Star Phoenix Group Ltd Subscription and Total Voting Rights (3569A)
January 20 2020 - 9:45AM
UK Regulatory
TIDMSTA
RNS Number : 3569A
Star Phoenix Group Ltd
20 January 2020
Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
20 January 2020
Not for distribution to U.S. newswire services or for
publication, distribution, release or dissemination, directly or
indirectly, in whole or in part, in, into or from the United
States, Canada, Japan, the Republic of South Africa or any other
jurisdiction in which it would be unlawful to do so. Any failure to
comply with this restriction may constitute a violation of the
securities laws of such jurisdictions.
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"). In
addition, market soundings (as defined in MAR) were taken in
respect of certain of the matters contained in this announcement,
with the result that certain persons became aware of such inside
information, as permitted by MAR. Upon the publication of this
announcement via regulatory information service ("RIS"), this
inside information is now considered to be in the public domain and
such persons shall therefore cease to be in possession of inside
information.
This announcement does not constitute a prospectus for the
purposes of the prospectus rules of the Financial Conduct
Authority, nor does it comprise an admission document prepared in
accordance with the AIM Rules. Accordingly, this announcement has
not been approved by or filed with the Financial Conduct Authority
and is not intended to provide the basis for, or relied on in
connection with, any investment decision in respect of Star Phoenix
Group Ltd or other evaluation of any securities of Star Phoenix
Group Ltd or any other entity and should not be considered as a
recommendation that any investor should subscribe for or purchase
any such securities.
SUBSCRIPTION AND TOTAL VOTING RIGHTS
Star Phoenix (AIM: STA), an international company with oil and
gas projects and oilfield service businesses in Trinidad and
Indonesia, is pleased to announce that is has signed a subscription
agreement with a new investor Thesolia Ltd, for new ordinary shares
to raise approximately GBP520,000 (the "Subscription"). Pursuant to
the Subscription, the Company will issue 23,561,326 new ordinary
shares (the "Subscription Shares") at a price of 2.21 pence per new
ordinary share. The Subscription Shares represent 20% of the issued
ordinary share capital of the Company prior to the Subscription.
The proceeds of the Subscription will be used for general working
capital purposes.
As part of the Subscription, the investor can nominate up to two
non-executive directors to the Board of the Company and shall
retain this ability for so long as it holds 10% or more of the
Company's shares in issue. Any director appointment will be subject
to the satisfactory completion of regulatory due diligence
checks.
The Subscription Shares will rank pari passu with existing
ordinary shares in the capital of the Company ("Ordinary Shares").
The Company will make a further announcement on receipt of proceeds
from the Subscription, at which stage, an application to admit the
Subscription Shares to trading on AIM will be made. Following
Admission, the Company's issued share capital will comprise
141,367,955 Ordinary Shares with voting rights. The Company does
not hold any Ordinary Shares in treasury. The figure of 141,367,955
Ordinary Shares may therefore be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Contact Details
Cantor Fitzgerald Europe (Nominated
Star Phoenix Group Ltd Adviser and Broker)
Evgenia Bezruchko (Group Corporate David Porter / Rick Thompson (Corporate
Development Manager & Joint Company Finance)
Secretary) t. +44 (0)20 7894 7000
e. admin@starphoenixgroup.com
t. +44 (0)20 3865 8430
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
January 20, 2020 09:45 ET (14:45 GMT)
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