Stratex International plc (LON:STI) has released a rebuttal to the plans of dissident shareholders led by David Hall and Paul Foord to change the strategy of the company.
A shareholder’s requisition was announced on September 19, and the plans will be voted on by shareholders at a general meeting to be held on November 1 to be held at the London offices of Grant Thornton.#
READ: Stratex's management backed by corporate governance advisory firm
Stratex cited requisitioners’ plans to combine with a partially-owned Stratex subsidiary, acquire an Egyptian gold tailings operation, and then move into base metals exploration in Botswana and Namibia.
It also argues that total current overheads amount to less than the savings the dissidents are seeking to achieve via a proposed cost-cutting exercise.
READ: Stratex sells out of Goldstone, Priestley steps down
Stratex continues to urge shareholders to vote against the requisition. To date, Stratex has received irrevocable commitments to vote against the resolutions from shareholders representing just over 56.6mln shares, equivalent to 12.12% of the company.
-- Amends irrevocable figure in final par due to company correction --