HONG KONG, Aug. 20, 2015 /PRNewswire/ -- Titan Petrochemicals Group Limited (HKSE stock code: 1192, "Titan" or "the Company", together with its subsidiaries the "Group") announced on 1 August 2015 that the Company entered into a subscription agreement with Paliburg Company Limited ( "Paliburg"), pursuant to which Paliburg agrees to subscribe for 1,800 million new Shares at HK$0.10 per Share with 1,800 million Warrants at no additional consideration to be issued by the Company (the "Paliburg Subscription Agreement"). For the previous Subscription Agreement between the Company and Wahen Investments, as certain conditions under the Wahen Investments Subscription Agreement have not been fulfilled on or before 31 July 2015, the Wahen Investments Subscription Agreement has lapsed and was terminated on 1 August 2015.
As disclosed in the Company's Circular, as a part of the Resumption Proposal, on 27 March 2015, the Company entered into the Victory Stand Subscription Agreement with Victory Stand pursuant to which Victory Stand has agreed to subscribe for 1,300 million new Shares at HK$0.10 per Share and 1,300 million Warrants at no consideration to be issued by the Company. As at the date of this press release, the conditions precedent of the Victory Stand Subscription Agreement have already been fulfilled or waived. Accordingly, the Victory Stand Subscription Agreement has become contractually unconditional.
As a result of the conditions precedent under the Paliburg Subscription Agreement and the Victory Stand Subscription Agreement having been satisfied on 1 August 2015, and those subscription agreements becoming contractually unconditional, the Company expects that, all of the conditions precedent in each of the respective agreements under the Restructuring Documents will be satisfied on or around Friday, 21 August 2015. It is expected that the other Restructuring Documents, including but not limited to, the Underwriting Agreement, the Assumption Agreement and the Shipyard Termination Agreement, shall be completed on or before Monday, 24 August 2015. The revised expected timetable for the Open Offer and Restructuring are as follows:
| Despatch of certificates for Offer Shares and Warrants |
On or around Monday, 24 August 2015 |
| Pay distributions to Scheme Creditors under the Creditors' Scheme |
On or around Monday, 24 August 2015 |
| All of the liabilities to Scheme Creditors to be released |
On or around Monday, 7 September 2015 |
| Winding-up petition to be dismissed by the Bermuda Court & the Provisional Liquidators discharged; Each of the Resumption Conditions to be satisfied |
On or around By Tuesday, 8 September 2015 |
| Dealings in Offer Shares |
On or around Tuesday, 15 September 2015. |
Dates stated in this press release for events in the timetable are indicative only and are subject to change. Any changes to the expected timetable will be announced by the Company as and when appropriate.
About Titan Petrochemicals Group
Titan Petrochemicals Group Limited (HKSE Stock Code: 1192) is working on a series of restructuring plans with the support of Guangdong Zhenrong Energy Co. Ltd. In addition, Titan formed a strategic alliance with Keppel Offshore & Marine Ltd, a wholly-owned subsidiary of Singapore-listed Keppel Corporation Limited. The cooperation with Keppel O&M will further enhance Titan's position in becoming a leading solutions provider in the offshore and marine industry in Asia Pacific region, in particular, in China.
