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Tue 26 Sep 2017 14:10

Brightoil delays publication of annual results


Company says release of unaudited accounts could cause 'confusion' amongst shareholders and potential investors.

Hong Kong-listed Brightoil Petroleum (Holdings) Ltd announced on Tuesday that it will be delaying the publication of its annual results for the period July 1, 2016, to June 30, 2017, which were due to be released by September 30 under listing rules.

Explaining the reason for the delay, Brightoil said it was "still in the process of providing all information requested by the auditor of the company", and that the auditor "requires more time to complete a number of audit procedures".

Brightoil added that it had requested the audit committee to conduct "an independent review of matters", which had led to the delay in the provision of documentation to the auditor and/or the completion of the audit.

"The auditor has indicated that it may request additional information from the company and may perform additional audit work, depending on the results of the review, in order to complete the audit and issuance of the audit report. As a result, despatch of the annual reports for the year ended 30 June 2017 may also be delayed," the bunker firm stated.

Brightoil said the date of the publication of its annual results will be discussed with the auditor and that the company will schedule another board meeting to approve the results "as soon as practical", whilst adding that it was currently unable to confirm a definitive date and time.

Hong Kong's listing rules 13.49 (3) explain that when a company is unable to make an announcement of its preliminary results, it must announce results for the financial year based on financial results which have yet to be agreed with the auditors, so far as the information is available.

However, Brightoil explained: "After due and careful consideration, the board is of the view that as the financial data in relation to the unaudited management accounts of the group is still being reviewed and finalized by the company and there may be adjustments, the publication of the unaudited management accounts could cause confusion amongst shareholders and potential investors."

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