Update on GM, Accounts and Suspension of shares

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
Star Phoenix Group Ltd Robin Luo (Company Secretary) e.   [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Enzo Aliaj t.   [phone]

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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