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@Stockboy - You are quite correct in your assumption - I already proposed the urgent actions you mention directly to Bob Foster at a meeting with him and you can tell from the body language and animated facial expressions that this will never happen.
Now only £2m left plus loans to be repaid. £6m at 30.06.17, i think? Please will someone correct this statement of mine which i may have got wrong. Is this a cash drain of £4m per annum? Unless a cracking deal appears, i fail to see a recovery. IMHO A radical step for the brave directors would be to forfeit all salaries and disbursements and be paid in shares only until such time as there is a clear upward direction. Other Companies have done this sort of thing but to imagine STI doing this would quite remarkable. Good luck all those left here! Years ago this was a really interesting Company run extremely well by Bob and co. I imagine he is quite frustrated by recent events. Only my opinion and I hope that all comments above I am entitled to make.
*without loosing any more than you already have*
I followed this company since Bob Foster came to my university back in 2012 and told us all about his exploration projects. It was interesting and since then I followed the company, buying shares in 2013. After watching the share price decrease year after year and the stupidity of selling their share of the mine in Turkey I sold out over a year ago and lost a few hundred pounds. I am amazed that some people are still in here after all these years and how the company just seems to do nothing productive. I hope the price increases so that you can all get out without any more than you have.
Now i have sold my whole block of shares to take a huge loss, to move on after so many years of frustration, you should all start to see some positive action. This always happens when i sell shares. Very best of luck to all who remain here. I must have the record for poor selling technique as i can quote how my 1.5m shares in eme went up ten fold after i sold! That's life!
I'm not sure we even need a GM, surely Peter A and Chris W continued tenure are up for vote at thenext AGM?
Funny that I can sell 700k of shares today @ 1.075p when normally I cannot get a quote for 100k shares! Could there be a buy order in? The 200k @1.07 ish is my sell - not a buy!!!
Has to go. He has three choice. 1, Invite David Hall and Paul Foord onto the Board and start the Thani merger process & retire soon after 2, Resign with a modicum of dignity now 3, Get kicked out at another General Meeting in disgrace Stratex zombie management has always been disliked by most private shareholders - it has reached a new level
Exhibition will have been booked some time ago I guess. Do hope we shall get back the disgraceful loans to Crudader , otherwise the cash balance will be far less. The Chairman who oversaw those loans should depart and be replaced without further ado or delay.
STI is exhibiting at the London Mines and Money exhibition to be held 27-30 November. This is what the company state in the publicity for the event:- Focused on the exploration and development of gold and high-value base-metal deposits, AIM-quoted Stratex International is active in Turkey and Senegal and has strategic interests in East Africa and Ghana. Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver. The Company has a successful record in forming joint venture partnerships with both local private companies and major international mining companies, including Antofagasta, Centerra and Teck in Turkey, and Thani Ashanti in East Africa. The Company has also attracted an impressive line-up of cornerstone investors, namely AngloGold Ashanti, Teck and BlackRock Investment Management. In April 2017, the Company completed the sale of its interest in the Altintepe gold project in Turkey for US$8 million cash. The funds released from this sale place Stratex in a strong position with respect to its advancing discussions with other companies with regard to near or in production assets. It will also enable the Company to advance those of its exploration projects which it believes have the potential to unlock future value for our shareholders.
GRL Share price now 25% above the price our shares and options given away by Englebrecht but agreed to by the Boiard I wonder has the company got an action against him for the destruction of shareholder value??
Well of course, aside from trying to influence the recent vote, there is another scenario that could account for these large transfers of shares between our bigger holders of late ... they could of course be the sly background manoeuverings of some interested parties in advance of a takeover. After all, true value is rarely reflected in the SP on many AIM shares and Stratex has an MCAP which isnt that much more than the cash they must still have on hip. The Takeover code states that when a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained). Well ... put a couple of our recent buyers together and the board and that magical 30% isn't too far off now is it ... and that would be about 2 pence a share presumably and we could all walk away, invest elsewhere and stop being so dismayed by the ineptitude of this BoD forever more. We live in hope.
