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This is my last post on the matter. What was the cash position of the company when Marcus joined? What was the cash position of the company when it received the cash from Altinteppe? What was the cash position when Marcus left? How much did Goldstone receive in their begging bowl and investment under the old management ? How much cash is there in the company. Why were there write offs? Finally I notice Crusader is advancing their interest in exactly the same way as Marcus intended with the exception that we are left with the same management responsible for the Altinteppe foul up in the first place. I know where I shall be placing my money and time will tell?
Kulab is of course entirely correct. If you want documentation perhaps you could ask Stratex to provide meeting notes where they allegedly discussed agreeing to have Hannam & Partners organise the purchase of AngloGold shares by a third party on the promise to them of a fast profit, mere hours ahead of voting on the resolutions they were about to lose so disasterously. Or perhaps you believe that this was all just a coincidence that Marcus had absolutely nothing to do with?
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ABLE Indisputable Fact : When Englebrecht became CEO of Stratex in Sept 2016 the Share Price was around 2 pence per share. Today it is just 0.7 pence per share. Massive value destruction losing 65 percent of the company’s value and shareholders’ hard earned cash and investment. Indisputable Fact Following flogging off Altintepe and GRL cheap to raise cash for the Crusader manipulations there was about £6.5million in cash at Stratex. In the last few months as CEO Englebrecht went through £4.5million in cash destructively wrecking the Company’s and shareholders prospects. Indisputable Fact Englebrecht was responsible as Chief Executive Officer backed up by the well known Corporate Advisor Hallam. The remainder of the Stratex Board were non/executive part timers. Indisputable Fact Shareholders rebelled called a GM and voted against Englebrecht being reappointed to the Board of Stratex he resigns and where does he waltz off to. To run Crusader. So much for working for Stratex shareholders, his interests always were in the Crusader manipulations. Crusader. Running out of cash, Share Price plummeted. No one else is responsible for this shareholder destruction other than Englebrecht and advisor.
Quite the opposite I believe the previous management has a lot to answer for and Marcus has been holding the baby. I would accept on proof of documentation showing how Marcus betrayed the shareholders including myself as only those inside the company knew what was happening or happened. If all you objectors knew what was happening why did you not bring the company to heel sooner with a special resolution especially when the first red light was showing on Altinteppe. The main question is how many more errors were present and laid hidden? When that question is answered then the person/s can be blamed and just maybe action can be taken against the individual/s for incompetence no matter who they are. For me there is too much blather/supposition and not enough fact!
I'm sorry but you really do need to research Engelfeckeds time at STI, he was a complete and utter disaster who led this business over a cliff and is now doing so at Crusader. He holds nobody's interest apart from his own and Hammam's. If you believe otherwise then good luck to you as you sure will need it, I only hope that you don't trust your families wealth with this leech.
Talking facts not fiction. For shareholders value is represented by the share price which at both Stratex and Crusader plumb new lows following Englebrecht No bluster will alter that. Englebrecht was voted down by the shareholders at Stratex and resigned. Your posts represent management and a discredited management which has failed and destroyed shareholder value.
The disappearance of �4.5 million in cash should be addressed to the company as it should prove impossible for Marcus to be responsible without board approval. Searching questions at the AGM should be asked or criminal proceedings be initiated if one thinks wrong doing has occurred. On the question of value destruction you are talking absolute rubbish, as in the case of Crusader or Stratex value destruction takes effect when the project is completed with negative effect and, with the project completed to every ones satisfaction is not value destruction. As the case is with all small companies raising cash to fund a project usually means dilution and it is up to the investor to decide the likely returns before investing.
After studying the information issued by a competent and professional person on behalf of Crusader I do not accept your findings. The board is littered with big mining companies selling their licences because they were considered to be uneconomic only to find that they had sold valuable assets. With modern techniques exploration has become more accurate and it is a fact that gold is present in the licensed areas witness the samples to date. What ever you throw at him Marcus has demonstrated his ability at bringing a project from inception to completion and to every ones satisfaction.
I have it on good authority that Borborema in particular, is total trash, the easy gold picked by previous local miner owners who drilled extensively and decided further mining wasn't good value so they sold of the plot to gullible foreigners who in years and years of ownership have managed to achieved nothing. I pity CAS shareholders because Marcus will decimate what is left of Crusader. They are unable to raise capital from the Aussie exchange with the recent raise all provided by "directors and pals" and are really desperate for an AIM listing, which I believe will be rejected.
ABLE Marcus Englebrecht Value Destruction ? silly question when both Crusader and Stratex share prices are hovering at all time lows, with cash burning and asset value collapsed. Where did £4.5 Million of Stratex cash disappear to during Englebrecht’s short time at Stratex ? Where has shareholders’ money gone ? That is value destruction. Crusader is approaching a cash burn crisis and faces massive dilution. That is value destruction.
