Last checked at 30 May 2018 07:00
30 May 2018
Stratex International plc
("Stratex" or "the Company")
Retirement of CFO and appointment of new CFO
Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa, announces the retirement of its CFO and Company Secretary Perry Ashwood with effect from 4 June 2018. Perry, who joined the Stratex Group in September 2005 and saw the Company through its AIM listing in 2006, had informed the Board of his intention to retire when a suitable replacement could be found and will be replaced in both positions by Mr Robert 'Bob' Smeeton, who will be appointed to the board with effect from 4 June 2018.
Peter Addison, Chairman, commented: "Perry has played a critical role in the development and success of Stratex since joining in 2005. On behalf of the Company and its shareholders, I would like to thank him wholeheartedly for his dedication to the Company over the last twelve and a half years and wish him well in his retirement. He will continue to support the Company as a consultant in order to provide continuity for his incoming replacement, Bob Smeeton. Bob has extensive experience of working with AIM companies, contributing significantly to the successful turnaround and growth of several companies during the course of his career, and in turn delivering material value to shareholders. We look forward to welcoming him to the team next month."
Further information on Bob Smeeton
Bob Smeeton is a member of the Institute of Chartered Accountants in England and Wales. He trained as a chartered accountant with Price Waterhouse, qualifying in 1992, and has a BSc in geography from Durham University.
Bob has extensive experience of working for AIM-quoted companies, where he has been heavily involved in turnaround situations, fund raisings and acquisitions. He has also had substantial exposure to City institutions.
Until recently, Bob was Group Finance Director of AIM-quoted Universe Group plc ("Universe Group") and its main trading subsidiary, HTEC Limited; roles held since 1 January 2009. In partnership with three different CEO's, Bob was instrumental in the turnaround and subsequent growth of the Universe Group, which had struggled with a poor acquisition and the effects of the 2008 banking crisis. The successful rebuilding of the Universe Group during Bob's involvement saw its market capitalisation increase from £1.5m to £25m.
Prior to the Universe Group, Bob was European Finance Director for OpSec Security Limited, where again he was heavily involved in formulating and implementing a very successful reconstruction plan. The restructuring plan stemmed the annual operating losses of £2.5million and moved the Company to a profit situation in the first year of its implementation.
Bob Smeeton, age 50, is, or has been, a director or partner of the following companies or partnerships during the past five years.
Current directorships and partnerships | Past directorships and partnerships |
None | Bellword Limited |
Bizpoints Limited | |
First Remit (UK) Limited | |
HTEC Group Limited | |
HTEC Limited | |
HTEC Retail Services Limited | |
Indigo Retail Technology Limited | |
Indigo Retail Holdings Limited | |
Inter Galactic II Limited | |
Master Change Limited | |
Masternet Associates Ltd | |
Prepaid Card Management Limited | |
Retail Markets (Europe) Limited | |
Spedinorcon Limited | |
Universe Group Plc | |
Universe Trustees (No.2) Limited | |
WSF Services Ltd. |
Bob does not currently hold any interests in the share capital of Stratex.
As part of Bob's remuneration, he will be issued on 4 June 2018 ('Date of Grant') with options over 2,000,000 ordinary shares ('Ordinary Shares') in the capital of the Company (the 'Options'). The Options will be issued at the market price prevailing at the Date of Grant and will vest in equal tranches over a period of 3 years, on each anniversary of the Date of Grant. The Options will be valid for a period of 10 years from the Date of Grant.
There is no further information required to be disclosed in respect of the above appointments pursuant to Rule 17 or Schedule 2 (g) of the AIM Rules for Companies.
** ENDS **
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.stratexinternational.com, @StratexPLC on Twitter,
or contact:
Stratex International Plc | Tel: +44 (0)20 830 9650 |
Tim Livesey / Claire Bay | |
Camarco (IR/PR Contact) | Tel: +44 (0)20 3757 4980 |
Gordon Poole / Nick Hennis / Monique Perks | |
Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Samantha Harrison | |
Hannam & Partners | Tel: +44 (0)20 7907 8500 |
Neil Passmore / Andrew Chubb | |
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns an exciting exploration project in Senegal and 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position within the next 3 months. The Company also has interests in Thani Stratex Resources Ltd, Tembo Gold Corp. and Aforo Resources Limited for their exploration projects in Djibouti and Egypt, Tanzania, and Burkina Faso respectively. The Company is currently pursuing value-accretive opportunities within its existing portfolio as well as identifying new value-appropriate projects in Africa and Europe.