"Preston Road" = one or more wealthy Crusader shareholders/Directors Just my opinion
LOL. Well, todays RNS is interesting. Gyllenhammer looks to be taking a position too and has more than doubled his holdings in one fell swoop. It looks like hes picked up G. P. (Jersey) Limiteds holdings?
Thanks for that Chaz, Nightmare of Stratex Board Meeting all playing six fingered banjos ‘We want it all and we want it now. Apologies to Queen.
No pulling of legs honestly and I certainly wouldn't put Preston Roads acquisition and subsequent vote change down to coincidence. I think most of the goings on here look highly suspect, as no board could be so consistently inept and as I say, I wouldnt be surprised to see some big delayed buys or perhaps another big holder bought out soon in another RNS. Quite what the motive may be is for now a mystery but it almost certainly won't be for the benefit of us little old PIs. As ever, its all being kept in the family and you can almost hear the banjo playing in that Stratex boardroom I tell ya.
Gyllenhammer is on the other hand good news I think. Great country Sweden my son and his swedish wife live in Sundsvall and the swedes are on the whole very pragmatic sensible people imo. Thus Gyllenhammer’s building a position should be good news
Chaz Not sure whether you are pulling legs. This purchase from an expert mining company Anglo Gold who were voting for the Requisition and against Crusader and the vague nature of the buyer, who immediately switched sides and went Engleberks way, occurred days before the vote at the General Meeting. You may put this down to coincidence I certainly cannot, it is plain what happened and why imo ?
Gyllenhammer is one thing, but Preston Road Limited are the recently introduced variable thats confused me most. I just can't see the appeal for a company that is registered as being in other letting and operating of own or leased real estate. What possessed them to acquire the whole 11.49% holding from AngloGold Ashanti and to get them to change their vote recently. I think there's more to that than meets the eye and wouldnt be surprised to see further holdings updates from this new player on the block, which might explain the price holding up of late. I mean, why invest in Stratex, at a time when other shares are so much more promising. The lettings and real estate business is surely more lucrative than anything on the immediate horizon here at Stratex?
With Gyllenhammer holding 4% and adding there are bound to be some fireworks soon as the company cannot go on the way it is with constant erosion of value.
Well, hardly the bold new signing we were all hoping for, but a quick interim appointment if nothing else. They do like to keep it in the family, but Foster was one of the fools who brought in Captain Pugwashbrecht in the first place! Let's hope their second choice for Fosters successor is a little more successful.
Unbelievable the disfunctional Stratex 3 also rans on Stratex BOD now want to bring back BF yes the same BF who destroyed shareholder value from 2013 to 3016 £30million down the drain. Finally he was gone to be replaced by Englebrecht! Now they bring the old back, his pockets jingling with past huge bonus and severance paid for by all of us long suffering shareholders They call BF ‘a safe pair of hands” do the disfunctional three ! Now we have a disfunctional 4 Board. There has been a General Meeting and shareholders clearly voted in majority for the Thani Stratex proposal. BF is old guard Stratex, snout in the trough. What have they to hide ?
Well, unless the current board can better manage their ridiculous cash burn here from all the hangers on and prove their ability to now provide some kind of shareholder value over the coming months, one can only hope the larger shareholders will again revolt and demand another meeting for shareholders to vote for a complete board change.
I feel the answer is in the plans TSR set out. A focus on cost cutting and closing the UK and Turkish offices not something presumably including redundancies and salary cuts for board members is clearly not something the current board is keen on given their long standing failure to get costs properly under control. While there is not much shareholders can do immediately, with the board having already made public their intention to announce a new board composition, if the announcement is not clearly in shareholders interests or no decision is actually made in a reasonable amount of time then the board once again opens itself up to questions about how seriously they are taking their duties as directors.
I can see where you are coming from, as its been one hell of a roller coaster ride over recent months. The board and CEO have made some almighty cock ups over recent months, bordering on the ridiculous and I've often felt Stratex have been rudderless at times. One can only hope they get a talented new CEO in soon, move a couple more idiots off the board and then look for some proper opportunities to invest our remaining cash in to - is there a Sam Allardyce of the mining world?