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Brightoil Petroleum (Holdings) Ltd confirmed on Wednesday that holders of convertible bonds now have the right to redeem them following the suspension in trading of the Hong Kong-listed company's shares.

In a statement, Brightoil explained that under its 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".

As previously reported, trading in shares of the Hong Kong-listed 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.

Thirty consecutive trading days have already passed, which means holders of convertible bonds are now able to redeem them.

As of Wednesday, Brightoil said the outstanding amount of listed and unlisted convertible bonds is $9.6 million and $147 million respectively. The company pointed out, however, that as yet it has not received any requests for early redemption.

"In case any holder of the bonds opts to exercise its right of early redemption, the amount will be funded by the group's internal resources and as of the date of this announcement, the company has 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," Brightoil said.

Last Friday, Brightoil said it was unable to provide a date for the publication of its annual results for the 12-month period up to June 30, 2017.

Indicating that there may be additional steps in the process before a review of transactions - currently under way - is concluded, Brightoil said: "Depending on the results of the work by the independent adviser and the review, the auditor may request additional information or require other steps to be taken for the completion of the audit."

The company added that it was "presently unable to provide a definitive timetable" for the completion of the review.