25 Sep 2020 10:09
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.
| INSTRUCTIONS GIVEN TO VALIDLY APPOINTED PROXIES (AS AT PROXY CLOSE) | NUMBER OF VOTES CAST AT THE POLL (WHERE APPLICABLE) | RESOLUTION RESULT | |||||
Resolution | For | Against | Proxy's Discretion | Abstain | For | Against | Abstain | Carried / Not Carried |
1. Removal of Director - Dr. YuFeng Meng | 46,642,347 52.54% | 41,917,107 47.21% | 224,090 0.25% | 17,211
| 46,880,723 52.79% | 41,917,107 47.21% | 17,211
| Carried |
2. Election of Director - Dr. Yang Chong Yi | 42,110,953 47.50% | 46,328,501 52.25% | 224,090 0.25% | 137,211
| 42,110,953 47.49% | 46,566,877 52.51% | 137,211
| Not Carried |
3. Election of Director - Mr. Paul Norris | 24,854,121 28.04% | 63,580,513 71.71% | 222,790 0.25% | 143,331
| 24,854,121 28.10% | 63,817,589 71.90% | 143,331
| Not Carried |
4. Election of Director - Mr. Omar Stanford IV | 24,842,617 28.02% | 63,590,717 71.73% | 224,090 0.25% | 143,331
| 24,842,617 28.02% | 63,829,093 71.98% | 143,331
| Not Carried |
5. Election of Director - Mr. Li Jun | 24,711,347 27.88% | 63,721,907 71.87% | 224,090 0.25% | 143,411
| 24,711,347 27.87% | 63,960,283 72.13% | 143,411
| Not Carried |
6. Removal of Director - Mr. Zhiwei (Kerry) Gu | 24,958,405 28.12% | 63,594,929 71.63% | 224,090 0.25% | 23,331
| 24,958,405 28.11% | 63,833,305 71.89% | 23,331
| Not Carried |
7. Removal of Director - Mr. Lubing Liu | 42,357,355 47.71% | 46,195,979 52.04% | 224,090 0.25% | 23,331
| 42,357,355 47.70% | 46,434,355 52.30% | 23,331
| Not Carried |
Contact Details
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Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. admin@starphoenixgroup.com t. +44 (0)20 3865 8430 | WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t. +44 (0)20 7220 1666 |