A $54 million offer to buy ASX-listed gold play Crusader Resources is in serious doubt after shareholders in would-be suitor Stratex International decided to block the bid.

Stratex — which is listed on London’s AIM exchange — held the meeting yesterday after disgruntled shareholders accounting for a 24 per cent stake demanded a vote on a proposed takeover of Crusader (ASX:CAS).

At the meeting shareholders voted in favour of resolution five — to terminate and ceases the implementation of the proposed reverse-takeover of Crusader by Stratex.

In a statement on London’s AIM, Stratex said its board was considering the outcome of the meeting and hadn’t formally advised Crusader of its decision.

Crusader is seeking advice and assessing options and potential impact if the bid is terminated.

The Brazil-focused gold play voluntarily suspended its shares from trading today and expects to update the market by November 6.

A resolution by rebel shareholders to have Stratex chief Marcus Engelbrecht immediately removed from office was also passed.

A bid to remove Stratex chairman Peter Addison failed.

The appointment of two of the requisitioning shareholders David Hall and Paul Foord as Stratex directors wasn’t considered because it was conditional on the removal of Addison.

Mr Hall and Mr Foord, both former directors of Stratex, resigned from the board to pursue other career opportunities.

Mr Hall is the CEO and Mr Foord the CFO of Thani Stratex Resources, in which Stratex holds a 30 per cent stake.

Stratex’s joint venture partner in Thani Stratex is Thani Emirates Resources — one of the requisitioning shareholders.

Stratex’s proposed acquisition of Crusader was announced in June.

The deal was proposed as a scrip transaction whereby Crusader shareholder would receive 6.6 Stratex shares for each Crusader share. Following the takeover, Crusader shareholders would hold 81 per cent of the enlarged entity.

Crusader’s main objective is to become a mid-tier gold producer by bringing its two advanced gold projects Borborema and Juruena into production.

Borborema has a resource estimate of 2.43 million ounces of gold.

Crusader last traded at 9.2c prior to trading halt and has a market cap of around $28 million.

The company has been contacted for comment.