REG - Star Phoenix Group - TERMINATION OF CONDITIONAL FEE AGREEMENT

Star PhoenixAnnouncement

05/12/2022 15:30

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RNS Number : 6406I  Star Phoenix Group Ltd  05 December 2022

05 December 2022

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

TERMINATION OF CONDITIONAL FEE AGREEMENT

 

Star Phoenix (AIM: STA), an international company with an oilfield services
business in Trinidad and an oil and gas interest in Indonesia, announced on 4
June 2021 that the Company reached a conditional fee agreement (the "CFA")
with Dentons UK and Middle East LLP ("Dentons") based on a no-win no-fee
business model to recover the outstanding sums due from LandOcean through
arbitration proceedings against LandOcean in the London Court of International
Arbitration ("LCIA"). The Company further announced on 22 August and 18
October 2022 that LCIA issued a consent award in relation to two of the four
Stage 1 Claims in which LandOcean is required to make payment
of US$301,265 to Star Phoenix, and a partial payment of US$130,000 has been
received in a trust account set up by Dentons. Regrettably, on 2 December
2022, the Company received a notice letter written by Dentons to terminate the
CFA with immediate effect, citing mainly a broken-down relationship of trust
between the two parties.

The Company does not agree with the assertions in relation to the termination
of CFA. The Company will endeavor to minimize the cost impact by sourcing a
new legal representative based on a cost effective basis. The Company takes
the matter very seriously and will review possible remedies  for any damage
on company reputation and /or financial loss from inaction of CFA.

The Company will provide a further update to the shareholders upon further
material developments. This announcement has been approved by Chairman Lubing
Liu on behalf of the Company.

 

 Contact Details

                                                                      WH Ireland Limited (Nominated Adviser and Broker)

 Star Phoenix Group Ltd                                               James Joyce / Enzo Aliaj

 Robin Luo (Company Secretary)                                        t.   +44 (0)20 7220 1666

 e. admin@starphoenixgroup.com (mailto:admin@starphoenixgroup.com)

 t.   +61 8 6205 3012

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

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