REG - Star Phoenix Group - RRDSL update

Star PhoenixAnnouncement

07/05/2021 16:10

RNS Number : 9794X
  
Star Phoenix Group Ltd
  
07 May 2021
  
 

Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
 
7 May 2021
 
RRDSL UPDATE
Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities, provides the following update in relation to its wholly owned subsidiary in Trinidad, Range Resources Drilling Services Limited ("RRDSL"). 
RRDSL was involved in a historic dispute with one of its former employees (the "Employee"). The Company was advised that the High Court in Trinidad has now ruled in favour of the Employee and has ordered RRDSL to pay the Employee approximately TT$1.6 million (approx. GB£170,000) in damages inclusive of interest. RRDSL advised the Company that it was not aware of the upcoming High Court hearing and are working together with the Company to establish the circumstances of this matter. The Company was also advised that there is a separate hearing with the Industrial Court in Trinidad in relation to the Employee scheduled for July 2021. The Company will provide an update on any further developments.  
 
 



 
Contact Details
 








 
Star Phoenix Group Ltd 
Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary)
e. admin@starphoenixgroup.com
t.   +44 (0)20 3865 8430


WH Ireland Limited (Nominated Adviser and Broker)
James Joyce / Matthew Chan
t.   +44 (0)20 7220 1666



 
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
MSCARMATMTMMBFB