Nam Tai Issues Statement in Connection with its Appeal Against the Judgment dated March 3, 2021
Nam Tai Property Inc. (NTP) has received a ruling from the Eastern Caribbean Court of Appeal regarding its appeal against a judgment from the Eastern Caribbean Supreme Court. The court deemed a prior private placement void and dismissed most of the Company's appeal. However, it allowed the appeal concerning allegations against the Company's directors for breach of the BVI Companies Act. Nam Tai plans to hold a special meeting on November 30, 2021, to elect new directors. The Company expressed disappointment with the ruling and may consider further actions.
- The appeal regarding the directors' breach of the BVI Companies Act was partially allowed.
- The Court ruled that the private placement announced on October 5, 2020, was ineffective and void.
- Majority of the Company's appeal was dismissed, indicating potential governance issues.
SHENZHEN, China, and TORTOLA, British Virgin Islands, October 4, 2021 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) is to provide an update on its appeal before the Eastern Caribbean Court of Appeal in the British Virgin Islands (the "Court of Appeal") against the judgment issued by the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands on March 3, 2021 in relation to the litigation filed by IsZo Capital LP against the Company together with Greater Sail Limited and West Ridge Investment Company Limited.
On October 4, 2021, the Court of Appeal handed down a judgment holding that, among other things, the private placement previously announced by the Company on October 5, 2020 was ineffective and void, and the Court of Appeal dismissed the Company's appeal except to the extent that the appeal against the conclusion that the Company's directors acted in breach of section 120(1) of the BVI Business Companies Act 2004 is allowed. Further, the Court of Appeal ordered that the Company shall convene a special meeting of shareholders regarding the election of directors on November 30, 2021.
"The Company is extremely disappointed with today's ruling. Upon receipt of the written Judgment from the Court of Appeal, the Company will make decisions as to whether to exercise its right to appeal the Court of Appeal's decision and seek a stay until the appeal is decided. The Company will keep its shareholders informed from time to time when appropriate."
Forward-looking Statement and Factors that Could Cause our Share Price to Decline
Certain statements included in this announcement, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business and the industry in which we operate. These statements are only predictions based on our current expectations about future events. There are several factors, many beyond our control, which could cause results to differ materially from our expectation. These risk factors are described in our Annual Report on Form 20-F and in our Current Reports filed on Form 6-K from time to time and are incorporated herein by reference. Any of these factors could, by itself, or together with one or more other factors, adversely affect our business, results of operations or financial condition. There may also be other factors currently unknown to us, or have not been described by us, that could cause our results to differ from our expectations. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this announcement; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this announcement or those that might reflect the occurrence of unanticipated events.
ABOUT NAM TAI PROPERTY INC.
We are a real estate developer and operator, mainly conducting business in Mainland China. Our main land resources are located in the Guangdong-Hong Kong-Macao Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in Shenzhen will be developed into Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these technology parks into landmark parks in the region and provide high-quality industrial offices, industrial service spaces and supporting dormitories to the tenants. Based on the experience of developing and operating technology parks and an industrial relationship network accumulated over the past 40 years, we have also exported the operation model of technology parks to other industrial properties. Through an asset-light model, we have leased industrial properties for repositioning and business invitation. We will also expand the commercial and residential property business in China as an auxiliary development strategy of the Company. As the growth prospects of China maintain, we shall seize development opportunities in the Greater Bay Area and other first- and second-tier cities in China, and continue to strengthen and expand the business of industrial real estate, and commercial and residential properties. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP"). Please refer to our corporate website (https://www.namtai.com/) or the SEC website (www.sec.gov) for our press releases and financial statements.
Contacts
Media and Investor Relations Department
Nam Tai Property Inc.
E-mail: ir@namtai.com.cn
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SOURCE Nam Tai Property Inc.
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