Shares of troubled shopping centre operator Intu Properties plc gave up most of Monday’s gains on Tuesday after it said Hong Kong-based Link Real Estate Investment Trust “has informed intu of its intention to no longer participate in a recapitalisation of the company.”

Shares of Intu — which runs Manchester’s Trafford Centre and Arndale Centre, Newcastle’s Eldon Square and Gateshead’s Metrocentre — fell 26%.

On Monday, Intu shares rose about 30% after it confirmed it was in “constructive discussions with shareholders … in relation to a proposed equity raise …”

Intu said on Monday it was in talks with its largest shareholder, John Whittaker’s Peel Group, and new investors including Link, to raise funds to shore up its balance sheet. 

On Tuesday, Intu said: “Intu remains engaged with shareholders and potential new investors in relation to a proposed equity raise.

“The company will make further announcements in due course, as appropriate.”

Intu shares have fallen about 90% over the past 12 months.