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Stratex International Plc ('Stratex' or 'the Company') IAMGOLD Enters into Option Agreement on Dalafin Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa, is pleased to announce that it has concluded an option earn-in agreement (the 'Agreement') with AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of IAMGOLD Corporation ("IAMGOLD"), in respect of the Dalafin gold project (the 'Project') in Senegal. Highlights - Stratex EMC SA ('Stratex EMC'), the Company's 85%-owned Senegalese subsidiary, has entered into the Agreement with AGEM. Under the terms of the agreement: o AGEM will have the right to acquire an initial 51% interest in Dalafin by expending US$4m over 4 years at the project (the 'First Option'), potentially diluting Stratex's interest to approximately 41.65%; o Subject to the First Option being exercised by AGEM, AGEM and Stratex EMC may agree to form a joint-venture ('JV') company for the management of Dalafin; o AGEM has the option to increase its interest by a further 19%, to 70%, by expending a further US$4m at the project over the subsequent 2 years (the 'Second Option'), potentially diluting Stratex's interest to approximately 25.5%; o Thereafter, AGEM and Stratex EMC will be required to contribute on a pro rata basis towards the Project, or will be diluted. Should either party be diluted below 10%, their interest will convert to a 2% Net Smelter Returns ('NSR') royalty (the 'Royalty') on production from Dalafin, of which AGEM will retain the right to buy-back 0.5% of the Royalty for consideration of US$0.5m (thereby reducing the Stratex EMC royalty to 1.5%); o Subject to governmental approval in Senegal. - IAMGOLD will focus the exploration work initially on the Madina Baf� prospect which is contiguous with IAMGOLD's Boto gold project, where they have defined Indicated and Inferred Resources of 2.52 million ounces grading 1.61 g/t Au (inclusive of Proven and Probable Reserves of 1.4 million ounces grading 1.64 g/t Au). Tim Livesey, CEO of Stratex, commented: "Following a project review in 2017, we reported that whilst we believed there was still exploration upside at Dalafin, we were not prepared to commit further funding and that seeking a joint-venture partner to progress exploration would be the best route for all stakeholders. We are therefore delighted to have delivered on this agreement, with such a high-profile company, to fast-track exploration at Dalafin whilst minimising our financial exposure. IAMGOLD produces 800,000 gold ounces per annum, has an extremely good reputation in West Africa and we look forward to working with them and to developing a broader strategic relationship in the region."
Crusader has been a graveyard for their Aussie investors. According to their Annual Report - 'Shareholder Wealth' statement They have lost nearly A$45m in 5 years (assumes A$9m loss in 2017) Executive & Senior Management pay a staggering A$11m over 5 years (assumes A$2m for 2017) Highest paid Director on A$463k (�277k) in 2016 Share price has fallen 90% from 62c at start FY 2013 - now circa 6c The Borborema project was acquired in December 2009, it has clearly added little value to date. They suggest the mine will need funding to the tune of $94m (US) SP Angel have been exceptionally critical of the company, their last commentary was on 14th February. Looks like Stratex shareholders were exceptionally wise to vote down the penal merger, 81% dilution was the penalty proposed by Marcus Englebrecht to acquire this poorly performing company. Stratex looks a half decent recovery bet from current levels IMO How ironic it now looks like Crusader shareholders are now going to be diluted IRO 50% for the AIM cash raise/ listing
It says in the Crusader recent cash-flow report they owe Stratex A$ (Aussie Dollars) 1.575m - not sure whether that includes the 12% interest or not. They say it is secured (presumably on their assets) so if they want to list on AIM they will have to repay it quickly.
What a great summary!
@ABLE Perspective is an interesting thing. You say "strong board of very experienced director", whereas I see them inviting their old mates, most near retirement, onto the board to share in the gravy train, an easy life for a large salary, in exchange for lending some further credibility to what is a total joke of a company. I feel very sorry for any investors who get caught up with this AIM listing if it ever goes ahead. They face massive dilution at the hands of these guys. As for Stratex there is nothing left to say, it is a dead company.
