STA.L Regulatory News (STA)

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

23 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, announces that on 23 July 2020, the Company received a notice under section 249D of the Australian Corporations Act 2001 (Cth) (Section 249D Notice) from Beijing Sibo Investment Management LP (Requisitioning Shareholder) requesting the directors to convene a meeting of the members of the Company (Meeting).

The Section 249D Notice states that the Requisitioning Shareholder holds approximately 17.3% of the votes that may be cast at a general meeting.

The Section 249D Notice requests that the Meeting considers the following resolutions:

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

2. Removal of Director - Mr. Lubing Liu;

3. Election of Director - Mr. Deng Lian Jun; and

4. Election of Director - Mr. Yang Chon Yi.

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.