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Tadtech on the advfn board posted the results Tadtech1 Nov '17 - 11:31 - 16081 of 16082 1 0 The vote has concluded By a small majority the CAS deal will not proceed By a small majority Marcus has been removed Peter Addison remains Due to a miswording Paul Foord and David Hall are not elected
Please read Unregulated Market
Agreed. Stratex has been decimated by Marcus Englebrecht running Stratex as a private domain in the face of protests from many shareholders small and large. Arrogantly selling Stratex assets for below market value and cost value in the case of GRL. Agreeing an overpriced Crusader deal which is a company desperately short of cash just to survive. Lending Stratex cash to Crusader to keep it going. Not in our the shareholders interests at all. Now he scrambles by hook or by crook to keep control in the face of a widespread shareholder revolt. Anglo Gold bought out and vote reversed just before the crucial meeting. Unethical releases and documentation to shareholders false news. A complete rip off. The Crusader deal will dilute Stratex shareholders virtually out of existence at best if the ordinary shareholders lose the vote, their best interests will be submerged and lost. AIM is an INREGULATED market, that means anything goes for the wheeler dealers with your hard earned money. Unregulated to ensure your money is available to be ripped off. WTF.
LOL ... you couldnt make it up. Wait and see now I suppose, but I'm still expecting that 3 beans for all our assets RNS to be announced or maybe the next one should simply start with once upon a time? You have to wonder whats going on in AIM with shares being abused like this, it truly is a casino at times, the wild west even and needs better regulation. Cant see anyone pulling these games in the main indexes, but the madness on here is like something from a playground of late. Stratex is not the only share on it that probably has more cash than its MCAP, which again can only happen on AIM and it just leaves shareholders open to being ripped off by people with money. Let's hope some shareholder value comes from this somewhere, but I suspect we're damned if we do or don't on this Crusader vote.
AIM should be shut down allowing rip off merchants to run companies who have no intention of working for and in shareholders interests imo ?
Can�t see what possessed them to buy in to this at this stage, but they appear to be a private company (no. 10902042) which was only incorporated on August 7th as a business focused on �letting and operating own or leased real estate�. They�ve got just 1 current director, Daniel Green and a previous director named Susan Maxwell, who was appointed and resigned on the day of incorporation. Strange background - this guy seems to have become a Director in a number of companies this year and aside from suddenly cropping up in a few businesses focused on letting and operating own or leased real estate (wonder if any of those other companies have suddenly bought in to places like Stratex?), he�s got a number of other Directorships in diverse fields like publishing activities, plumbing, heat and air-conditioning installation, the manufacture of non-electronic measuring and testing equipment, Data processing, hosting and related activities, web portals and Funeral and related activities etc. - the latter of which might be required for Stratex if this board finally gets the nod on their plans on Crusader! The plot thickens, but I�d love to know the price paid and whats happened here.
Well, the plot thickens - whats been done or offered to our now former biggest shareholder to ensure they swap sides at this late stage of the vote? And who has picked up their 11%? The desperation to push through this move for the Crusader turd at any cost, plumbs new depths.
Regions were all English (UK) and I sent one from my iPad and one from my PC on different browsers. I suspect its an encoding issue with the LSE website, so will keep apostrophes and exclamation marks to a minimum in future, but thankfully it hasnt messed up too much what I was trying to convey about this latest Stratex BoD gaffe. Head says bail out with a small loss and start directing my efforts towards discussing the far more rewarding shares in my portfolio, but I hate seeing abuses and destruction of shareholder value on the scale seen here from what should have been a much higher SP by now. I�ll no doubt wait for the vote now.
Chaz - probably your regional or language settings are set to English (US). That is usually their keyboard layout.
You couldn't make it up, but as I mentioned earlier this morning, even half awake, I couldn't see how the quoted number of votes against the motion in their original RNS added up and as speculated, they've since had to replace that with a cringe-worthy correction - I mean, who checks these RNS's at Stratex prior to release?!!! With such attention to detail, is it really any wonder why people want to see the back of this inept board?! Lets recap the old scoreboards ... SP halved in the last 12 months ... prize producing asset Altintepe proves not to be worth the paper it was written on and they get turned over for a few paltry million, peanuts in the scheme of things, which they make out to be some kind of victory ... then they go and waste that on the steaming turd that is Crusader, offering far more than it�s worth, for an asset that won't be cash generative for years and without massive dilution ... then they start pumping our cash in to propping up Crusaders empty coffers to support their exorbitant cash burn ... worse, its clear that they've forgotten to run this crazy idea past their major shareholders, 2 of whom rightfully upset call a general meeting ... then the board refutes that, suggesting its an invalid request ... then a few days later come back and say it is valid, hence this vote ... then in either spite or stupidity perhaps, they sell off our holdings in an asset which is finally about to turn a corner and lose their shareholders another �200k in days and no doubt fortunes longer term ... then they issue figures on how the vote goes which are completely wrong and only prove that they�ve got less votes to date than the 2 shareholders who raised this motion against them ... and then they have to do another announcement hours later to confirm the figures they should have put out in the first place! As I say, you couldn�t make it up, but as I've speculated before, keep an eye out ... the next RNS will almost certainly be announcing the swapping of all our assets and cash for 3 beans from a bloke in the pub they met last Friday ... or was it 4 beans on Thursday ... err, maybe that'll be 2 beans on the final RNS?!! If this vote to oust this shambles of a board isn't supported, then I suggest the last shareholder here turns the lights off as they leave - abysmal!
