Some 92.69% of shareholders rejected a plan to increase share capital with a share subscription by Guangdong Zhenrong Energy (GZE). GZE ad been seen as a "white knight" for Titan investing in the struggling Hong Kong-listed company and taking over its debt.
“The company is actively considering alternative funding and restructuring proposals and further announcement will be made as and when appropriate,” Titan said in a statement.
Titan’s partner in Saturn Petrochemicals, private equity investor Warburg Pincus filed a winding up petition against Titan in the Bermuda courts last July alleging that Titan was basically insolvent and unlikely to be able to redeem Warburg’s 555m preferred shares.
