The audit committee of Hong Kong-listed Brightoil Petroleum has engaged an independent adviser to assist with the company’s review, it said in a recent update on its trading suspension.
The committee has been liaising with the auditor regarding the status of the work of the independent adviser.
Upon completion of the review, the company will take all necessary steps to provide information to the auditor such that the audit can be completed as soon as practicable.
“The company understands that the independent adviser has recommended further steps, and the audit committee is currently evaluating such recommendations and seeking legal advice thereon,” it says.
“The company is not yet in a position to provide a reliable estimate on when the work of the independent adviser will be completed
“Finalization of the 2017 Annual Results depends on, among other things, the work of the independent adviser.”
Manifold Times earlier reported Brightoil redeeming all outstanding unconverted Listed Convertible Bonds with a principal amount of $9.6 million in full on 12 February 2018.
Published: 19 February 2018
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