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The issuer advises that the following amendments have been made to the Stratex International Plc "Stratex Refutes Requisitioners' Plan" announcement released at 07:00 BST on 24 October, 2017.

The number of stated ordinary shares received as irrevocable commitments to vote against the resolutions has been corrected to 56,630,251, the equivalent percentage of the issued share capital of the Company to 12.12%, and the number of voting rights irrevocably committed to vote against the resolutions that are held by directors of Stratex to 1,962,342.

All other details remain unchanged.

 

The full corrected version is shown below.

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

(“Stratex” or the “Company”)

Stratex Refutes Requisitioners’ Plan

Stratex, the AIM-quoted gold development and exploration company, provides an update in relation to the shareholder requisition (see the Company’s announcement of 19 September 2017). Stratex reports that it is has been made aware that David Hall and Paul Foord, who form part of the requisition group and seek to appoint themselves to the Stratex Board (the “Requisition Group”), have presented a strategy in a summary business plan (the “Requisitioners’ Plan”) to a select group of Stratex shareholders. 

The Requisitioners’ Plan represents a reversal in their strategy as initially presented (Company’s announcement of 4 October 2017) and the Board believes it also exposes a number of fundamental flaws that shareholders of Stratex should be made aware of:

· The Requisitioners’ Plan involves combining the assets of Stratex and Thani Stratex and moving immediately towards acquiring production assets

Having contested the proposed Crusader acquisition on the grounds that a move towards production and cash flow runs contrary to the best value outcome for shareholders, the Requisitioners’ Plan details how they are themselves looking for cash flow and are in negotiations to acquire an Egyptian tailings dump which they intend to re-process to produce gold. No mention is made of the country and technical risk, lack of operating experience or funding requirements.

 

· Reversal of focus on gold and potential expansion into base metals

The Requisition Group have highlighted an intention to acquire new ground in Botswana and Namibia that will focus on copper and zinc, a marked departure from Thani Stratex’s and Stratex’ gold focus.   

· Unsubstantiated promises to Stratex shareholders of Thani Stratex’s potential

Thani Stratex has consistently targeted >1moz Au resource at the Anbat project in Egypt. In the Requisitioners’ Plan they reference Thani Stratex’s exploration programme as having delivered an inferred resource of 208koz Au at Anbat.

 

At Thani Stratex's 50%-owned Pandora project, the Requisition Group claim an “in-house non-JORC resource” of 500koz Au. Although Stratex agrees that the Pandora project is prospective, this estimate is on the basis of just 2,159m drilling for 15 holes and the Board believes should be considered highly questionable.

 

· Significantly cut overheads, targeting US$2-3 M in savings

The Requisitioners’ Plan specifies that they would seek to significantly cut overheads by US$2-3m. Total current Stratex overheads are less than the targeted savings they hope to achieve.

The Requisitioners’ Plan also contemplates closing the Company’s Turkey and UK offices with an associated loss of the majority of Stratex staff, primarily six of seven experienced geologists.

To date Stratex has received irrevocable commitments to vote against the resolutions from shareholders representing 56,630,251 Stratex ordinary shares, equivalent to 12.12% of the issued share capital of the Company. This includes 1,962,342 Stratex ordinary shares, equivalent to 0.42% of the issued share capital of the Company, from directors of the Company.

Stratex will provide further updates in due course. The Board continues to recommend that shareholders VOTE AGAINST all resolutions to be proposed by the requisition party at the general meeting on 1 November.

 

* * ENDS * *

 

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, email info@stratexplc.com, or contact:

 

 

Stratex International Plc

Tel: +44 (0)20 7830 9650

Marcus Engelbrecht / Claire Bay

 

Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Samantha Harrison / Daniel Bush

 

Hannam & Partners

Tel: +44 (0)20 7907 8500

Neil Passmore/ Andrew Chubb

 

 

Camarco

Tel: +44 (0)20 3757 4980

Gordon Poole / Nick Hennis / Monique Perks

 

 

 

Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has interests in Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively.

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

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