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3 Jun 2021 09:35
Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
3 June 2021
RRDSL UPDATE
Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities, provides the following update in relation to its wholly owned subsidiary in Trinidad, Range Resources Drilling Services Limited ("RRDSL").
As announced on 7 May 2021, the Company became aware that RRDSL was ordered by the High Court in Trinidad to pay one of its former employees (the "Employee") 1,731,000 Trinidad & Tobago Dollars inclusive of interest and costs (approx. GB£183,000) (the "Total Balance") in damages which relate to an injury sustained whilst working for RRDSL. Following consultation with its legal advisers, it was decided that RRDSL will not be filing an appeal to the High Court decision. RRDSL has now reached an agreement with the Employee to pay the Total Balance in 21 monthly tranches with final tranche to be paid on 1 March 2023. The Total Balance will be paid using the existing cash of the Company.
As previously announced, the Company was advised by RRDSL that it was not aware of the High Court hearing in Trinidad taking place in April 2021 and did not receive any notice in relation to this event. RRDSL stated that as a result of it being not aware, it was, therefore, unable to prepare its own defence or attend the court hearing as would have been done in the normal course of action.
The Company is continuing its internal investigation to establish all the circumstances surrounding this matter and will take action as appropriate. The Company will also make all the necessary improvements of its internal controls and policies to ensure matters of this nature do not arise in the future.
A separate hearing with the Industrial Court in Trinidad in relation to the Employee is scheduled for July 2021 and RRDSL is working with its legal advisers to prepare for this upcoming hearing. The Company will provide an update on any further developments.
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 |
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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