Who wants them @ 1.50? What a shambles this lot. Liquidate and give us the cash!
And why does my iPad put pound signs in place of apostrophes?!
How desperate are the current board to retain control? The fact that AshantiGold and Teck Resources already have over 19% of shares and the board are quoting having irrevocable commitments to vote against the resolutions equivalent to just 12.34% of the issued share capital so far says it all, but do the maths. When was 4 million shares equivalent to over 12% of the company? Unless I�m missing something, it looks like they�ll have the embarrassment of having to re submit this RNS with the correct numbers and or percentages later today, as I can�t get any of their figures to work out. Says it all though about this shower in charge - can�t even get their numbers right, never mind be trusted with running the company!
I can only presume that you have not concerned yourself with visiting the newstrat.co.uk website to see the full extent of why there is huge opposition. Should you take a little time to visit you will find a lot of the financials for which you seek. NAI
I am so surprised that you are an investor here but seem ignorant to what has transpired here over the last number of months where a huge premium has been agreed on a bankrupt stock on the other side of the world where we have no experience or managerial infrastructure, furthermore directors who presided over Crusader had there severance periods increased from a couple of months to two whole years and then massive options have been written in to all directors spread over 3 continents. In the meantime assets at STI have been torpedoed by management and flogged of at bargain basement levels for no reason other than Marcus's spite and to pay ridiculously top heavy admin.
The ISS Report is not attached to the RNS. A most peculiar and unethical RNS from Englebrecht. No report is available from ISS anywhere currently ? Just another attempt at hoodwinking Stratex shareholders. No figures, No facts. Just Bullshit.
In addition to all their other well documented cock ups and shareholder devaluing techniques over past months, this latest one just continues the trend. There's Goldstone finally looking like its turning a corner and bang - the Stratex board sells off our 13.7% holding in it at a heavy discount to market rate and thus in just a few short days, that's another �200k they've lost the company and its shareholders. And the funny thing is that they explain this decision by saying the Company's ownership has dropped below what is considered meaningful with regard to the ability to influence Goldstone's strategy and direction and consequently no longer meets the Company's investment criteria! LOL ... I bet all the other Goldstone holders must be breathing a huge sign of relief on that one, because who wants Captain Pugwashbrecht and his board coming over and influencing their strategy and direction with his broken rudder?!! I wouldn't trust this board to run a tuck shop now and every time I think they've dipped as low as they can, they somehow manage to limbo under whale crap and go even lower! Give it a few more days and I genuinely wouldn't be surprised to see the board has swapped all our assets for 3 beans that some bloke showed them in a pub - they really are on that level of self destruct now. They're a board of absolute Brewsters, but there's no fortune at the end of it ... just a steaming turd that will bleed us dry called Crusader sadly!
Stratex deny that they paid for this propaganda from what is a little known US-based private corporate governance advisory firm. Extraordinary that they bothered to put out a press release about a report it seems is not available for us to actually read. We are just told a report exists and that it says we should support the board - well sorry Marcus but most people already voted to get you kicked out. Goldstone disposal was pure spite. I exchanged correspondence with them and they just don't get it. Yes, I agree if they want to dispose of an asset because "it doesn't meet their minimum investment criteria" - they have every right to do that - sounds like a lot of bullshit to me - but okay - that still isn't an excuse to sell it of for peanuts. I'd suggest there is less than $4 million left in the bank account and whatever we can claw back from Crusader.
Since Englebrecht has come in the share price has halved. he disposed of Altintepe previously valued at $50 million for $8m including reimbursements to Stratex that were not consideration. Goldstone was valued at north of �1.5m given away at a huge loss totally unnecessarily .. unless Englebrecht has spent so much of our money that he needed funds from the sale of Goldstone. There is no way I have any faith in this management team and I told them so when they telephoned me this week to see how I was going to vote. Foord and Hall may not initially set the world on fire but they won't, hopefully, flush Stratex down the pan, which is what seems to be happening at present!
Crusader is surviving on Stratex loans to survive and pay grossly overpaid directors. Stratex is being stripped of it’s cash and assets to keep Crusader afloat. Hope you understand that ABLE.
I do not just follow the rest of the herd, I like to if possible to research a company and deal with the facts. In your case along with others you may well be correct and at the same time you may well be wrong as I am not in a position to make a proper judgement. That is the reason I have suggested you come up with the financials that can justify the decision to vote for or against and, apart from you and others lambasting the company I have not seen any facts other than talk of massive dilution. By producing such strong arguments against, you must be able to produce factual information supporting your argument. For instance, what are the value of the assets to be acquired and what is the finance required to bring the first mine into production?
Has ISS produced or published anything relating to Stratex? I have seen the proactive article but can't see what they actually said.
ABLE, or should I say Marcus? Stratex already has major institutional partners and not a single one of them wants to touch Crusader assets with a barge pole. Take your 50K shares and do one. Marcus is out on his arse on 1st Nov.
I am a Stratex shareholder first and foremost and, I realise that Crusader holds assets that they do not have the financial clout to bring them into production. That alone does not mean Stratex could not raise the necessary finance to bring the mine into production provided they can bring a couple of Institutions on board. I do not possess the financials to make a proper judgement and that is why I have to put my faith in the board of directors. Perhaps you would like to provide the financials required as I think to guess from the top of ones hat may result in a decision we may all live to regret.
Crusader is in a desperate cash shortage grasping loans out of Stratex to try and stay afloat.. Are you a Stratex or Crusader shareholder ABLE ?