Member Info for ChazBigspuds

I'm a long term holder here with most of my shares bought at just 0.27 and 0.37p, but like many others, I still can't believe the SP remains so low here. Even so, my fingers remain well and truly crossed hoping I can get a load more of these in to my ISA next month at this price, so it looks like Resilience Mining and I have a shared interest in hoping the SP remains low this month. I remain convinced that another massive re-rate is only a case of when now given the news due on so many fronts, but I was wondering whether there was any way someone like Resilience Mining could be forward selling a few million of their soon to be acquired shares to try and keep that price in check? After all, with so few trades on little news of late and the hordes largely oblivious to the quality of this share for the time being, it wouldn't take too many mini sales here and there to keep this and most AIM shares pegged back would it? Only a thought, but failing that, I just can't see why anyone would want to sell right now, unless you were absolutely desperate for monies.

I suspect the previous owners spent a lot more than $100 per tonne to get where they were, but theres massive demand and new techniques now. To not profit, SML would have to have extraction costs above $6700 per tonne. I can only see Leigh Creek adding massively to the cash pile here, providing even more money to buy our next near to production mine no doubt and all this whilst the other assets are waiting for updates. Exciting times ahead indeed, but I�m hoping the inevitable SP jump that�s overdue can wait until after 6th April, so that I can get a few more of these in to my ISA. Keep talking it down Lupi until next month.

I haven't spent much time on share dealing of late, but have alerts set up of course just in case anything goes pear shaped or flies, but thankfully most of my portfolio is perfoming well. I'm invested in some decent, well funded companies who I remain confident will be continue to be great short, medium and long term performers (ie BMN, SML, MTR etc.). But for some reason, I still have this shambles on a list of companies that I keep track of and when I look back, i can see that I've wasted far too much time moaning about it on this site rather than extolling the virtues of all my many far better holdings. There was a time when I genuinely believed in this company and thought it was going places, but it's been so badly mismanaged for so long now, that its hard to find any positive to say about it now. Its pretty much dead in the water and a more inept job I think you'd be hard pressed to find even on AIM. Month by month, year by year, the directors have continued to make one crazy decision after another and at times, I've been truly amazed at the level of idiocy. Great potential assets have been lost for a song, bad decisions one after another, ill thought out RNSs that have had to be altered hours later, large sums of money frittered away on God knows what and bit by bit, all shareholder value has been eroded and lost and the SP just drifts down and down. Its hard to imagine how much worse any group of Directors could have performed over such a length of time and its like whoever comes in just loves failure. I've compared them to Brewster in the past, but at least he was throwiing his money away to achieve a greater fortune - this lot just come over as absolute incompetents who quite frankiy, I wouldn't trust to run a tuck shop. If there was just a tiny chink of light at the end of the tunnel, I would understand it, but this is just sad and I genuinely sympathise with any holders holding on to the belief that this shower in charge will turn it around. I only ever had 100k of shares in here, so losses weren't life destroying, but I'm just glad my other companies are better run than this. i genuinely wish good luck to anyone continuing to hold here and truly hope it turns a corner one day for you, but I like many others have lost all confidence in the board here in all is guises sadly.

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.

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?

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 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?

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.

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 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?

Glad to see confirmation that Captain Pugwashbrecht has now gone, but getting monies back from Crusader might prove tricky, especially if they've used the same crack team of lawyers for the loan agreements as they did for the Altintepe deal in Turkey. Personally, I'm not convinced that Thani Stratex is ideal either, as I only ever saw it as the lesser of 2 evils when compared to the Crusader turd, but I'll have to reappraise myself of its pros and cons. I still feel however that there are some decent close to production mines that might bring proper value here that Stratex could acquire with its healthy cash position. The number of miners on AIM who properly self fund are rare, but they're the ones who will ultimately provide shareholder value, as it avoids the need for placing after placing just to keep the lights on. Having a proper income producing mine, in a country where even the Stratex lawyers can't get shafted has to be the way forward, as it'll help fund future projects, exploration and expansion. Fingers crossed this board get it right and see the light soon, so that we start seeing some value here.

Well it says see the website, but I can't see anything yet. Maybe it will take them a few days to get their act together, but the whole board and management needs to step up now and start earning their money. As to your comment Botrot, if thats true about �20,000, it says it all about the old Captain doesn't it as he never had any skin in the game, but I'm still confused about this Preston Road acquisition of the AngloGold Ashanti stake. One must assume their motives will be revealed at some point soon, as I doubt its an investment move based upon that hopeless Crusader deal we've just avoided.

Hooray, we finally get rid of Captain Pugwashbrecht (so congratulations to my fellow voters on that one), but the Chairman is surely in an untenable position. He must have been party to much of this (and/or leading some of it), so his actions forthwith will surely be very closely scrutinised. If he's a stand up guy, he'll presumably make a clear statement of his intent soon and learn from this whole sordid affair, otherwise one can only hope he'll do the decent thing and quickly fall on his sword, so we can finally bring someone in who can bring some shareholder value whilst we still have some cash here. Theres still a chance of producing a phoenix from the ashes after all.

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.

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.

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!

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!