Stratex Share Discussion Threads

[juju44] 25/4/2017 22:14

Anyone who thinks Bahar paid a fair price is on the wrong planet

[tadtech] 25/4/2017 21:45

I am afraid we have to accept that things have changed for the worse in Turkey and it does not look like getting any better. I think any foreign company with assets in the country need to be extremely wary.

Both the political and security situation are terrible, since the failed coup Erdogan has rounded up tens of thousands of government officers, military, judges and anyone considered an enemy of the State. There is significant country risk for sure.

I always thought a sale could be a possible scenario as Stratex implied at Mines & Money they want control of projects, clearly the relationship with Bahar was not a good one, what chance had Stratex, or any foreign company from now on come to that, have winning a battle in the Erdogan controlled courts?

I think getting $8m tax free cash out is not the best result but it sure is better than nothing. No discounted placing needed and the Thani-Stratex IPO ahead more than underwrites the somewhat farcical £8m market cap.

I am very happy to hold, Marcus has not come all the way from Australia, locate in the UK, to run a £8m AIM company. I expect more news to come, all it takes is one good deal.

[charles clore] 25/4/2017 21:33

gf - when you look at the situation closely I think it was a fair price was paid to Stratex for 45% of Altintepe. Also, the statement Marcus made in the RNS was not that far out either imho, let's examine it. It stated "The Board considers the Transaction to be highly accretive and fully reflects the inherent value of the Group's investment in Altıntepe",

- Highly accretive - accruing value over time. Yes it did
- fully reflects inherent value of the group's investment, which if I recall was not a great deal of cash, just a few years of Stratex's staff time that's all but at the end of it, a nice $8m payment for the work they put in. There could even be a bit of spin-off consultancy work for Bob at Bahar's latest aquisition.

I think Marcus is a consummate professional who acted absolutely correctly under the circumstances. If he had started blabbing to shareholders about bad deals or blaming individuals I think it would have seriously weakened STratex's position in negotiations and destroyed his credibility. So from me it's well done Marcus you wise old pro. You got us the best deal possible under the circumstances. So now let's move on - hopefully to better things.

[greedfear] 25/4/2017 21:03

Sorry folks for having said Bahar could not be trusted. They've paid STI a very fair price.

[soulsauce] 25/4/2017 20:48

On the bright side some were talking we were probably initially owed about $2m at best. We may have struggled to continually receive timely payments from the terrible turks.
This way we have a year, may be two payments in one go instead of bits when Bahar allowed.
If Marcus can make it work much will be forgiven I feel.

[soulsauce] 25/4/2017 20:01

Indeed 5huu long term shareholders deserve an explanation and some measure to how the valuation was reached.
However I don't think Bahar will freely give that information up and I don't think Marcus has been left in a position to do anything different.
What he would have been better doing, however, is being more honest.

We have to hope now that he can do what the others couldn't and build a decent resource company with an improving share price

[juju44] 25/4/2017 19:59

Its just BS

[5huu] 25/4/2017 19:59

33% of 600k oz of Open Pit mining at Goldstone - That is what I believe Marcus now has his eyes on. Time will tell.Will Red Rock and their buddies let Marcus play ball, I believe they will.

[5huu] 25/4/2017 19:51

I saw it in the RNS Soul, but I just don't accept it. I feel we are owed an explanation. Like many here I've been an investor here for 6 ish years. I've been waiting for the strategy of being a gold producer to come to fruition. So we can develop all the exciting exploration targets, funded by a solid income. Just when I think we have achieved that goal, we get months of radio silence, followed by an RNS saying relations are restored only to be informed of a distressed sale for €8m. The Prior RNS about relations stinks IMHO. I don't blame Marcus for the state of the project because he was between a rock & a hard place, but as a shareholder, I believe it's time to explain why he feels $8m reflects true value.

[rjwoodrjwood] 25/4/2017 19:50

If it "reflects the inherent value of the Group's investment" isn't he saying that there has been no valuation/payment in respect of the growth/income held within the JV?

[soulsauce] 25/4/2017 19:35

I am not sure why you are finding that statement alarming after steves email reply, he said more or less the same thing in the RNS, you all must have missed it.

The Board considers the Transaction to be highly accretive and fully reflects the inherent value of the Group's investment in Altıntepe;

[5huu] 25/4/2017 19:32

I agree Juju, but had he have come clean about the dire relationships, the lack of a robust contract, etc, etc, the share price would have tanked 6 months ago. I'm not sure anyone would have thanked him for that.I believe now is the time to come clean and then at least wipe the slate clean. Replies like his to Steve "believing they achieved full value for the project" can only be validated by us if the project was so flawed. If so, then it's time to reveal all. After all, he didn't launch the project or set up the contracts etc.

[juju44] 25/4/2017 19:24

he didnt come clean on Altintepe so how can you trust anything else he tells us

[steve1905] 25/4/2017 16:00

That's the can kicked down the road for a few years then

[luminoso] 25/4/2017 16:00

Thanks for the feedback, Steve. As I said, expect only positive spin and no honesty.

[luminoso] 25/4/2017 15:59

Hmm, not sure Marcus will want to do media about the sale. He'll want to spin a positive story re the next purchase maybe or commitment to keeping 30% of TS.

[steve1905] 25/4/2017 15:58

I emailed Stratex with my thoughts and concerns about yesterday's news, putting forward a few possible scenarios for the low ball sale price and querying the positive spin in the CEO's summary.

Basically, Stratex believe the sale 'reflects the full value of the project'.

They neglected to respond to the comments I made on any possible issues with Baha, only commenting on the wider concerns of Business relations in Turkey currently.

In conclusion, they feel the sale was well timed and will 'ultimately facilitate Stratex's key goal of creating long term value for all shareholders.

[kingivor] 25/4/2017 15:06

romeike - gold price south, management cred south, market confidence in sti south = cash value only. is it a buy ?- depends on Marcus - jury is out.

[romeike] 25/4/2017 14:37

So when they had 20m it was 10p, but when its 10m it's 2p, what?

[kingivor] 25/4/2017 14:03

Tad, fair comments.
How many inferred ozs do you see the Anbat / Anbat North maiden Jorc coming in at?

[tadtech] 25/4/2017 13:31

Thani-Stratex could be onto another Oksut type deposit, which was sold for $20m, they have Middle East investors with deep pockets as shareholders. A premium rating is likely when they IPO.

I am convinced Marcus will be exceptionally prudent with Stratex cash, he was boxed in concerning Altintepe, the situation was untenable for Bob Foster & Co, they had to go.

The market value is an anomaly given the company are probably sitting on around £7m in cash, it looks like Stratex share of Thani could be worth at least that again.

I expect more news, would also like to see some media concerning the sale.