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IN BRIEF: Star Phoenix Shareholders Vote Against Director Appointment
Fri, 11th Dec 2020 21:19
Star Phoenix Group Ltd - exploration and production company with operations in Trinidad and Indonesia - At annual general meeting, 54% of shareholders vote against election of YuFeng Meng to board as director, enough for resolution to be rejected.
In addition, 46% of shareholders voted against resolutions three and four, which are for the issue of shares to Executive Directors Lubing Liu and Zhiwei Gu in lieu of fees. Despite the opposition, enough support is gained for the resolutions to pass.
The share issue is in order to preserve company s cash resources.