By Josh White
Date: Tuesday 17 Oct 2017
LONDON (ShareCast) - (ShareCast News) - Gold exploration and development company Stratex announced the sale of its 13.7% stake in Goldstone Resources to institutional investors on Tuesday, at a price of 1.6p per share, for total cash consideration of £0.55m.
The AIM-traded firm said that following the dilution of its shareholding in Goldstone, resulting from a recent capital raise, the company's ownership had dropped below what it considered meaningful with regard to the ability to influence Goldstone's strategy and direction.
As a result, it no longer met the company's investment criteria.
The Goldstone investment was equity-accounted with a carrying value of £0.95m as at 30 June.
For the year ended 31 December 2016, Stratex recognised a loss of £0.79m before tax and non-controlling interests in respect of Goldstone's operations.
"The proceeds of the sale will be used for general corporate purposes," the Stratex board confirmed in a statement.
"In conjunction with the ... 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," the board added.
Email this article to a friend
or share it with one of these popular networks:
Currency | UK Pounds |
Share Price | 0.30p |
Change Today | -0.015p |
% Change | -4.84 % |
52 Week High | 0.42 |
52 Week Low | 0.075 |
Volume | 19,014,594 |
Shares Issued | 3,895.87m |
Market Cap | £11.49m |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
No dividends found |
Time | Volume / Share Price |
16:31 | 6,000,000 @ 0.30p |
16:03 | 1,000,000 @ 0.30p |
16:02 | 250,000 @ 0.30p |
16:00 | 116,416 @ 0.30p |
15:09 | 1,000,000 @ 0.30p |
You are here: research