Friday 25 September, 2020
Star Phoenix Group
Result of Meeting
RNS Number : 1474A
Star Phoenix Group Ltd
25 September 2020
Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
25 September 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.
RESULT OF MEETING
The Board of Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, is pleased to advise that following the Extraordinary General Meeting held earlier today only one of the resolutions relating to the removal of Dr YuFeng Meng as a Director was duly passed. Dr Meng is a nominee of shareholder Beijing Sibo Investment Management LP ("Sibo") and was appointed as a Non-Independent Non-Executive Director pursuant to Sibo's contractual right to appoint up to three Non-Executive Directors while it holds at least 10% shareholding in the Company, subject to compliance with the AIM rules and approval of the Company's Nomad.
All other resolutions relating to the proposed Board changes were lost, therefore there will be no other immediate changes to the composition of the Board.
The Directors wish to thank Shareholders for their continued support and for voting against of what appears to be an opportunistic move by one shareholder to take control of the Company. The Directors look forward to continuing with their efforts to grow the business and deliver value for all shareholders without any further distraction.
Disclosure of proxy votes is available in Appendix A included with this announcement.
This announcement has been approved by Chairman Kerry Gu on behalf of the Company.
Appendix A - Disclosure of Proxy Votes
The following information is provided in accordance with section 251AA of the Corporations Act 2001.
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INSTRUCTIONS GIVEN TO VALIDLY APPOINTED PROXIES (AS AT PROXY CLOSE)
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NUMBER OF VOTES CAST AT THE POLL (WHERE APPLICABLE)
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RESOLUTION RESULT
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Resolution
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For
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Against
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Proxy's Discretion
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Abstain
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For
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Against
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Abstain
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Carried / Not Carried
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1. Removal of Director - Dr. YuFeng Meng
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46,642,347
52.54%
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41,917,107
47.21%
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224,090
0.25%
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17,211
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46,880,723
52.79%
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41,917,107
47.21%
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17,211
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Carried
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2. Election of Director - Dr. Yang Chong Yi
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42,110,953
47.50%
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46,328,501
52.25%
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224,090
0.25%
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137,211
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42,110,953
47.49%
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46,566,877
52.51%
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137,211
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Not Carried
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3. Election of Director - Mr. Paul Norris
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24,854,121
28.04%
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63,580,513
71.71%
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222,790
0.25%
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143,331
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24,854,121
28.10%
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63,817,589
71.90%
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143,331
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Not Carried
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4. Election of Director - Mr. Omar Stanford IV
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24,842,617
28.02%
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63,590,717
71.73%
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224,090
0.25%
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143,331
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24,842,617
28.02%
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63,829,093
71.98%
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143,331
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Not Carried
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5. Election of Director - Mr. Li Jun
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24,711,347
27.88%
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63,721,907
71.87%
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224,090
0.25%
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143,411
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24,711,347
27.87%
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63,960,283
72.13%
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143,411
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Not Carried
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6. Removal of Director - Mr. Zhiwei (Kerry) Gu
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24,958,405
28.12%
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63,594,929
71.63%
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224,090
0.25%
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23,331
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24,958,405
28.11%
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63,833,305
71.89%
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23,331
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Not Carried
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7. Removal of Director - Mr. Lubing Liu
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42,357,355
47.71%
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46,195,979
52.04%
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224,090
0.25%
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23,331
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42,357,355
47.70%
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46,434,355
52.30%
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23,331
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Not Carried
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Contact Details
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Star Phoenix Group Ltd
Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary)
e.
[email protected]
t.
+44 (0)20 3865 8430
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WH Ireland Limited (Nominated Adviser and Broker)
James Joyce / Matthew Chan
t.
+44 (0)20 7220 1666
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