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Stratex International suspends shares ahead of crucial Crusader meeting

The AIM-listed gold miner is facing opposition from a number of dissident shareholders
picture of gold and dollars
The vote today wil decide Stratex's immediate future

Stratex International plc (LON:STI) has suspended it shares ahead of a shareholders meeting to determine whether to go ahead with a merger with Aussie-listed Crusader Resources (ASX:CAS).

The AIM-listed gold miner is facing opposition from a number of dissident shareholders, two of whom have proposed an alternative plan to merge with the company's African joint venture partner Thani Stratex.

READ: Stratex issues rebuttal to proposals from dissident shareholders

In a statement today, Stratex said the dissident group had confirmed that the Thani Stratex merger proposal would be reviewed in detail if they win today’s vote.

Under Aim rules, a Thani Stratex merger proposal might constitute a reverse takeover under AIM rules, which would mean suspension of its shares pending publication of an admission document and circular to shareholders.

READ: Stratex's management backed by corporate governance advisory firm

Last month, Stratex extended the deadline for completion of the Crusader takeover until  28 February next year.

Marcus Englebrecht, Stratex's chief executive, wants to acquire Crusader primarily because of its Borborema gold asset in Brazil, which he thinks could be moved into production quickly and generate US$30mln in cash per year.

View full STI profile View Profile

Stratex International plc Timeline

Newswire
November 07 2017

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