Star Phoenix Group Ltd TERMINATION OF CONDITIONAL FEE AGREEMENT (6406I)
05 Dicembre 2022 - 4:19PM
UK Regulatory
TIDMSTA
RNS Number : 6406I
Star Phoenix Group Ltd
05 December 2022
05 December 2022
Star Phoenix Group Ltd
("Star Phoenix" or the "Company")
TERMINATION OF CONDITIONAL FEE AGREEMENT
Star Phoenix (AIM: STA), an international company with an
oilfield services business in Trinidad and an oil and gas interest
in Indonesia, announced on 4 June 2021 that the Company reached a
conditional fee agreement (the "CFA") with Dentons UK and Middle
East LLP ("Dentons") based on a no-win no-fee business model to
recover the outstanding sums due from LandOcean through arbitration
proceedings against LandOcean in the London Court of International
Arbitration ("LCIA"). The Company further announced on 22 August
and 18 October 2022 that LCIA issued a consent award in relation to
two of the four Stage 1 Claims in which LandOcean is required to
make payment of US$301,265 to Star Phoenix, and a partial payment
of US$130,000 has been received in a trust account set up by
Dentons. Regrettably, on 2 December 2022, the Company received a
notice letter written by Dentons to terminate the CFA with
immediate effect, citing mainly a broken-down relationship of trust
between the two parties.
The Company does not agree with the assertions in relation to
the termination of CFA. The Company will endeavor to minimize the
cost impact by sourcing a new legal representative based on a cost
effective basis. The Company takes the matter very seriously and
will review possible remedies for any damage on company reputation
and /or financial loss from inaction of CFA.
The Company will provide a further update to the shareholders
upon further material developments. This announcement has been
approved by Chairman Lubing Liu on behalf of the Company.
Contact Details
WH Ireland Limited (Nominated
Star Phoenix Group Ltd Adviser and Broker)
Robin Luo (Company Secretary) James Joyce / Enzo Aliaj
e. admin@starphoenixgroup.com t. +44 (0)20 7220 1666
t. +61 8 6205 3012
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
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END
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(END) Dow Jones Newswires
December 05, 2022 10:19 ET (15:19 GMT)
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