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Star Phoenix Group (STA)

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Monday 02 November, 2020

Star Phoenix Group

Share issue to Executives

RNS Number : 9096D
Star Phoenix Group Ltd
02 November 2020
 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

 

2 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. 

 

SHARE ISSUE TO EXECUTIVES

 

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 announce that the Executive Directors and senior management of the Company have agreed to accept ordinary shares in the Company ("Shares") in lieu of the accrued salaries in order to preserve cash resources of the Company during the current economic environment created by the impact of COVID-19 pandemic. This cash preservation initiative is expected to result in total cash saving of over US$215,000 to the Company, and will further align the interests of the Directors and key managers with the interests of shareholders.

The number of Shares to be issued will be calculated based on the:

(i)  volume weighted average price of Shares traded on AIM over the 30 trading days immediately preceding the date of issue; and

(ii)  GBP/USD exchange rate as published by Bloomberg at 5pm immediately preceding the date of issue (where applicable).

The Shares will be subject to trading restrictions of 12 months from the date of issue.

The issue of Shares to the Executive Directors will be subject to shareholder approval at the upcoming Annual General Meeting. Further details will be published to shareholder in the Notice of Meeting expected to be published during November 2020.

The issue of Shares to management does not require prior shareholder approval and the Shares were issued today, which resulted in 1,893,939 Shares being issued. Application will be made for the admission to trading on AIM ("Admission") for the 1,893,939 Ordinary Shares.  The Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. Admission is expected at 8.00 a.m. on or around 6 November 2020.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 143,261,894 Ordinary Shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 143,261,894 and this figure of Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

 

 

Contact Details

 

 

 

Star Phoenix Group Ltd

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

e. [email protected]

t.   +44 (0)20 3865 8430

WH Ireland Limited (Nominated Adviser and Broker)

James Joyce / Matthew Chan

t.   +44 (0)20 7220 1666

 

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