Stratex International PLC Sale of Goldstone Stake & Board Change (7513T)
17 October 2017 - 5:00PM
UK Regulatory
TIDMSTI
RNS Number : 7513T
Stratex International PLC
17 October 2017
Stratex International Plc
("Stratex" or the "Company")
Sale of Goldstone Stake & Board Change
Stratex (AIM:STI), the AIM-quoted gold exploration and
development company, announces the sale of its 13.7 per cent stake
in Goldstone Resources Limited ("Goldstone") to institutional
investors at a price of 1.6 p per share for total cash
consideration of GBP0.55m.
Following dilution of Stratex's shareholding in Goldstone,
resulting from a recent capital raise, the Company's ownership has
dropped below what is considered meaningful with regard to the
ability to influence Goldstone's strategy and direction and
consequently no longer meets the Company's investment criteria. The
Goldstone investment was equity-accounted with a carrying value of
GBP0.95m as at 30 June 2017. For the year ended 31 December 2016,
Stratex recognised a loss of GBP0.79m before tax and
non-controlling interests in respect of Goldstone's operations. The
proceeds of the sale will be used for general corporate
purposes.
In conjunction with the above sale, Stratex wishes to advise
that Ms Emma Priestley has resigned as a Non-Executive Director of
the Company effective today, due to her full-time commitments as
Chief Executive Officer and director of Goldstone. Emma wishes the
directors well in their future endeavours. Emma has served as a
director since November 2014.
* * 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 significant interests in Goldstone
Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for
their exploration projects in Ghana, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRFFIFUMFWSEIS
(END) Dow Jones Newswires
October 17, 2017 02:00 ET (06:00 GMT)
Stratex (LSE:STI)
Historical Stock Chart
From Apr 2024 to May 2024
Stratex (LSE:STI)
Historical Stock Chart
From May 2023 to May 2024