Stratex Share Discussion Threads

[novicetrade68] 06/11/2017 14:19

Can these dodgy (STI)MMs be investigated too perhaps, someone paid 1.25p for 700k shares an hour ago, you can't buy a bean at the moment and still they only quote a penny if you want to sell.

[romeike] 06/11/2017 14:12

@Steve Paul Fford has over two million shares in Stratex, most of which I believe he purchased and will have likely paid over 100K for. Can I only suggest if your company was 30% owned by a bunch of clowns that just want to cause problems for you, you would want to do what you could to stop that. ThaniStratex have spent time and resources on mounting this opposition, they are our partners in this effort. Further, following Marcus actions that have destroyed value in Stratex including dumping our stake in Goldstone Resources, the Company will find it difficult to find a more cost effective means of firming up the asset base of the Company than by merging with TSR. TSR have an interest to avoid a reverse takeover situation and they are incentivised to accept a merger on fair terms indeed despite the problems caused by Marcus and the risk of never being able to retrieve the cash loaned to Crusader.

@Observer I have stressed the point to Philip Secrett that the boards actions and apparent conflict of interest in slavishly following the advice of Hannam & Partners who have vested interests in the deal proceeding, while completely ignoring the democratic will of long standing shareholders and major institutional shareholders brings the whole of AIM into disrepute.

It is clear that first Marcus Englebrecht and now the Chairman in particular, but also the board generally, have lost the trust of their shareholders. They have various duties in their roles as directors that they themselves have made impossible for them to adhere to. Shareholders should not have to have the NOMAD step in to see that the board take appropriate action, the fact it has done shows just how untenable and out of touch this part-time board is.

[juju44] 06/11/2017 10:52

AIM will do nothing . This could well bounce when Hall is appointed . Could be a quick trading opportunity

[blobby] 06/11/2017 10:46

I think there have been a lot of PIs following Stratex over the years. If AIM rules have been broken then there is an opportunity for AIM to redeem itself a little by taking appropriate action (for once) and show PIs that AIM is putting its house in order.

[observer007] 06/11/2017 10:23

I would suggest the way to go would be to point out to the Nomand, who also sits on a AIM regulation committee, that for a BOD to go against a democratic vote at a General Meeting would set a very bad precedent for the market.

I cannot see how Stratex's depleted board would be so foolish to act in such a undemocratic way. They would open themselves up for a plethora of possible actions, do they want this at their advanced ages?

I believe Mr Peter Gyllenhammer, an activist investor, is also a shareholder and voted the deal down. Not to be messed with.

[tightfist] 06/11/2017 10:10

Very smelly indeed! Hopefully during this hiatus the NOMAD is calling the BoD into line, before any hard decisions and market communications.Regarding recent shareholder communications to nominee account shareholders, I understand that STI issued a "793 Notice of Beneficial Ownership" to my broker in order to obtain my address and communicate with me directly - in effect soliciting my votes.Today, rather than sit on my hands, I have just certificated my shares in order that I can be contacted from the share register by any interested party.......

[juju44] 06/11/2017 09:27

It already is

[corguv] 06/11/2017 09:25

The majority of shareholders voted to stop the Crusader deal and remove Englebrecht.

The $3 to 4 Million fees were ridiculous for a company of Stratex size and Capital.
It still reeks.

If they push ahead against the majority of shareholders it would be stinking corruption.

[romeike] 06/11/2017 09:06

As with most transactions of this kind the majority of fees are only payable on completion of the deal. Probably why the suits were so angry at the GM.

[goldenshare888] 06/11/2017 08:58

STI plumbing new lows here!

A new broom is required imho to sweep out the current rubbish littering STI HQ.

[juju44] 06/11/2017 08:58

these scumbags are guilty of fraud . They are attempting to steal our money to give it to their crooked friends , Legal action required here

[tadtech] 06/11/2017 08:51

Crusader has asked for a further Trading Halt on the ASX, they claim to have heard nothing from Stratex so far.

The only communication Stratex need to make with Crusader is to inform them the deal is off due to demands of shareholders.

I re-iterate shareholders should contact the NOMAD if they feel that the board will not adhere to the results of the General Meeting.

[shortarm] 06/11/2017 08:39

Corrupt b45tard5 need bringing to justice!

