NTP - NTP STOCK NEWS

Nam Tai Property Inc. announced that the Shenzhen Intermediate People’s Court upheld the Qianhai Court's decision to freeze personal bank accounts and assets of former affiliates Wang Jiabiao and Zhang Yu. This ruling reinforces the company's legal strategy against these individuals, who were dismissed by the reconstituted Board in late 2021. The court's order restricts them from using corporate resources, further protecting the interests of shareholders and the company’s stability as it seeks on-shore control of its operations.

Nam Tai Property Inc. (NYSE: NTP) announced that the Shenzhen Qianhai Cooperation Zone People’s Court has allowed its subsidiary to freeze the bank accounts and assets of former employees Wang Jiabiao and Zhang Yu. This decision follows a court order restricting them from using corporate resources of Nam Tai Investment. Chairman Michael Cricenti expressed confidence in the legal strategy to regain control and safeguard the company's interests while pursuing claims against the former employees and Kaisa Group.

The Shenzhen Qianhai Cooperation Zone People's Court has granted Nam Tai Property Inc. a legal injunction against fired executives Wang Jiabiao and Zhang Yu. They are prohibited from using the company's licenses during ongoing litigation. The court's decision aims to prevent asset dissipation and restrict the former executives from prioritizing Kaisa Group's interests over Nam Tai's. Chairman Michael Cricenti emphasized this move as critical for onshore control, aiming for long-term growth and stability for the company.

Nam Tai Property Inc. (NYSE: NTP) announces the appointment of Zhou Chongqing to its Board of Directors, reducing the Board to eight members following the resignations of Jeffrey Tuder and Paula J. Poskon. Michael Cricenti, Chairman of the Board, expressed confidence in Zhou's expertise in corporate governance and real estate, highlighting his understanding of China's markets. Zhou, aged 63, has a rich background in accounting and governance and is currently an independent director at Wenfeng World Chain Development Co., Ltd.

Nam Tai Property Inc. (NYSE: NTP) has filed a legal claim against Greater Sail Limited, alleging conspiracy with former executives to hinder the transition of on-shore control. The claim, submitted on January 26, 2022, indicates that Greater Sail attempted to obstruct the new board's efforts by sending misleading communications to Chinese authorities. On January 31, 2022, the Eastern Caribbean Supreme Court ordered Greater Sail to cease its obstructions, including the withdrawal of objections to Nam Tai's new board and to preserve relevant documents.

Nam Tai Property Inc. (NYSE: NTP) announced agreements with IAT Insurance Group and IsZo Capital Management for a $20 million unsecured debt facility to enhance liquidity without diluting equity. The board contends that Kaisa Group's interference poses risks to stakeholders, citing defaults on Kaisa's obligations. The company aims to gain complete control over its assets after recent leadership changes, including the removal of Jiabiao Wang. The debt facility supports operational needs, with potential upsizing to $40 million.

IsZo Capital Management LP has issued a letter to Jefferies Financial Group, expressing disappointment over the lack of response regarding alleged unethical practices in its prime brokerage business. IsZo claims that Jefferies is unlawfully withholding funds as collateral for non-existent positions, leading to significant financial losses for clients. The letter emphasizes systemic issues within Jefferies and the involvement of specific employees in these alleged fraudulent activities. IsZo plans to maintain a website documenting these claims to raise public awareness.

Nam Tai Property Inc. (NYSE: NTP) has implemented a one-year shareholder rights plan, effective immediately, to protect against unwanted control. The plan aims to ensure fair treatment for shareholders if a person or group acquires 20% or more of shares. Additionally, Deutsche Bank has foreclosed on the 24% stake previously held by Kaisa Group's affiliate, Greater Sail. All Kaisa-appointed executives have been terminated. The Board is assessing the validity of a requisition for a special shareholder meeting and has retained legal counsel for support.

Nam Tai Property Inc. (NYSE: NTP) appointed Yu Chunhua as Executive Director and Legal Representative of its Shenzhen branch, effective December 1, 2021. With prior experience in the ministry of foreign affairs and a background in investment and real estate, Chunhua brings valuable expertise to the company's leadership. This appointment aligns with the board's strategy to incorporate strong local leaders to enhance operational effectiveness in China, aiming to deliver value to stakeholders.