Crusader officially pulls plug on Stratex merger
PERTH (miningweekly.com) – ASX-listed Crusader Resources has officially pulled the plug on a proposed merger with Aim-listed Stratex International, after that company’s shareholders tanked the deal.
A number of Stratex shareholders called a general meeting in early November to allow shareholders to vote on the proposed merger of the two companies, under which Stratex would have purchased Crusader in an all-scrip transaction which valued the company at A$54-million.
Stratex had offered 6.6 common shares for each Crusader share, which would have left the Australian company with an 81% interest in the combined company.
However, Stratex shareholders vetoed the deal, with the company subsequently terminating the employment of CEO Marcus Engelbrecht.
Crusader on Wednesday told its shareholders that following advice from its legal advisers, the company had formally terminated the agreement with Stratex, and had been advised that it was under no obligation to repay amounts advanced by Stratex under a short-term funding arrangement, for a period of six months from when the repayment is sought by Stratex.
The company would now consider previously received, as well as new approaches from third parties, and would work with advisers to develop a path forward that would best achieve value for shareholders.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation