Stratex International plc (LON:STI) said today that, further to its announcement on 8 September 2017, it has now received a valid notice from a group of investors collectively representing approximately a 24% minority in the company requisitioning a general meeting.
The purpose of the requisitioned meeting is to consider proposed resolutions relating to the appointment of two new directors, David Hall and Paul Foord - both of whom are members of the Requisitioning Shareholders - in place of Stratex’s current CEO and chairman and, for the termination of the proposed acquisition of Crusader Resources Limited.
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In a statement, the AIM-quoted gold exploration and development company said its board of directors “does not welcome the requisition or proposed resolutions and considers them without foundation or merit and firmly believes that they are not in the best interest of the Company or shareholders.”
It added that the group’s board and its advisers are in discussions to seek a resolution to the concerns of the requisitioning shareholders - who include AngloGold Ashanti and Teck Resources - and urged shareholders to “take no action at this time”.
READ: Stratex International receives meeting request over Crusader deal
Stratex said it intends to call the general meeting within 21 days of the date of receipt of the valid requisition and to hold it on a date not more than 28 days after that call.