Information  X 
Enter a valid email address

Star Phoenix Group (STA)

  Print   

Tuesday 10 November, 2020

Star Phoenix Group

Consultancy Agreement

RNS Number : 8148E
Star Phoenix Group Ltd
10 November 2020
 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

 

10 November 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

 

CONSULTANCY AGREEMENT

 

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, advises that it has entered into a consultancy agreement (the "Consultancy Agreement") with Fire Phoenix Ltd (the "Consultant").

Principal terms of the Consultancy Agreement:

 

· Under the terms of the Consultancy Agreement, the Consultant shall provide the Company with business development and M&A advisory services. The Consultant will identify, review, evaluate and inform the Board of opportunities in businesses which the Company would reasonably consider being of interest for investment or acquisition purposes;

· In return for its services, the Consultant shall receive a monthly fee of US$13,000 inclusive of tax, payable monthly in arrears, with no other financial payments nor reimbursement of expenses, unless agreed by the Company in advance; and

· The Consultancy Agreement is effective from 10 November 2020 and will continue for a period of 12 months, with termination at any time upon 30 days written notice

The Consultant is deemed to be a related party of Beijing Sibo Investment Management LP ("Sibo") which holds over 10% shareholding in the Company, for the purposes of the AIM Rules for Companies ("AIM Rules"). In view of this, the entry into the Consultancy Agreement comprises a related party transaction for the purposes of the AIM Rules. The Company's independent directors consider, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the Consultancy Agreement being entered into are fair and reasonable insofar as the Company's shareholders are concerned.

 

This announcement has been approved by Chairman Kerry Gu on behalf of the Company.

 

 

 

 

 

Star Phoenix Group Ltd

Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary)

e.

t.

WH Ireland Limited (Nominated Adviser and Broker)

James Joyce / Matthew Chan

t.   +44 (0)20 7220 1666

 

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 [email protected] 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
 
 
AGREAPFEFLFEFEA

a d v e r t i s e m e n t