Stratex terminates CEO employment following blocked Crusader deal
JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International has confirmed that Marcus Engelbrecht is no longer CEO.
In an update to shareholders following the results of last week’s general meeting where shareholders passed a resolution to remove Engelbrecht from the junior miner’s board, Stratex confirmed on Monday that his employment as CEO had also been terminated.
The Stratex board reported to shareholders that it had started taking steps to terminate the proposed acquisition of ASX-listed Crusader Resources – the other resolution passed – and that it had given notice under the June 15 scheme implementation deed.
Under the terms of the agreement, Stratex would have purchased Crusader in an all-scrip transaction, which valued the company at A$54-million. Stratex has operations in Djibouti, Egypt and Turkey, while Crusader has two advanced gold projects in Brazil.
Two former Stratex directors and current shareholders, David Hall and Paul Foord, have been critical of the Crusader deal. Hall and Foord, who form part of a shareholder requisition group, have proposed a merger of Stratex and with privately held Thani Stratex. Hall is CEO and Foord CFO of Thani Stratex, which has operations in Djibouti and Egypt.
Stratex said that it would consider the composition of the board and the future direction of the company, with an announcement to be made in due course.
A resolution to remove Peter Addison was not passed.
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