RE: Stratex International10 Jan 2012 07:21
[STI]
Offer to Acquire Silvrex Limited Now Closed Stratex International plc, this AIM-quoted exploration and development company focussed in Turkey and Africa, is pleased to announce that further to the announcements of 2 December 2011 and 23 December 2011 in respect of the Recommended Offer to acquire the total share capital of Silvrex Limited, a private company incorporated in the UK, the Offer closed at 15.00Hrs, 6th January 2012. As at Closing Time, valid acceptances of the Offer had been received in respect of 163,093,807 Silvrex ordinary shares, representing 94.2% of Silvrex issued ordinary share capital. A total of 10,152,581 new ordinary shares in Stratex have been allotted and will be issued to the Silvrex shareholders who have validly accepted the Offer. Application for the New Shares to be admitted to trading on AIM has been made and they are expected to be admitted to trading on Friday 13th January 2012. Following the issue of the New Shares, the Company will have a total of 361,049,813 ordinary shares in issue. Bob Foster and David Hall, directors of Stratex, are amongst the Silvrex shareholders who have validly accepted the Offer. Currently they each hold 1,000,000 shares in Silvrex, which, when combined, represents 1.15% of Silvrex's ordinary shares in issue. · Bob Foster will be issued 62,250 New Shares and as a result will be interested in 7,093,527 ordinary shares in Stratex, representing approximately 1.96% of the Company's ordinary shares in issue. · David Hall will be issued 62,250 New Shares and as a result will be interested in 12,584,624 ordinary shares in Stratex, representing approximately 3.49% of the Company's ordinary shares in issue. The figure of 361,049,813 shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company under the FSA's Disclosure and Transparency Rules. The Company intends to exercise its rights pursuant to sections 974 to 991 of the Companies Act 2006 to acquire compulsorily the remainder of the shares in respect of which acceptances have not been received.