Altintepe and GRL assets flogged off, then £4.5million spent in short order on admin and fees. Stratex SP on the floor. The shareholders of Stratex demonstrated their distasteand voted down Crusader and Englebrecht at Stratex General Meeting. Enjoy your Crusader meeting at Proactive on the bandwagon drive for an Aim Listing.
I do not either promote or recommend companies but I do like to get at the truth which is what investment is all about and, to this end I shall be in attendance at Proactive Investors next Thursday. Further more, I fully intend to question Marcus Englebrecht about the various points that you have raised in discussion time and to find out what additional finance and placings will be required to bring Crusaders mine into production other than stated? My Stratex investment has been so far a total flop and, as Crusader has been mixed up in all this it is my intention to see if there is any merit in considering treating the two as one, in other words to pull the iron out of the fire. I am interested in investment returns only and not ****ging others off as you seem to enjoy!
Don’t be silly ABLE First Robbiefalcon’s Post was perfectly valid being a report in the DTMining and of interest to Stratex shareholders. I addressed your post ABLE which as usual was entirely promoting Crusader. The losses that Stratex suffered under Englebrecht and under Hallam’s as Corporate advisors in the Crusader misadventure are appalling and you know it, as will all Stratex shareholders when the accounts are published.
I am most surprised at your reaction as you have had so much to say on the subject mostly derogatory and, surely it is most important to know the truth? When you control this site will be the day when I cease input, in the meantime there are still points of interest that need to be cleared up whether you like it or not! I further note that you have not attempted to admonish Robbiefalcon who raised the matter!
ABLE this is the Stratex BB not a Crusader, Hallam, Englebrecht admiration and promotion BB .
With Crusader giving a talk at Proactive Investors next week provides an opportunity for investors to ask the right questions and to put to bed once and all the massive dilution that is supposed to occur to existing shareholders. I have to admit that it is very strange for a supposed no hope company to be building up such a strong board of very experienced directors.
From today's Daily Telegraph MINING Gold miner Crusader plans �11m listing on London�s Aim By Jon Yeomans A MINING company looking to chase gold in Brazil is set to list on London�s junior Aim market. Crusader Resources, which is already listed in Australia, wants to raise up to �11m by floating in London. The company hopes to use the funds generated to finish a feasibility study of its Borborema project in north-eastern Brazil within a year. Crusader also plans to beef up its board with a number of former Rio Tinto and BHP Billiton executives upon listing. It has proposed Andrew Vickerman, who spent 20 years at Rio and was briefly chairman of London-listed Petropavlovsk last year, as chairman. Michael Jones, former head of UK mining at Canaccord and an ex-mining engineer, will become senior independent non-executive director. Crusader is led by Marcus Engelbrecht, a former chief financial officer of BHP�s specialty division. Mr Engelbrecht was boss of Stratex International until late last year when he lost a battle to convince shareholders to merge the Aim-quoted explorer with Crusader. A group of rebel shareholders successfully argued that the merger would �dilute Stratex�s focus on Africa and noted that Crusader was dependent on a A$1.5m (�850,000) loan from Stratex for its auditors to sign it off as a going concern. Advertisement But Mr Engelbrecht insisted Crusader already had sufficient funds to pay off the loan by April, having raised A$3.3m privately in December, and said he welcomed a second chance to develop Borborema. �There�s a lot of international interest in mining in Brazil and it�s very much the right time to be there,� he said. �These projects have been mothballed for a while but we�re now in a position to take this forward to production.� Crusader also hopes to progress two exploration projects in the west of the country, one of which Mr Engelbrecht described as a �fantastic asset�. �Every hole we put into it has come up with some gold,� he said. Crusader�s total gold resource is 2.69m ounces. The company�s biggest investor is Australian businessman Steve Copulos and the World Bank�s International �Finance Corporation holds a 4pc stake. Swipe between articles
It sounds as though we shall have a great time in motions put to the board demanding to know how 4.5 million was spirited away and how to recover those funds?
