Sunshine Oilsands Ltd. (Sunshine Oilsands) announced that the High Court of Hong Kong, on 29 April 2025, appointed PricewaterhouseCoopers partners So Man Chun and Jong Yat Kit as interim receivers. The order empowers them to exercise all shareholder rights attached to the 170.96 million shares (24.03% of issued capital) registered in the name of Executive Chairman Kwok Ping Sun, including attendance and voting at shareholder meetings.

The company clarified that the underlying legal proceedings involve Mr. Sun and entities in which he holds interests; no member of Sunshine Oilsands’ group is a party. Under Canadian law, the Hong Kong receivership order is not automatically enforceable in Alberta, where the company is incorporated. Recognition by the Alberta Court of King’s Bench would be required, and Sunshine Oilsands is not aware of any such application to date.

Sunshine Oilsands noted that the interim receivers may vote Mr. Sun’s shares at future general meetings subject to compliance with applicable procedures. The board will seek legal advice if disputes arise over the validity of votes cast with these shares.

Management stated that, as of the announcement date, the court order does not have a significant impact on the group’s business operations or financial condition. Further updates will be released if material developments occur.

Shareholders and potential investors are urged to exercise caution when dealing in the company’s securities and to consult professional advisors if needed.