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Using the money owed to STI to buy it off STI! LOL!
The turks are down the pub celebrating.
$8M cash is a helpful shot in the arm for any company with an MCAP as small as Stratex's, as it now basically leaves our other assets priced in for nothing seemingly - we just have loads of cash making up our MCAP and are a cheap takeover option now. As I've said before, I think the board here have been incredibly naive and this RNS has only cemented my view. Plain and simply, they've sold themselves and their shareholders out cheaply here and done us all out of a decent income to fund future ventures. One can only hope that Stratex can find a decent solicitor and negotiator soon with bigger b*lls for any future cash generative mine in which we have an interest, because at this rate, all our partners have to do is stop talking to us and Stratex's BoD will fold and walk away for a song each time! Hopeless and quite frankly, it all needs more explanation, but as ever, they'll no doubt treat their shareholders with the usual contempt and say nothing. Thankfully my other investments in SML and BMN have far better BoD's, who do due diligence, get things right and communicate well with their shareholders. Stratex follow the lead of other hopeless Boards like ACP and XTR sadly, of whom I have equal contempt.
Abysmal price.
I agree, Turks done em over!
Sale price is way to cheap! Purely on fundamentals after sale, STI looks cheap.
To the cleaners imho? Trying to save face and failing . GL.
Not the news holders wanted, however, £8 mill cash, no debt and a MC of £9 mill.
As you’ll know from previous RNS’s, proceeds from sales were being accrued to the operating company, Altintepe Madencilik, but distribution of net cash was apparently awaiting agreement between Stratex and Bahar on the longer term planning of the mine. The initial distribution of net cash was to be 80% to Bahar and 20% to Stratex, until Bahar had recovered its pre-production costs (of circa US$39 million, which was all part of their earn-in to the Project in the first place). Thereafter, the net cash generated was to be distributed 55% to Bahar and 45% to Stratex. Stratex are saying discussions are going well, but it's clear from today's Proactive Investors interview that Bahar are still not providing our CEO with the latest gold pour/sales figures. Bahar knew the terms of the agreement and unless there's a real sticking point on their respective views about the longer term/all in costs of the mine, then I can’t think of any justification for their actions in this or indeed why Stratex haven’t had their lawyers in already for breach of contract, plus damages and interest etc. In so far as monies are concerned, what we do know is that H1-2016 sales of gold and silver generated total revenues of US$32.73 million and at 30th June 2016, total project revenues since start of production (announcement dated 6 November 2016) stood at US$33.39 million. Well, since then, Bahar have had another 9+ months of production and sales, with a gold and silver price that’s only increased as an average during the period, so they must have accrued many more US$10’s of millions since. And with an all in production cost of just US$560, Stratex must be owed an enormous cash distribution here of many many millions, which will certainly be a lot more than their current tiny £8 million MCAP - and remember, this is without any news on the other ongoing projects/drills etc! All we can do is wait for an update here and trust that things are truly as positive with Bahar as Marcus Engelbrecht is leading his shareholders to believe. If they are and the monies are thus forthcoming, then my long held belief that Stratex is wildly under priced will be realised and STI will have multi-bag written all over it.
We remain in the dark as to what the issue is at the mine. Stratex clearly don't want to tell us which is very concerning going forward. Are our partners trustworthy, because it increases risk.
2 big sells there in quick succession or was it a Bed & ISA perhaps? Irrespective, if the appropriate distribution of monies due from Altintepe is anywhere near as the last RNS suggests, then I think we'll finally start to see some major progress here. It's a waiting game for now though, with a company that quite frankly needs to communicate a lot better than it has to date with its shareholders.
Positive all round and finally some news on Altintepe at last. Still can't understand how they've gone this long not getting appropriate cash distribution from Bahar, but one can only hope that they finally pull their collective fingers out and finalise the detail soon. If they do and with all these other projects progressing, value will finally start to be reflected here in the SP. As I've said before, this has good multibag potential on Altintepe monies alone never mind everything else and it remains a strong hold for me.
Well whoever is behind all these buys of late seems perfectly happy picking up lumps of 200k to 1 million for anything up to 1.9p a share, but once it touches there, they stand off and wait for the price to drop off again. Good tactics really if you want to acquire a stake on the quiet and they'll need to buy plenty more before it triggers any kind of RNS, so why not repeat it, as its clearly working! It wouldn't surprise me if it was someone like Metal Tiger buying in here though. Of course, Metal Tiger and Stratex are already both big shareholders in Goldstone Resources Ltd., so there's some history and you can't deny that Stratex are massively undervalued here once the overdue Altintepe monies start rolling in.
These trades are beyond a joke, somebody thinks they know something. This is run up on trades and then when price drops buyer comes back. Cycle repeat. The spread dissuades smaller buyers. Insider comes to mind.
Lol, maybe Bahar are buidling up a stake on the quiet, but someone appears to be, which is never a bad sign?!
That Chaz is my point exactly! and Mr 200k is back again picked up nearly 500k of stock today
That Chaz is my point exactly and I see Mr 200k iis back buying again!
Mind you, it wouldn't be a bad idea if Stratex ever did get their side of the agreement sorted and got the monies due. Bahar could buy out Stratex for a song right now given its current MCAP and keep all the gold for themselves. Stranger things have happened!
Nope. I think Bahar are perfectly happy just reneging on the agreement until someone at Stratex gets a half decent brief on the case. After all, they're coining it right now from all the gold pour/sales and getting all their monies back and not even telling Stratex how much they've got out or sold.
If I was bahar .. i might look at buying stratex to take them out of the equation. Might be a cunning plan!
2.0/1.50 - the spreads immense here - why?!
Big sell gone in today...really strange what's going on with this at the moment. I tried to sell £500 worth last week and couldn't!
None so far... Have we scared him off. lol....or do we await Monday for RNS ... end of speculation, but here's hoping.
Something must be up behind the scenes. This share has been so quiet for the last couple of months that it seems very strange that there have been this many buys this week if there is no news imminent.
Well someone is certainly piling in here with regular 200k purchases of late. Nothing too major at this stage of course, but all done in quickly purchased batches (a couple of minutes apart) to ensure it doesn't trigger too much interest I suppose. Not sure how much free float there is here, but if we do finally get what's due from Altintepe, then this should really begin to fly upwards. Not sure about others here, but I bought in here some time ago at 1.8p and have been a tad disappointed with the news flow and even more so with the Board here, who I think have been slow with announcements and somewhat naive to date, but they can still turn this around. The SP has been slightly up and down at different points, but I've always held firm and remain convinced that this is another of those sleeping, wildly undervalued companies that I like. Thankfully my hit rate for these undervalued gems is improving of late, so I'm rather hoping that this will be my next multi bagging flyer. Value always prevails as I often say, but this one needs news soon and maybe, just maybe, it'll be sooner rather than later. We shall see.