Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
7 May 2021
RRDSL UPDATE
Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities, provides the following update in relation to its wholly owned subsidiary in Trinidad, Range Resources Drilling Services Limited ("RRDSL").
RRDSL was involved in a historic dispute with one of its former employees (the "Employee"). The Company was advised that the High Court in Trinidad has now ruled in favour of the Employee and has ordered RRDSL to pay the Employee approximately TT$1.6 million (approx. GB£170,000) in damages inclusive of interest. RRDSL advised the Company that it was not aware of the upcoming High Court hearing and are working together with the Company to establish the circumstances of this matter. The Company was also advised that there is a separate hearing with the Industrial Court in Trinidad in relation to the Employee scheduled for July 2021. The Company will provide an update on any further developments.
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Contact Details
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Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. admin@starphoenixgroup.com t. +44 (0)20 3865 8430 | WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t. +44 (0)20 7220 1666 |
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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