Stratex Share Discussion Threads

[romeike] 28/9/2017 10:12

No he'll just jump on the plane and leave us to sort out the mess trying to get cash back from Crusader.

They drew down the first £650,000 they had from us in June - that means they have already spent it - on directors wages and lawyers no doubt.

Actually it's even worse than that because it suggests they've also already burnt through the initial cash they received from selling the iron ore mine.

[baner] 28/9/2017 09:30

I sincerely hope the Stratex BOD will be held personally liable for any damage caused to the company - this is clearly not in accordance with their fiduciary duties.

[romeike] 28/9/2017 09:26

Any competent CEO who strongly believed in his strategy would have held an early EGM to demonstrate support for his strategy amd then got on with the deal.

Not this rat. He knows he will lose and is just trying to force the matter by getting Stratex so entangled it risks permanent damage to get out.

[romeike] 28/9/2017 09:22

Englebrecht is raising the stakes, getting people to support the deal because he has put more at risk. There is no guarantee whatsoever we will get that cash back and he knows it. The amendments they are making show desperation - they want to conclude the deal before Crusader runs out of cash. I suspect Crusader is in more trouble than we thought.

[baner] 28/9/2017 09:18

Romeike

Good question and i believe the answer is that it is not! The Stratex BOD is playing not only with other peoples money here, but also with fire!

[shoggoth] 28/9/2017 09:17

I think we be talking injunctions at this point.

[romeike] 28/9/2017 09:07

How is this even legal in the context of a pending EGM seeking to terminate the deal altogether ?

[tadtech] 28/9/2017 09:01

This news was expected, Crusader stated they needed more funding from Stratex in their interim report, if the deal does not complete then the cash has to be returned. It is interesting that Stratex have staged the payment.

The question is why was the poor cash position of Crusader not reflected in the terms of the deal, why pay such a premium? why issue Stratex paper at such a discounted rate to assets. These are the questions that need to be answered, so far they have not.

I am wondering if this news will agitate the no merger camp even more and we see purchases of Stratex stock in market to increase their position.

[exbiz] 28/9/2017 08:57

Appalling behaviour on a par with Enron execs.

[juju44] 28/9/2017 08:54

Crooks are robbing whats left that they have not already robbed . Going to be nothing left here for STI holders if this isn't stopped now

[goldenshare888] 28/9/2017 08:49

Seems to me that Marcus is determined to flush more money down a black hole!!!

Crusader burning cash even faster than Stratex?!!!

Existing shareholders should be furious.

When can we vote Marcus out?

[baner] 28/9/2017 08:13

I guess there will be legal consequences coming out of this - an exceptionelly aggressive and confrontational move by the current BOD. Deeply immoral.

[5huu] 28/9/2017 07:44

Well Marcus has shown his hand this morning. Committed to propping up a failing Crusader at any cost. What a sad sorry tale.

[juju44] 27/9/2017 21:46

The rats are steering the ship

[romeike] 27/9/2017 21:31

Not sure we can really blame people for taking the opportunity to jump ship after the goings on here

[charles clore] 27/9/2017 18:07

More rats jumped ship today

[tadtech] 27/9/2017 16:07

I also expect to see more stake-building over the next month or so.

We now have a newly declared >3% holder who has very deep pockets!

[romeike] 27/9/2017 16:02

Sorry, yes Tad is right, 28 days after the announcement, as unbelievably lax as that is...so early November looks likely as Marcus will want to squeeze us for every penny he can get before he gets booted out of the country.

Actually come to that, he phoned into that interview with Proactive - I really would not be at all surprised to find out this guy works from home in SA on top of everything else.

[tadtech] 27/9/2017 15:52

No that is not the case regarding the EGM.

The EGM date has to be ANNOUNCED by the 6th October, it then has to take place within 30 days of that announcement. So it could take place in early November at the latest.

That is my understanding.

[blobby] 27/9/2017 15:34

Excellent, not long to wait then.

FWIW, I'm no longer a shareholder here. Following the sale of Altintepe I sold out after many years of holding. It seemed to me that the long wait was almost over and then Marcus just seemed to throw it all away.

I'd love to hear the real story from someone on the inside.

[romeike] 27/9/2017 15:27

Announcement must be made 6th October at the latest.

EGM must be on or before Friday 13th Oct based on receipt of valid requisition notice on 15th Sept.

Fully expecting EGM to be held late Friday afternoon to inconvenience as many people as possible.

[blobby] 27/9/2017 15:11

What is the maximum amount of time that is allowed? Presumably it can't go on for ever without the meeting being held.

[romeike] 27/9/2017 14:10

EGM date will be dragged out to the last minute - clearly Englebrecht has ZERO CONFIDENCE in winning or he'd have declared the EGM immediately instead of allowing dissent to grow.