Issue of shares to Directors

RNS Number : 4400K

Star Phoenix Group Ltd

04 January 2021

 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

4 January 2021

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. 

ISSUE OF SHARES TO DIRECTORS

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, confirms that further to its announcement on 2 November 2020 and shareholder approval received at the Annual General Meeting held on 11 December 2020, it has today issued ordinary shares of the Company to Executive Directors (the "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.

As a result, a total of 7,195,036 Shares were issued at a price of 1.672 pence, being a volume weighted average price of Shares traded on AIM over the 30 trading days immediately preceding the date of issue. The details of the issued Shares are as follows:

1.  Mr Zhiwei Gu, Executive Chairman, was issued 5,468,959 Shares, for a subscription value of US$125,000. Following this issue, Mr Gu's total holding in the Company's shares will be 5,489,793 shares, representing 3.65% of the enlarged issued share capital; and

2.  Mr Lubing Liu, Executive Director and Chief Operating Officer, was issued 1,726,077 Shares, for a subscription value of US$39,452. Following this issue, Mr Liu's total holding in the Company's shares will be 1,726,077 shares, representing 1.15% of the enlarged issued share capital.

The Shares are subject to trading restrictions of 12 months from the date of issue. Full details relating to the issue of Shares are available in the Notice of Meeting published on 13 November 2020.

Application will be made for the admission to trading on AIM ("Admission") for the 7,195,036 Shares. The 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 8 January 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 150,456,930 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 150,456,930 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 Zhiwei (Kerry) Gu on behalf of the Company.

Contact Details
Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t.   [phone]

 

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