[romeike] 06/11/2017 08:22

Yes Stratex will need to pay advisory and legal fees, primarily to Hannam & Partners with the estimate published by share price Angel. They've been reasonably accurate with almost everything else so I've no reason to think that the figure is not in the right area and matches what I was expecting as the very upper range they would pay for size of the transaction. Stratex boards wants to play with the big boys, it had to pay big boy fees, which they are more than happy to do using shareholders cash.

[corguv] 06/11/2017 08:07

The company Stratex ? has agreed to pay advisors $3-4 Million dollars ???? Can this possibly be true ? Who are these advisors ? What did they advise on to justify such an extraordinary payment ?
The deep stench of corruption rises imo
With just £6million in cash Stratex directors voted to pay out this sum ? Is that at all possible and correct ?

Who, For What and Why ? Throw away yet more shareholders cash to line whose pockets ?

[tightfist] 05/11/2017 17:53

Tadtech,Good to meet you the other day. I agree with everything you have posted except speculating about renegotiating the Crusader merger terms. I fear renegotiation is a likely BoD scenario (especially if it is correct that ME is being retained for the time being) and I want nothing to do with it - I understand Crusader has been turned down by other AIM miner with deep Brasilian operational experience, what chance would rookies have? And how on earth would it be fundable, STI isn't the most stable investment proposition right now.....I have emailed all the people you have identified but I have a nasty feeling that the next leg of the journey already ordained by the BoD isn't the one the one we want to be taken on - if so we need the Emergency Pull Cord to stop this runaway train before all the loyal shareholders become further £ hurt.

[steve1905] 05/11/2017 17:27

Agreed Corguv. But fair to point out he rode the gravy train

[tadtech] 05/11/2017 17:10

I have prepared a lengthy email to the NOMAD if the Stratex board do not adhere to the overwhelming results of the meeting it will be sent. We should find out tonight via Crusader unless they ask for an extension of their Trading Halt.

The facts are clear......

Stratex board lost ALL proposals by a huge majority on a show of hands.

My bet is they lost 4 out of 5 proposals via proxy votes although they were 'advised' not to release the result of proposal 3 and 4.

The fact that Messrs Hall and Foord are not on the board now is entirely due to the wording of the proposals.

[corguv] 05/11/2017 17:05

Yes Steve, but he was also part of the team that developed Oksut, Inlice, Altintepe. A team in which Christopher Hall was Chairman and Bob Foster CEO, what
happened then was waste of shareholders cash. David Hall departed to Thani Stratex
interesting for Egyptian and Djibouti projects. David Hall was never a ‘front’ man mouthing over optimistic propaganda as far as I am aware, you can only go by that and a solid career record?

[tadtech] 05/11/2017 16:53

At the GM it was demonstrated how the Stratex board continued to be economical with the truth.

The Chair was asked why Stratex had 'loaned' Crusader A$2m (£1.25m) the answer was to cover their fees for the merger.

When the questioner replied saying 'What A$2m to cover fees' there was silence from the Chair until someone jumped in and said the loan was secured on Crusaders assets.

However the actual reason is clearly stated here........

[steve1905] 05/11/2017 16:32

If I'm not mistaken Mr Hall's hands are not entirely clean. Was he not part of the team that sold Oksut, awarded themselves bonuses and frivalously wasted the rest?

[corguv] 05/11/2017 16:24

The actions of Stratex Board since Englebreakit became CEO have not just been
dubious but utterly appalling.
The Crusader deal gave a fetid stink.
Altintepe flogged off cheap.
GRL given away.
Crusader deal price grossly overvalued.
Directors grossly over rewarded.
Admin charges grossly high and unsustainable.
Grinning Video casts whilst Stratex shareholders’ interests were kicked in the backside and the value of their shares plunged to yet new depths.
Unethical, Immoral, probably unlawful, certainly self seeking against all reasonable shareholders’ interest.
Perhaps corrupt ?
Anglo Gold a first rate mining company
were part of the requisition because they
knew that the Crusader deal was against shareholders’ interests (along with Teck and Anto another 2 top miners).
However Anglo’s strategic policy statement had already withdrawn from MENA so days before we had this appalling buy/switch deal and Anglo’s shares sold voted against Anglo’s requisition ! 14% swapped over !

I have utter disgust for Stratex BOD and utter revulsion against Englebrecht and Crusader deal at any price.

It’s a cesspool and I say that after more than 40 years as a director of various companies.

Appoint David Hall to the Board now, he knows Stratex well and has all the necessary geological and mining experience.