Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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So, the Requisitioning Shareholders include AngloGold Ashanti and Teck Resources. They must have lost a fortune here with the muddling's of late by this incompetent board and should be commended for taking such a stance. I know I won't be alone in agreeing with their proposed resolution to consider the appointment of two new directors, David Hall and Paul Foord, both of whom are members of the Requisitioning Shareholders, in place of the current CEO and Chairman and for the proposed acquisition of Crusader Resources Limited ("Crusader") to be terminated. Hopefully the other major shareholders will see the sense of it all or better still, add some of their own people to the board in place of others currently in place here, so we can really get this company back on track and bring value once again to shareholders.
Yes I think so too. I don't understand why it's taken them so long to get involved, perhaps they've been kept in the dark to certain details of the deal. I do believe the same entity that forced Bob Foster's resignation are behind this. I think they are possibly ****ed off about the apparent neglect of the Goldstone asset and this ridiculous "deal" that to me just seems very suspicious from the start. I cannot see a single thing about this deal that looks like good value for Stratex shareholders. To me it just looks like one company giving its cash to another company for next to nothing.
As ever with Stratex with so many hubs and projects the cash leaches away. How much have the BODs spent ? Must be £50million in total ! They went through Oksut cash double quick time.
Maybe if our CEO had some skin in the game, he'd give a monkeys about shareholder value here, but with no real purchases in years by any of the Directors, it says it all. That's why it needs change and if there's a vote, I suspect most PI's would join the bigger holders here demanding a change of board too. Its still salvageable with all the cash it has, it just needs some new blood with talent to get it working.
I am in no doubt the a meeting has been requested by one or two of the major shareholders. I also believe they were probably behind the removal of Bob Foster. It could get interesting if these shareholders have a serious plan, bringing in an entirely new BOD with new ideas to deliver shareholder value. Last but not least there must still be £6m in the bank, Thani stake could be worth another £3m-£4m, that is over 2p a share right now. That cash balance might look rather juicy to a Co that already has a project ready to go. These shareholders need to gather support ASAP by means of an open letter or some other communication so other Stratex shareholders can make an opinion. I am rather surprised they have not lobbied support via social media etc, that does suggest it is a major player(s) in my view. It could get exciting
Just maybe, we will get some insight into what the hell is going on here. The Altintepe deal was the last straw for me. This Company has mislead investors so many times. I don't trust the Crusader deal - I don't trust this management.
I hold over 1 million shares and suggested a while ago an AGM is needed to tell us exactly why a mine that was touted as being the best thing since sliced bread was being given away and why we were reversing ourselves into a cashless Australian company 6 times our size. my votes are available for anyone who wants to call an AGM to get an explanation from the board as to what the heck is happening.
Damn spell check, I messed up my title last time, LOL. Well the meeting has presumably been called by a group of our biggest holders, so take your pick from AngloGold Ashanti, Blackrock Investment Management, Teck Resources Limited and Orion Trust. No doubt they're as bemused by recent events as we all are, but assume we'll hear in due course who called for it and whether its legal. To me though, its a vote of no confidence in the board and our CEO should just stand down. If it was me, I'd have a serious shake up here, offer a decent salary to a new proven CEO and give some share options at 3, 5 and 10p to help the new people focus on an objective to bring shareholder value. If they don't, then these idiots will just continue honking the horn as they drive by in their clown car, losing the door and bonnet wherever they pull up and continue to burn the rest of our healthy cash position away until we're just another failure statistic on AIM! Sad.
Makes you wonder who this group of shareholders are and if the request for an EGM is invalid, then how many are in this group and is their holding significant enough or not for something like this to happen? If we did pull out then we would need to pay Crusader the penalty fee, so what are the shareholders looking to achieve in the long term? Or is this just a reaction to not liking Crusader and they have no future plans?
