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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brightoil confirms early $9.6m redemption of listed bonds

13 Feb 2018 10:40 GMT

Bondholders had the right to redeem them following the suspension in trading of Brightoil's shares.



Bunker supplier Brightoil Petroleum (Holdings) Ltd said on Tuesday that it has redeemed all outstanding listed convertible bonds, worth $9.6 million, in full, together with accrued and unpaid interest as of February 12.

As Bunker Index previously reported, holders of convertible bonds had the right to redeem them following the suspension in trading of the Hong Kong-listed company's shares last year.

Under the firm's terms and conditions, if a 'relevant event' takes place, the holders of a bond will have the right to require the company to redeem all or some of their bonds at the early redemption amount together with interest accrued.

According to Brightoil, a relevant event occurs when "(i) the shares cease to be listed or admitted to trading, or when the shares are suspended from trading for a period equal to or exceeding 30 consecutive trading days; or (ii) there is a change of control".

Trading in shares of the energy firm was halted on October 3, with the company requesting a suspension until the publication of its annual financial results, which were due to be released by September 30 under listing rules.

Once thirty consecutive trading days had passed, this meant that holders of convertible bonds were then able to redeem them.

Back in November, Brightoil said the outstanding amount of listed and unlisted convertible bonds was $9.6 million and $147 million respectively, and that it had been "actively engaging in dialogues with the holders of the unlisted convertible bonds and has not received any notice for early redemption as of this date".

On December 28, Brightoil issued a statement to confirm that it had received a letter from the Stock Exchange of Hong Kong (SEHK) which listed a number of conditions for the resumption of trading in shares of the company to take place.

Brightoil also said in December that work being carried out by an independent adviser to review previous transactions by the company had not yet been completed, and, as a result, it had not released its financial results for the year ended June 30, 2017.

Trading in shares of the Hong Kong-listed company remains suspended.


Image: Exchange prices on a screen. Image credit: Pixabay




Related Links:

Brightoil receives SEHK resumption conditions
No bondholder requests for early redemption: Brightoil
Brightoil 'unable to provide definitive timetable' for release of annual results
Trading in Brightoil shares suspended as market awaits release of results

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