I am not recommending anyone to follow me as we all know what the end result can be however, where I draw issue is this so called value destruction in the first place. Please point out the value destruction at Crusader especially in the light of recent events and, also how he actually destroyed value at Stratex. when all that he was doing was attempting to make the case why Stratex should be joining with Crusade and recognising the value of the non performing assets. Undoubtedly we shall find out the truth sooner or later and I am satisfied that someone will finish up with egg on their face, who will it be? Time will tell!
Previous post refers to ABLE and value destruction at both Stratex and Crusader under Marcus Englebrecht manament.
Not at all clear what you are talking about. Marcus has achieved nothing other than value destruction at both Stratex and Crusader. By all means follow the man if you wish, but encouraging others to do so is on my opinion disingenuous. Claiming success out of failure indeed.
I do not indulge in any unsavoury practices thank you very much! What I do indulge in hopefully is value investing at times suffering losses in order to make profits and, as I have been doing this since 1966 and so far, ahead of the game. I recently took a hit on the sale of antiques and invested the monies in Versarien at 13 pence sold at 27 pence then bought back in at 16 pence then sold some regretfully at 41 pence the same again at 51 pence and then decided to retain the rest. The message is, you have to keep a clear head and do not deride a company until you have all the necessary facts like looking at the potential value of the gold deposits and what are the likely costs involved in unlocking those deposits? It is highly questionable the value of Stratex investments before Marcus joined the company and he obviously decided to bite the bullet as there is nothing worse than make believe value. I remain impressed with crusader's assets and as usual the unknown is, can their assets be successfully realised? for my money they have the right man who has already proved that he can achieve the desired result. So you know better! time will tell.
Oh - and just to correct the point bout CAS making a successful raise - actually no they failed to raise cash from ASX, Why do you think they are desperate to list on AIM or the Canadian market? The raise was purely from "directors and pals". Their SP is at an all time low and their AIM list plans includes diluting existing shareholders by over 50%. Personally I think their listing on AIM will be rejected.
Not sure what this ABLE guys is smoking but Marcus's tenure at Stratex is marked by a very sorry mix of incompetence and dubious actions, all paid for by shareholders, that sought to push his deal with CAS across the line no matter what the cost to the company. I wouldn't go anywhere near a company run by Marcus and already you can see the damage he is doing at CAS. Sorry Botrot but Stratex isn't worth anything at all because any positive value attributable to the TSR stake is unfortunately eclipsed by the massive liability that are the stupid, old fools running it. They let the fox into the hen house, and are now desperately clinging onto the scraps that are left over - the company won't even exist within a few years at most. Later in January Bob is going to waffle something about Muratdere suddenly becoming viable before going back to his comfortable retirement with yet another wedge of severance cash, leaving a new CEO in charge who has been bound to the boards directions. Even if Muratdere was remotely viable, would you trust this lot to perform a successful commercial execution?
If ever there was a time for a shareholder action against a Board of Directors for incompetence it must be now!
Altintepe was producing for over a year before it was flogged. We didn't receive anything from the gold produced and it looks like it would have been years before we received anything - probably due to such a weak contract being agreed.
Very Good Questions The very phrase used by Englebrecht on the media when faced with difficult questions which he also dodged.
Very good questions but these would have been better directed to the company via a shareholder group as much of this was before Marcus joined the company. From my perspective it is much better to recognise a bad investment and get rid of it as it is much better to endure short term pain and to then enjoy the benefits. Even though Altinteppe was producing gold Stratex was not receiving any monies even though there were many visits by both CEO Bob Foster and Marcus something was evidently wrong then! What ever one says there was obviously some thing wrong with the wording of the agreement and Marcus had no involvement in that. My instinct tells me to follow the successful man and that is what I shall be doing as he has already succeeded in bringing a similar project to fruition, time will tell!
Stratex never received an income from Altintepe because Englebrecht flogged it off quick and cheap. I would like to know where £4.5million in Stratex cash went over his short period as CEO Of Stratex ?
Crusader took on board Marcus Englebrech in order to bring their Brazilian assets to fruition as he had produced previously in a similar situation. The only rope around his neck this time is, can he achieve this aim, I believe he can and will, as he possesses the necessary attributes. The interesting point is they have already been successful with a placing and are confident enough to be coming to the market. I would love for Stratex to be able to do the same and, out of interest I have never seen a statement from the company explaining why they never received an income from their gold production? Hopefully I will use Crusader to cover my Stratex losses by being realistic and objective.
in my view and as events have turned out with millions disappearing from Stratex cash balance over the last few months. It wasn’t the result of a foul up and it is totally unsurprising that Englebrecht has ended up at Crusader is it not ?
I shall be putting my money where my mouth is that is, just to say that when Crusader floats on the Aim market I shall be investing in them. Looking at their portfolio of assets I still believe that they have been completely misunderstood by Stratex shareholders and only time will tell. I also believe the damage was done before Marcus joined the company and before I get a ricochet why is Marcus a director of Crusader now, it is most certainly not the result of the foul up?