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Stratex to pick up Crusader in a reverse takeover
Posted on Thursday, 18 May 2017 13:33
London-listed Stratex International is acquiring Crusader Resources, an Australian-incorporated gold, iron ore, tin, tungsten and uranium explorer focused on Brazil in a reverse takeover worth roughly AUD 54.20 million (USD 40.20 million).
The buyer is offering AUD 0.18 per share for the company, representing a premium of 63.6 per cent over the target’s close of AUD 0.11 on 17th May 2017, the last trading day prior to the announcement.
On completion, Crusader shareholders will own about 81.0 per cent of the combined entity.
Stratex listed on London’s Aim exchange in 2006 and has operations in Turkey and Senegal, with strategic interests in East Africa and Ghana.
The deal is subject to a number of customary closing conditions, including the green light from stockholders and certain regulatory bodies.
West Perth-based Crusader is a specialised minerals producer focused on bulk commodities and precious metals in Brazil.
The firm has three key assets: the Juruena Gold project, the Posse Iron mine and the Bordorema Gold operation.
Crusader generated revenue of AUD 6.18 million in the 12 months ended 31st December 2016, a 15.6 per cent decline on AUD 7.32 million in the previous year.
Net loss after tax totalled AUD 12.25 million for the period (FY 2015: AUD 10.15 million).
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 255 deals targeting Australian metal miners announced worldwide since the beginning of 2017, with China Hanking Holdings’ AUD 330.00 million sale of Hanking Australia to Shandong Tianye Group in April being the largest.
© Zephus Ltd