Nam Tai Issues Statement in Connection with Litigation Filed by IsZo Capital Management
Nam Tai Property Inc. (NTP) announced on March 3, 2021, that the Eastern Caribbean Supreme Court ruled the company's October 2020 private placement void, necessitating a special shareholder meeting for director elections. The company expressed surprise and disappointment over the ruling and plans to appeal the decision while fulfilling its fiduciary duties. Nam Tai aims to establish itself as a leading technology park developer in China's Greater Bay Area, continuing to pursue its long-term growth strategy despite the legal setback.
- Nam Tai continues to pursue its long-term growth strategy despite legal challenges.
- The company aims to develop technology parks in the Greater Bay Area, showcasing its commitment to expansion.
- The Court ruling voids the private placement, potentially impacting financial strategies.
- The need for a special shareholder meeting may cause uncertainty among investors.
SHENZHEN, China, and TORTOLA, British Virgin Islands, March 3, 2021 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today provided an update on the litigation filed by IsZo Capital LP (together with its affiliates, "IsZo") against the Company in the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands (the "Court").
On March 3, 2021, the Court handed down a judgment holding that the private placement previously announced by the Company on October 5, 2020 was void and should be set aside, and that the Company shall convene a special meeting of shareholders regarding the election of directors as soon as possible. The judgment follows legal proceedings instituted by IsZo Capital LP against the Company and other parties.
"Nam Tai Property is extremely disappointed with and surprised by today's ruling in the case of IsZo Capital versus Nam Tai Property and intends to exercise its right to appeal the decision and seek a stay until the appeal is decided. The board of directors and management of the Company continue to execute their fiduciary duties to act in the best interests of the Company and all shareholders as the Company moves forward in its mission to become a leading technology park developer and operator committed to long-term and sustainable growth, bringing long-term benefits to shareholders."
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.
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SOURCE Nam Tai Property Inc.
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