News: CAS Stratex shareholders block Crusader mining deal, page-9

ALLIANCE NEWS DETAIL


STRATEX CONFIRMS TERMINATION OF CRUSADER DEAL, LOOKS TO CLAW BACK LOAN

[ 06 Nov 2017 17:24 ]
LONDON (Alliance News) - Stratex International PLC late Monday confirmed it has given notice to Crusader Resources Ltd that it has terminated the proposed merger between the two after shareholders voted against the deal last week.

At a general meeting last Wednesday, Stratex shareholders voted on proposals put forward by a consortium of shareholders spearheaded by two founding directors of Stratex - David Hall and Paul Foord - that have since left the business but remain shareholders.

The proposals were to oust Chief Executive Marcus Engelbrecht and Chairman Peter Addison, replace them with Hall and Foord, and terminate the proposed Crusader merger.

While shareholders voted to kick off Engelbrecht off the board, they supported Addison and kept him on the board. Both had to be ousted in order for the proposals to appoint Hall and Foord to the board to be put forward. Therefore, Addison has stayed on the board, Engelbrecht has left and the two founding directors remain only shareholders in Stratex.

However, Stratex shareholders did vote on the Crusader merger, and decided to opt against it.

On Monday, Stratex confirmed Engelbrecht has left the board, and said it has given notice that it is terminating the deal with Crusader.

"The company will take all appropriate steps to recover the secured loans made to Crusader when these amounts become due. Further announcements will be made in due course," said Stratex.

"The board will now consider the composition of the board and the future direction of the company, and a further announcement will be made in due course," Stratex added.

Stratex shares ended up 14% on Monday at 1.25 pence.

Anyway, what seems interesting is that anglo-gold has shed its stake of about 11.5% in the meantime. why does anglo do that if you supposedly belong to the group of those who wanted to cancel the deal. is it possible that anglo hoped for the deal? could it be that anglo is now looking for a close to crusader?

hope They have a plan B B B B B B B B