REG - Star Phoenix Group - Update on GM, Accounts and Suspension of shares

Star PhoenixAnnouncement

19/12/2022 10:30

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RNS Number : 1735K  Star Phoenix Group Ltd  19 December 2022

19 December 2022

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

RESULTS OF GENERAL MEETING, UPDATE ON FINANCIAL STATEMENTS AND SUSPENSION OF
SHARES

 

Star Phoenix (AIM: STA), an international company with an oilfield services
business in Trinidad and an oil and gas interest in Indonesia, announced on 23
November 2022 that a General Meeting ("GM") will be hold at Level 1, 181 Bay
Street, Brighton, Melbourne, Victoria Australia 3186 at 16:00 (AEDT) on
Monday, 19 December 2022.

After receiving  the final proxy reports presented in the GM, the Company
announces the following voting results:

·    Resolution 1 - REMOVAL OF AUDITOR: there were 31,025,690 votes of
"For", 41,871,487 votes of "Against" whilst 18,870 votes of abstain. Therefore
Resolution 1 is not passed.

·    Resolution 2 - APPOINTMENT OF AUDITOR: there were 31,025,236 votes of
"For", 41,878,540 votes of "Against" whilst 13,600 votes of abstain. Therefore
Resolution 2 is not passed.

 

As a result of each resolution not being passed the Company will not be in a
position to appoint its new intended auditor and it will not be able to
publish its audited results for the year ended 30 June 2022 by 31 December
2022 as required under Aim rule 19 of the Aim rules for Companies.
Consequently the shares of the Company will be suspended from trading from
7.30am on 3 January 2023.

The Company advises that the proposed new auditor had already commenced its
work but that under Australian law the new auditor cannot be appointed without
a resolution passed by shareholders.

The Company will seek another vote of shareholders in early 2023 to seek to
have the necessary resolutions passed. It should be noted by shareholders that
should the Company not publish its financial results and be readmitted to
trading within 6 months of the suspension of trading of its shares it would be
delisted from Aim.

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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