31st Jan 2020 11:23
(Alliance News) - Star Phoenix Group PLC said Thursday that proceeds from a subscription announced on Monday last week are expected to be provided to the company on February 7.
On Monday last week, the oilfield services firm issued 23.6 million shares to investor Thesolia Ltd at 2.21 pence each, raising GBP520,000 in return for Thesolia taking a stake in the company.
Should the proceeds not be received by this date, the interest will accrue at a rate of 8% per annum, calculated daily until the date the proceeds are received by Star Phoenix.
In addition, Star Phoenix said the its ongoing tax appeal matters in Trinidad have been adjourned by the court to a later date in 2020, a date that is yet to be confirmed.
Shares in Star Phoenix - which is based in Perth, Australia - were up 0.4% at 2.26 pence on Friday in London.
By Dayo Laniyan; [email protected]
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