11th Feb 2020 12:23
(Alliance News) - Shares in Star Phoenix Group Ltd fell on Tuesday after reporting it is yet to receive the proceeds from a GBP520,000 subscription agreement and added it separately is awaiting clarification for the timing of another payment, which was delayed by the coronavirus outbreak in China.
The oilfield services firm was trading 22% lower at 1.65 pence each in London on Tuesday afternoon.
The company said it has been advised by investors Thesolia Ltd that it expects to receive the subscription funds by the end of February.
"Such proceeds will be subject to a late fee payment," Star Phoenix noted.
Under the subscription agreement, announced in January, Star Phoenix will issue 23.6 million shares to Thesolia at 2.21 pence each.
Last Wednesday, the company reported that it expects a delay in receiving a USD1 million payment for the sale of Range Resources Trinidad Ltd to Chinese firm LandOcean Energy Services Co Ltd due to outbreak of coronavirus.
Star Phoenix on Tuesday said it is "seeking clarification" from LandOcean as to when it will receive the payment.
The death toll from the virus outbreak surged past 1,000 on Tuesday.
By Eric Cunha; [email protected]
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