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Titan requests SEHK extension

11 Aug 2015 12:38 GMT

Request to grant a further extension of the deadline for the fulfilment of resumption conditions.



Titan Petrochemicals Group Limited has confirmed that it has submitted a request to The Stock Exchange of Hong Kong (SEHK) to grant a further extension of the deadline for the fulfilment of the resumption conditions, from 31 July 2015 to 31 August 2015.

In an announcement, the company said that it is liaising with the Stock Exchange as to the possible options for the implementation of its restructuring programme.

The long stop date of the (i) Shipyard Debt Rescheduling Agreement; (ii) TPG Debt Rescheduling agreement; (iii) Haixin Debt Rescheduling Agreement; (iv) Listco Preferred Shares Modification Deed; (v) GZE Excess Liabilities Undertaking; (vi) Assumption Agreement; (vii) Underwriting Agreement; (viii) Shipyard Termination Agreement; (ix) GZE Purchase Order MOU; (x) Working Capital Loan Agreement; (xi) Management Services Agreement; (xii) FTSD Purchase Order Framework Agreement; (xiii) Victory Stand Subscription Agreement; (xiv) Loan Rescheduling Agreements; and (xv) Wahen Investments Subscription Agreement had been extended to or were binding until July 31, 2015.

The parties to the (i) Shipyard Debt Rescheduling Agreement; (ii) TPG Debt Rescheduling Agreement; (iii) Haixin Debt Rescheduling Agreement; (iv) Listco Preferred Shares Modification Deed; (v) GZE Excess Liabilities Undertaking; (vi) Assumption Agreement; (vii) Underwriting Agreement; (viii) Shipyard Termination Agreement; (ix) GZE Purchase Order MOU; (x) Working Capital Loan Agreement; (xi) FTSD Purchase Order Framework Agreement; (xii) Victory Stand Subscription Agreement; and (xiii) Loan Rescheduling Agreements have agreed to extend the long stop date of the agreements to 31 August 2015 and the parties to the Management Services Agreement have agreed to extend the long stop date to September 23, 2015.

As disclosed in Titan's announcement on July 27, as not all of the conditions precedent provided for in the underwriting agreement were satisfied, in particular, the share subscription agreements have yet to be completed in accordance with their respective terms, the expected timetable of the open offer will be delayed and is yet to become unconditional.

Titan says it will announce the revised timetable of the open offer, including the date of despatch of certificates for offer shares and warrants, when the company has the expected date for the open offer to become unconditional. Otherwise, it will announce the date of refund of the remaining open offer subscription monies if the company expects that the open offer will not become unconditional.

Results of the open offer

As at 4:00 p.m. on July 20, being the latest time for acceptance of and payment for the offer shares and excess offer shares:

(a) a total of 12 valid acceptances of 586,883,922 offer shares provisionally allotted under the open offer, representing approximately 15.0% of the total number of the offer shares available for subscription under the open offer, were received; and

(b) a total of 7 valid applications for excess offer shares in respect of 36,124,607,515 offer shares, representing approximately 923.8% of the total number of the offer shares available for subscription under the open offer, were received.

The aggregate of 36,711,491,437 offer shares validly accepted and applied for represent approximately 938.8% of the total number of 3,910,277,341 offer shares available for subscription under the open offer. Accordingly, the open offer was over-subscribed by 32,801,214,096 offer shares, representing approximately 838.8% of the total number of the offer shares available for subscription under the open offer.

Excess offer shares

Regarding the applications for excess offer shares, the board has resolved to allot and issue 3,323,393,419 offer shares available for excess application to the applicants on a "fair and equitable basis", which were on a pro-rata basis to the excess offer shares applied for by the qualifying shareholders as disclosed in the prospectus.

Continued suspension of trading

Trading in the ordinary shares of the company was suspended with effect on June 19, 2012, and are to remain suspended until further notice, Titan confirmed.




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