Outstanding payment update

RNS Number : 8522A

Star Phoenix Group Ltd

04 June 2021

 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

4 June 2021

OUTSTANDING PAYMENT UPDATE

Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities, provides the following update in relation to the outstanding payable due to the Company and its subsidiaries (the "Company Group") from  LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean").

The Company is pleased to advise that following the announcement on 9 April 2021, it has now entered into a conditional fee agreement (the "CFA") with Dentons UK and Middle East LLP ("Dentons"). The CFA stipulates that Dentons have agreed to take on this case on a no win - no fee basis, which is an extremely encouraging and favourable arrangement for the Company Group in trying to recover the outstanding sums due from LandOcean. Dentons are now preparing arbitration proceedings against LandOcean in the London Court of International Arbitration expected to be filed shortly.

The Company will provide a further update to the shareholders upon further material developments.

Contact Details
Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t.   [phone]

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.

 

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