Member Info for ChazBigspuds

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!

LOL, you're psychic quindell!!

Joy ... another well timed move by Brewster and his board here.

You sure you're not on the Stratex Board ABLE, because what you've just explained there about the way you voted looks remarkably like the due diligence and due care process employed by Englebrecht and his merry men before each of their calamitous decisions over recent months?! Joking aside, I've only got 100k shares left in here now, but I've voted in favour. I completely understand where you're coming from, but I genuinely can't see any short to mid-term value here for shareholders and the long term incentive plan for the board was the final straw. I've no idea if the new proposed DIrectors will make a better job of it, but they surely can't do much worse - hence I'm in favour.

There's Englebrecht, surrounded by his highly experienced management team, supported by top-level financial and commercial colleagues at Board level ... it's like they collectively have no clue on how to run a business! Maybe he just thinks he's in a Stratex version of 'Brewster's Millions', but the fella didn't even have the foresight to run his latest brain fart past his major shareholders, so what chance for the poor PI fodder on here?! I'm only glad I didn't put much in here, but if you're so sure this polished turd is going to work Marcus, how about you prove your commitment by putting a load of your own money in ... or is your own confidence in the success of your plan about as limited as my own and many of your shareholders here?!!

Well lets hope your Peter Gyllenhammar is a bit more successful here - I see he reported a 12.16 percent passive stake in Diana Containerships Inc as of 12th July earlier this year when it was worth 75.60p and just a couple of months on and a reverse stock split, they're worth less than a penny now and dropping ... still!

Englebrecht seems determined to destroy any shareholder value. After overseeing the great gold robbery at Altintepe and securing peanuts for our prize income generating mine, the guy doesn't think let's make use of this cash and buy in to some proper near to production mines, but instead wastes all the cash in the giant stool that is Crusader, which as I've said before, you just can't polish or roll in glitter. Talk about out of the frying pan and in to the fire! I just can't see shareholder value here. Englebrecht and the rest of the board should fall on their swords - an absolute shambles.

So, the Requisitioning Shareholders include AngloGold Ashanti and Teck Resources. They must have lost a fortune here with the muddling's of late by this incompetent board and should be commended for taking such a stance. I know I won't be alone in agreeing with their proposed resolution to consider the appointment of two new directors, David Hall and Paul Foord, both of whom are members of the Requisitioning Shareholders, in place of the current CEO and Chairman and for the proposed acquisition of Crusader Resources Limited ("Crusader") to be terminated. Hopefully the other major shareholders will see the sense of it all or better still, add some of their own people to the board in place of others currently in place here, so we can really get this company back on track and bring value once again to shareholders.

Maybe if our CEO had some skin in the game, he'd give a monkeys about shareholder value here, but with no real purchases in years by any of the Directors, it says it all. That's why it needs change and if there's a vote, I suspect most PI's would join the bigger holders here demanding a change of board too. Its still salvageable with all the cash it has, it just needs some new blood with talent to get it working.

Damn spell check, I messed up my title last time, LOL. Well the meeting has presumably been called by a group of our biggest holders, so take your pick from AngloGold Ashanti, Blackrock Investment Management, Teck Resources Limited and Orion Trust. No doubt they're as bemused by recent events as we all are, but assume we'll hear in due course who called for it and whether its legal. To me though, its a vote of no confidence in the board and our CEO should just stand down. If it was me, I'd have a serious shake up here, offer a decent salary to a new proven CEO and give some share options at 3, 5 and 10p to help the new people focus on an objective to bring shareholder value. If they don't, then these idiots will just continue honking the horn as they drive by in their clown car, losing the door and bonnet wherever they pull up and continue to burn the rest of our healthy cash position away until we're just another failure statistic on AIM! Sad.

Told you so just doesn't seem to cover it! Englebrecht and his merry board of money wasters just muddle along, losing assets, investing in rubbish and trying to buy something too big that to put it bluntly, can't be polished and wouldn't even look good rolled in glitter. After they lost Altintepe for peanuts, I wrote to them saying it was a disaster, but if the money from the knock down price achieved was used well on near to production mines, then a real opportunity could arise for a phoenix from the ashe's. Then Crusader cones along ... hopeless. The whole board needs replacing before they burn all the cash left in this business and hopefully that'll happen now after this RNS.

Another blue blip today and red again soon no doubt, but my confidence here is almost exhausted. Like a few others, I dabbled here some time back, because I truly believed the SP was massively undervalued. After all, here was a company, with a lucrative revenue stream due imminently from Altintepe and the numbers from the gold pour should have been transformational, given the tiny MCAP. But no, Stratex's 'highly experienced management team, supported by top-level financial and commercial colleagues at Board level' let that jewel slip for a fraction of its value and the board has since just muddled along from one nothing venture to another seemingly, burning cash for no real value/return. By contrast, my other investments at SML, BMN, MTR etc. have all soared during the same period (multi-bagged in some cases), yet I continue to have every confidence in their boards continuing the trend. I'm so confident in fact, that I genuinely have little concern about the day to day games of traders, rampers and shorters, because I know these firms have largely achieved and have a clear roadmap of where they're heading - and as I always say, value will prevail. I can only hope that Marcus Englebrecht finally pulls his finger out and does something here, but I suspect my patience will have run out before that great day and I'll instead take a small loss and move my money elsewhere to a company that performs. For now, I'm holding these shares by my fingertips, but I suspect this will just continue to trade within a range for a while yet, with a wide spread to ensure MM's don't get stuck with too many of them!

Yes, CEO upbeat at least and if some of their assets in Brazil are genuinely as close to production as implied and investment is forthcoming, then he might turn it around and be cash generative. In the meantime, this remains in the bottom draw for now.

