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Sunshine Oilsands ( (HK:2012) ) has issued an announcement.
Sunshine Oilsands disclosed that the High Court in Hong Kong has appointed interim receivers from PricewaterhouseCoopers to exercise certain shareholder rights attached to the 24.03% stake held by Executive Chairman Kwok Ping Sun. The order allows the interim receivers to attend and vote at future general meetings using all or part of Mr. Sun’s shares, subject to legal procedures and recognition requirements in Alberta, the company’s place of incorporation.
The company noted that, under Canadian law, the Hong Kong receivership order is not automatically enforceable in Alberta and must first be recognized by the Alberta Court of King’s Bench. Sunshine Oilsands said the order currently has no significant impact on its business operations or financial condition, but it may seek legal advice over voting disputes and will issue further announcements on any material developments, while urging investors to exercise caution when trading its securities.
More about Sunshine Oilsands
Sunshine Oilsands Ltd. is a Canada-incorporated oil and gas company focused on developing bitumen and heavy oil assets, with its primary operations based in Alberta. The company is listed on the Hong Kong Stock Exchange and operates through a group structure, with subsidiaries engaged in upstream energy exploration and production activities.
Average Trading Volume: 4,816,159
Technical Sentiment Signal: Sell
Current Market Cap: HK$194.3M
Find detailed analytics on 2012 stock on TipRanks’ Stock Analysis page.