholly owned subsidiary of SES. SES currently holds approximately 35% of the issued capital of AFE. Upon closing and subject to the terms and conditions of the Merger Agreement, SES will issue 3,875,000 new shares of SES common stock for the acquisition of AFE. Each holder of AFE ordinary shares will receive one share of SES's common stock for approximately each 24.44 ordinary shares of AFE. The current other major shareholders of AFE, representing approximately 90% of the current issued capital of AFE, have formally pre-committed their shares in support of the merger transaction. The mutually agreed purchase value of AFE is approximately $36M, based on $6 per share of SES common stock to be issued. In connection with entry into the Merger Agreement, SES also announces that it has offered to acquire 100% of the issued capital of Batchfire Resources Pty Ltd, owner of the Callide Mine in Queensland, Australia, via the issuance and exchange of one share of SES common stock for each ten ordinary shares of Batchfire. SES has set a minimum participation level by Batchfire shareholders of 25% inclusive of SES's own 7.37% holding in Batchfire. Each participating Batchfire shareholder will enter into a Share Exchange Agreement with SES and, to date, SES has received signed Share Exchange Agreements from 33% of Batchfire shareholders, inclusive of SES Group's ownership, meeting the minimum participation level. The Batchfire share exchange is subject to conditions specified in the Share Exchange Agreements, including the completion of Batchfire's pre-emptive rights procedure and the consummation of the transactions contemplated by the Merger Agreement. The valuation basis for the offer to acquire Batchfire is based on $6 per each share of company common stock placing the value of 100% of Batchfire at approximately $80M. As part of the transaction, at merger closing, Kerry Parker, current CEO of AFE, will be appointed as President and Chief Executive Officer of SES, and Ron Higson, current COO of AFE, will be appointed as Chief Operating Officer of SES. An appointment of a new Chief Financial Officer for SES will be named at, or prior to, closing. Additionally, Edek Choros, Stephen Lonie, and Mr. Richard Barker will be appointed to the SES Board of Directors. Robert W. Rigdon, a long-time SES executive who has served as Deputy Chairman and Director of AFE since its inception and is the current Vice Chairman, President and CEO of SES, will remain on the board of SES. Once convened, the Board of Directors is expected to appoint one or more additional, independent directors. All other current directors of SES will resign their positions at merger closing.

TODAY'S FREE FLY STORIES

Conference/Events
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Recommendations
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Initiation
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Recommendations
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Recommendations
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Recommendations
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Options
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Hot Stocks
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Periodicals
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Downgrade
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Initiation
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Upgrade
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Recommendations
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Earnings
W.P. Carey sees FY20 AFFO $4.86-$5.01, consensus $5.02  07:31
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Upgrade
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Earnings
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Upgrade
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Hot Stocks
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Initiation
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Upgrade
JPMorgan upgrades CF Industries to Overweight after 17% drop this year » 07:26
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$39.49 /

+0.08 (+0.20%)

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Recommendations
NuVasive price target raised to $92 from $87 at Credit Suisse » 07:26
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NUVA

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Credit Suisse analyst…

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Downgrade
T-Mobile downgraded to Outperform from Strong Buy at Raymond James » 07:25
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Raymond James analyst Ric…

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Conference/Events
Hasbro to host investor day » 07:25
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HAS

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$98.99 /

+1.22 (+1.25%)

Investor day to be held…

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Recommendations
JPMorgan sees upside for ViacomCBS shares after estimate reset » 07:24
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$29.29 /

-6.405 (-17.95%)

JPMorgan analyst Alexia…

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