Well let's hope Englebrecht knows what he's doing here, because his handling of the business and negotiational strength shown to date haven't exactly inspired any great confidence have they?! I've not found time to fully research Crusader Resources, but after a quick scan of recent figures and outlook, they seem to have some decent potential resources, but it looks like our combined cash won't support both companies costs and losses for much more than 12 months, unless a quality revenue stream comes online pretty quickly from one of these 'close to production' mines ... over to you Marcus!!

Totally agree and with this new deal, I seriously wonder about Englebrecht. Its not ideal to my mind and just dilutes STI, I mean ... 2.5 billion shares now and at a massive premium?! Suspect it'll just give them an excuse to increase admin costs further, as this useless BoD pontificate. I despair on this share, but thankfully its only one of my older and smaller punts. Really hoped for better here as this had so much potential. This CEO would buy a stockpile of VHS machines and be waving a paper around like Chamberlain - the guys done nothing to give me any confidence in his negotiation ability sadly.

Well, they can afford it now with at least 80% of their MCAP in cash ... and I see we already have over a million shares bought today already and a small tick up ... woo-hoo!!

Try writing to them as I did. I couldn’t have made my disappointment clearer with the poor return from Altintepe and said they’d let their shareholders down. As you’ll appreciate, they can’t say much outside of an RNS, but to quote their reply ... The sale of our 45% stake in the Altintepe Gold Mine marks a decisive move to re-focus the vision of the Company. The Board believes that the sale price reflects the full value of the project and that the Company is now in a strong position financially to advance its exploration projects whilst pursuing valuable acquisition targets. As you are aware, Turkey as an investment destination has been attracting increasingly negative commentary post the 2016 political turmoil. Even more so with the results of last week's referendum and increasingly negative anti-EU rhetoric. Although we may not necessarily share all the opinions expressed, we do believe that the sale was well-timed and that this is a positive outcome that will ultimately facilitate Stratex's key goal of creating long-term value for all our shareholders. In response, I told them that I hoped this money would be used wisely on some near to production ventures and not simply frittered away on more long term and questionable exploration projects and increased administrative costs, as has been the case here in recent years. Also told them that my support continues for now, but like many other holders, I had to admit that my patience was running thin with our new CEO, of whom I expected a lot more. In summary, I think what we're left with here is a company with at least £6.25 million in cash and probably a fair bit more, yet it only has an MCAP of less than £8 milllon?! STI remain a bargain, but their next investment is key to value here - let's hope the CEO finally shows his worth here.

$8M cash is a helpful shot in the arm for any company with an MCAP as small as Stratex's, as it now basically leaves our other assets priced in for nothing seemingly - we just have loads of cash making up our MCAP and are a cheap takeover option now. As I've said before, I think the board here have been incredibly naive and this RNS has only cemented my view. Plain and simply, they've sold themselves and their shareholders out cheaply here and done us all out of a decent income to fund future ventures. One can only hope that Stratex can find a decent solicitor and negotiator soon with bigger b*lls for any future cash generative mine in which we have an interest, because at this rate, all our partners have to do is stop talking to us and Stratex's BoD will fold and walk away for a song each time! Hopeless and quite frankly, it all needs more explanation, but as ever, they'll no doubt treat their shareholders with the usual contempt and say nothing. Thankfully my other investments in SML and BMN have far better BoD's, who do due diligence, get things right and communicate well with their shareholders. Stratex follow the lead of other hopeless Boards like ACP and XTR sadly, of whom I have equal contempt.

As you’ll know from previous RNS’s, proceeds from sales were being accrued to the operating company, Altintepe Madencilik, but distribution of net cash was apparently awaiting agreement between Stratex and Bahar on the longer term planning of the mine. The initial distribution of net cash was to be 80% to Bahar and 20% to Stratex, until Bahar had recovered its pre-production costs (of circa US$39 million, which was all part of their earn-in to the Project in the first place). Thereafter, the net cash generated was to be distributed 55% to Bahar and 45% to Stratex. Stratex are saying discussions are going well, but it's clear from today's Proactive Investors interview that Bahar are still not providing our CEO with the latest gold pour/sales figures. Bahar knew the terms of the agreement and unless there's a real sticking point on their respective views about the longer term/all in costs of the mine, then I can’t think of any justification for their actions in this or indeed why Stratex haven’t had their lawyers in already for breach of contract, plus damages and interest etc. In so far as monies are concerned, what we do know is that H1-2016 sales of gold and silver generated total revenues of US$32.73 million and at 30th June 2016, total project revenues since start of production (announcement dated 6 November 2016) stood at US$33.39 million. Well, since then, Bahar have had another 9+ months of production and sales, with a gold and silver price that’s only increased as an average during the period, so they must have accrued many more US$10’s of millions since. And with an all in production cost of just US$560, Stratex must be owed an enormous cash distribution here of many many millions, which will certainly be a lot more than their current tiny £8 million MCAP - and remember, this is without any news on the other ongoing projects/drills etc! All we can do is wait for an update here and trust that things are truly as positive with Bahar as Marcus Engelbrecht is leading his shareholders to believe. If they are and the monies are thus forthcoming, then my long held belief that Stratex is wildly under priced will be realised and STI will have multi-bag written all over it.

2 big sells there in quick succession or was it a Bed & ISA perhaps? Irrespective, if the appropriate distribution of monies due from Altintepe is anywhere near as the last RNS suggests, then I think we'll finally start to see some major progress here. It's a waiting game for now though, with a company that quite frankly needs to communicate a lot better than it has to date with its shareholders.