HONG KONG, Aug. 10, 2015 /PRNewswire/ -- Titan Petrochemicals Group Limited (HKSE stock code: 1192, "Titan" or "the Company", together with its subsidiaries the "Group") announced that as at 4:00 p.m., 20 July 2015, the latest time for acceptance of and payment for the Offer Shares and excess Offer Shares, it has received applications for a total of 36,711,491,437 Offer Shares, representing approximately 938.8% of the total number of 3,910,277,341 Offer Shares available for application.
Mailing of refund cheques, without interest, in respect of wholly or partially unsuccessful applications for the excess Offer Shares has started today, 10 August 2015, to the addresses as shown in the register of members of the Company.
Cheque refunds came later than the expected schedule of 28 July 2015 disclosed in the Open Offer Prospectus, as not all of the conditions precedent provided for in the Underwriting Agreement have been satisfied as of 27 July 2015. The expected timetable of the Open Offer will therefore be delayed and that the Open Offer is yet to become unconditional. The Company will make further announcement to update the progress.
With the assistance from financial adviser, legal counsel, provisional liquidators and other professional parties, Titan has been in close liaison with the Bermuda Court. Timely disclosures have been made according to Listing Rules in the process of restructuring and share resumption application, with the goal of protecting stakeholders' interests in mind. The Company has been in discussion with a number of parties with whom it has entered into relevant agreements to extend the long stop date of the agreements to 31 August 2015 or later. The Company is liaising with the Stock Exchange as to the possible options for the implementation of the Restructuring. Further announcements will be made 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.
About Guangdong Zhenrong Energy Co. Ltd.
Guangdong Zhenrong Energy Co. Ltd., the largest shareholder of the Company, is a bulk commodities, energy and resources trading company, principally involved in the trading of oil products, nonferrous metal, coal, and chemical products among other products or services. It is also involved in PRC and overseas with products in oil refineries and, storage facilities, together with logistics and other resources related thereto.
