Synthesis Energy Systems, Inc. (NasdaqCM:SES) made an offer acquire remaining 67.6% stake in Batchfire Resources Pty Ltd on October 10, 2019. Synthesis Energy Systems made the offer to acquire the issued capital of Batchfire via the proposed issuance and exchange of one share of its common stock for each ten ordinary shares of Batchfire. In a related transaction, Synthesis Energy Systems, Inc. signed a share exchange agreement to acquire additional 25% stake in Batchfire Resources Pty Ltd for AUD 1.3 million on October 10, 2019. Additionally, Australian Future Energy Pty Ltd signed a definitive agreement to acquire Synthesis Energy Systems, Inc. in a reverse merger transaction on October 10, 2019. Pre deal, Synthesis Energy Systems held 7.4% stake and post completion of the related agreement and this offer, Synthesis Energy Systems will hold 100% stake in Batchfire Resources. The deal is subject to conditions specified in the related share exchange agreement being satisfied and the completion of the proposed merger transaction with Australian Future Energy Pty and Synthesis Energy Systems. The final transfer of the Batchfire shares to Synthesis Energy Systems is also subject to the receipt of final stakeholder consents and minimum participation requirements. As on December 4, 2019, Synthesis Energy Systems announced the finalization of the pre-emptive rights process that was required to be undertaken, pursuant to the constitution of Batchfire Resources in respect of the Batchfire's shareholders who had entered into the related share exchange agreement with Synthesis Energy Systems, accepting Synthesis Energy Systems's offer to acquire their shares in Batchfire. The other shareholders in Batchfire elected not to exercise their pre-emptive rights over these shares. As on December 4, 2019, 37.2% of Batchfire shareholders accepted the offer to acquire their shares, exceeding the 25% minimum participation requirement.