Star Phoenix Shares Fall on Inability to Publish FY 2022 Results, Share Suspension

By Anthony O. Goriainoff

Star Phoenix Group Ltd. shares fell Monday after it said it won’t be able to publish its audited results for fiscal 2022 by Dec. 31 and that its shares will consequently be suspended from Jan. 3.

Shares at 1040 GMT were down 0.35 pence, or 30%, at 0.95 pence.

The AIM-listed oil-and-gas company said the resolution to remove its auditor, and the resolution to appoint an auditor failed to pass at the general meeting held today.

The company said that the proposed new auditor has already started its work, but that under Australian law it can’t be appointed without being approved by shareholders.

Star Phoenix said it will seek another shareholder vote in early 2023 where it will seek to pass the necessary resolutions.

“It should be noted by shareholders that the company should not publish its financial results and be readmitted to trading within six months of the suspension of trading of its shares it would be delisted from AIM,” the company said.

Write to Anthony O. Goriainoff at [email protected]

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