Told you so just doesn't seem to cover it! Englebrecht and his merry board of money wasters just muddle along, losing assets, investing in rubbish and trying to buy something too big that to put it bluntly, can't be polished and wouldn't even look good rolled in glitter. After they lost Altintepe for peanuts, I wrote to them saying it was a disaster, but if the money from the knock down price achieved was used well on near to production mines, then a real opportunity could arise for a phoenix from the ashe's. Then Crusader cones along ... hopeless. The whole board needs replacing before they burn all the cash left in this business and hopefully that'll happen now after this RNS.
I think the Merger takes place in early October. Exciting times ahead.
Another blue blip today and red again soon no doubt, but my confidence here is almost exhausted. Like a few others, I dabbled here some time back, because I truly believed the SP was massively undervalued. After all, here was a company, with a lucrative revenue stream due imminently from Altintepe and the numbers from the gold pour should have been transformational, given the tiny MCAP. But no, Stratex's 'highly experienced management team, supported by top-level financial and commercial colleagues at Board level' let that jewel slip for a fraction of its value and the board has since just muddled along from one nothing venture to another seemingly, burning cash for no real value/return. By contrast, my other investments at SML, BMN, MTR etc. have all soared during the same period (multi-bagged in some cases), yet I continue to have every confidence in their boards continuing the trend. I'm so confident in fact, that I genuinely have little concern about the day to day games of traders, rampers and shorters, because I know these firms have largely achieved and have a clear roadmap of where they're heading - and as I always say, value will prevail. I can only hope that Marcus Englebrecht finally pulls his finger out and does something here, but I suspect my patience will have run out before that great day and I'll instead take a small loss and move my money elsewhere to a company that performs. For now, I'm holding these shares by my fingertips, but I suspect this will just continue to trade within a range for a while yet, with a wide spread to ensure MM's don't get stuck with too many of them!
Stratex owns ~33% of Goldstone Resources, and has lent money to them. So if the sp of Goldstone increases by 23% in a day (getting itself on the risers board), you would kind of expect a small increase in Stratex's sp. Nope...... Down 2%.
Nope, but wish I had. I should have jumped ship here, but have watched the SP slide instead. I thought the reverse takeover and potential Thani IPO would have generated a bit more interest, but it looks like quite a few got tired of waiting around for the company to produce anything positive. Mid term holding now but we will need news soon - at least we have money in the bank though. You'll need to give us a few tips on how to make money Goldman - I'm having no luck with any of my gold shares.
Was invested here for years but sold out last year. This had so much going for it. Invested the money into the football stockmarket and made 5 times. Any one tried it?
I agree that things here haven't gone the way I had envisaged either. An exploration company that becomes a producer to have a revenue stream. We sold our producing asset for 4m as 2m was owed to us for work we had already done. Makes me wonder if any legal representative went over the contracts that we agreed. We do have Thani-Stratex possibly about to list so we should see a decent return on our 30% holding there. We don't need to get rid of our full interest there but I would expect some cash to be realised from any IPO. If the reverse takeover goes ahead, the new company will have enough money to get a few projects under way, but they are saying Borborema could see construction started within a year and another to reach the stage Borborema is currently at within 2 years. 81% of that will belong to Stratex so if they stay on target there should not be any requirement to raise additional funds and gold production should take place 12-18 months after construction starts.
I originally invested here to make money but right now i'll be happy to get out near break even. Disappointed with how things are proceeding here - or lack of it
Ignore that last post - Friday fatigue kicked in early.
So are the 12m options exercisable when the current mcap is 40m or when the new company's mcap is?
Another flog off, where's the producing asset with regular cash flow ? Oh I forgot we sold it.
So Crusader are probably going to get about £2M in cash for the Iron Mine. I wonder how much value the market will allocate to this new company with approx £8M cash and the prospects of the Crusader and Stratex mines. I guess those that complained about Stratex paying for that loan repayment may be a little happier.
Sorry for messy confused post reflects the messy confusing RNS
Stratex sold a producing asset in Turkey before receiving any cash flow in order at a low price in order to promote the interests of the directors umm sorry diluted shareholders in projects not yet ready for production.
Would someone be kind enough to put the latest rns into plain english for me?
Interesting pod cast. I like the plan although this is clearly a medium term hold before seeing any substantial return