STA.L Regulatory News (STA)

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

29 July 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. 

NOTICE UNDER SECTION 249D OF THE CORPORATIONS ACT

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, advises that following the announcement on 23 July 2020 it has received a further notice from Beijing Sibo Investment Management LP (Requisitioning Shareholder)  withdrawing its previous notice under section 249D of the Australian Corporations Act 2001 (Cth) (Section 249D Notice).

The Requisitioning Shareholder has instead submitted a new Section 249D Notice requesting the directors to convene a meeting of the members of the Company (Meeting) to consider the following resolutions:

1. Election of Non-Executive Director - Dr. Yang Chong Yi;

2. Election of Non-Executive Director - Mr. Paul Norris;

3. Election of Non-Executive Director - Mr. Omar C.S. Stanford IV;

4. Election of Non-Executive Director - Mr. Li Jun;

5. Removal of Director - Mr. Zhiwei (Kerry) Gu; and

6. Removal of Director - Mr. Lubing Liu.

Under section 249D, the Directors must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting. Directors must call the meeting within 21 days after the request is given to the Company and the meeting is to be held not later than 2 months after the notice of request has been received.

The Company will consider the validity of the Section 249D Notice and if valid undertake the necessary steps to convene a general meeting in compliance with these requirements.

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