An offer to buy ASX-listed gold play Crusader Resources is under threat as disgruntled shareholders of would-be suitor Stratex International seek to terminate the $54 million deal and overthrow the Stratex board.

Stratex — which is listed on London’s AIM exchange — says shareholders representing a 24 per cent stake have asking for a general meeting to vote on the termination of its takeover offer for Crusader (ASX:CAS).

The shareholders are also demanding the removal of CEO Marcus Engelbrecht and chairman Christopher Hall to be replaced with David Hall and Paul Foord, both members of the requisitioning shareholders.

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

Hall is the CEO and Foord the CFO of Thani Stratex Resources Limited (TSRL), in which Stratex holds a 30 per cent stake. Stratex’s joint venture partner in TSRL is Thani Emirates Resources Holdings, one of the requisitioning shareholders.

Stratex has advised shareholders to take no action.

“Stratex has advised Crusader that it considers the proposed resolutions without foundation or merit and firmly believes they are not in the best interests of Stratex or its shareholders,”Crusader said today.

“Stratex has been keeping Crusader fully informed of the developments and together the companies and their advisors are considering the timing and other implications of the proposed General Meeting on the proposed merger between Stratex and Crusader.”

Crusader, a gold explorer in Brazil, entered a trading halt on Monday pending today’s announcement.

Stratex’s proposed acquisition of Crusader was announced in June. The deal was 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 currently has a measured, indicated and inferred resource estimate of 2.43 million ounces gold.

Last month, the company entered a deal to sell its producing Posse iron ore mine for $3.2  million.

Crusader expects to release an update to the market on a revised timetable for the proposed merger next week.

Shares in Crusader were trading at 10c before entering a trading halt. The company has a market cap of around $36 million.