SUNSHINE OIL (02012.HK): Winding-up petition filed by bond investor, Company aims to resolve by 14 October

NewTimeSpace News: On 2 September 2026, Sunshine Oilsands Ltd. (stock code: 02012) issued a supplemental announcement regarding the winding-up petition previously disclosed on 5 August 2026. The petition was filed by Ms. Zhu Huiwen, an individual, who is a bond investor of the Company and an independent third party. The relevant bond has a principal amount of USD 1,000,000 and a term of one year, maturing on 27 January 2026. After the maturity date, the Company and the petitioner had reached a consensus that the outstanding bond amount would be fully repaid following the completion of the proposed equity placing, which was expected by the end of July 2026. However, as the completion of the placing required additional time to satisfy the relevant conditions precedent, the Company was unable to settle the relevant amount before the petition was filed. As of the petition date, the Company owed the petitioner USD 657,298.55 (equivalent to approximately HKD 5,126,929). The bond was issued to raise general working capital.

Under section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, if the Company is ultimately wound up as a result of the petition, any disposition of the Company's property (excluding, for the avoidance of doubt, property owned by the Company's subsidiaries), any transfer of the Company's shares or any change in the status of the Company's shareholders after the commencement date (i.e. 5 August 2026, the date on which the petition was filed) will be void unless a validation order is granted by the High Court; such dispositions, transfers or changes will not be affected if the petition is subsequently withdrawn, dismissed or permanently stayed. The Company is seeking legal advice on the petition, and intends to focus its efforts and resources on repaying the debt so as to resolve the winding-up petition on or before 14 October 2026, and currently considers preliminarily that there is no immediate need to apply for a validation order. The Company will also maintain active and good communication with the petitioner and endeavour to procure the early withdrawal of the petition, while actively preparing its defence for the hearing to seek dismissal of the petition.

The Board considers that the Company has sufficient resources to fully repay the relevant debt, and as of the date of this announcement, the petition has no material adverse impact on the business operations and financial position of the Group. The Company noted that HKSCC may at any time suspend its services in respect of the Company's shares, including suspending acceptance of deposits of share certificates into CCASS, and shareholders and investors should exercise caution when dealing in the Company's securities.

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