ABLE it is quite simple to understand that in the last months of Marcus’s tenure as CEO of Stratex the majoity of the cash in Stratex Bank account disappeared into unknown expenses and not on any ‘investment’. That £4.5million needs to be clearly and properly accounted for. No amount of waffle will alter the destruction of much of Stratex cash balance in a few short months. There is no comparison between the great hulk of desperately short of cash Crusader and Stratex, except the arrival of Marcus Englebrecht as CEO of Stratex saw Stratex Bank account drained. Marcus Englebrecht also saw to it that Stratex loaned money to Crusader to keep Crusader afloat and following a Stratex shareholder ‘revolt’ he was not re-elected to Stratex Board, resigned and immediately became CEO of Crusader. Which surely confirms ? Some incestuous entanglement ? You continually defend his position which was rejected by Stratex shareholders in General Meeting. Your position is untenable
You keep giving vague answers like Altinteppe and you have no idea what the true value of that investment was because you do not know the terms of that agreement. You will recall that shareholders were complaining about the company not receiving it's entitlements and as near as I can make out Marcus went to turkey to sort things out without success. At this juncture what is the project worth in financial terms? The answer was nothing like the value the market had ascribed to it and this is why the company settled for second best and there is no point in claiming that you know better as it was a case of heads you lose and tails you lose. As for the 4.5 million you keep talking about either fraud was committed or it was not and as you feel so strongly about it you should either refer the matter to the fraud squad or make direct contact with the company in the first instance demanding a satisfactory explanation over the disappearance of 4.5 million pounds. Remember also that because a company makes huge investments there is such a thing as impairments or total write offs and this is the reason that I believe that Marcus was attempting to rectify the situation. The situation at Crusader is not too dissimilar because dilution has to take place before anything meaningful can happen in other words to tidy up the balance sheet. For instance, if at the end of the day shareholders finish up with shares worth 10 pence per share with no further outlay it will have been worth their while. Only at the end of all this will we all know the truth and not before?
Interesting to note that TSR's Djibouti portfolio will be spun off - will be interesting to see what the open market values that at. Hopefully will create some price movement here and possibly some traction in March as well.
ABLE There is no debate about the value destruction during Marcus’s tenure as CEO of Stratex. The figures issued by Stratex speak for themselves and factual figures cannot ‘defame’ .The low values for Altintepe and GRL nominally raising cash in the bank at the expense of market values and Stratex assets ? BUT above all The rapid expenditure of £4.5 Million of Stratex resulting cash in the last month’s of Marcus’s time as CEO, (coupled with loans to Crusader) and Marcus’s resignation following a shareholders’ ‘revolt’ resigning to become CEO of the same Crusader. These are facts not fiction and I find your choice of the word ‘defamation’ in the face of known and published facts disingenuous. Shareholders await the Year End Report and Accounts and the following AGM ?
I will agree with you that there should be a complete unfettered investigation into the goings on at Stratex for at least the last two years over the financial decisions and agreements made and, only then will the truth be known. As an investor I much prefer to know the truth no matter how much it hurts as it is only with a clear head can one move forward knowing that disagreements have been ironed out without defaming individuals unnecessarily.
More like a police / FCA investigation - �4.5 million gone, no explanation as to where, interim CEO looking to make fast exit, former CEO immediately took up CEO role at failed merger partner
I wonder is there any mileage in requesting a stock exchange investigation into what went on here ??
I'd be more interested in going over Hammams next set of results to see if there are any ex gratia payments made to a certain Engelcrook, no doubt channelled through some dubious channels.
ABLE A smoke screen cannot hide the the gross and exhorbitant dissapearance of £4.5mllion of Stratex cash into unknown administration charges during the last months of Englebtecht’s tenure as CEO of Stratex perhaps the Year End Accounts may enlighten shareholders as to the nature of the disastrous withdrawals and loss of cash and Stratex asset value ? ?
I know too, in LionsGold, up 87% today, not with this fat, socially-******ed incompetent Marcus Englebrecht, the bullshitting no hoper, and his one hundred million dollar sink hole in the rainforest. Fortunately for you it will never successfully list on AIM so hopefully you won't get a chance to lose your money on it.
Is this company slowly going down the plug hole. Cos it sure hell looks that way