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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 Eastern Caribbean Court of Appeal has dismissed Nam Tai Property's appeal regarding the Supreme Court's decision to void a $170 million private placement from October 2020. The court found that the placement was initiated by a Kaisa-controlled board for improper purposes, undermining shareholder interests. As a result, a special meeting of shareholders is scheduled for November 30, 2021, allowing for the election of new directors. IsZo Capital Management, holding 15% of Nam Tai, sees this ruling as a positive step for improving governance and financial stability.
Nam Tai Property Inc. (NYSE: NTP) announced a loan agreement with Bank of Guangzhou for a facility of up to RMB1.06 billion (approx. US$164 million) to address liquidity issues. The company has already drawn down RMB 575 million (approx. US$89 million). The loan is secured by pledges from its subsidiaries. Despite challenges including immediate repayment demands from existing lenders and lawsuits causing account freezes, the company believes this loan will help restore normal operations and settle supplier disputes.
Nam Tai Property Inc. (NYSE: NTP) has secured a new loan facility worth over
Nam Tai Property Inc. (NYSE: NTP) announced the pre-sale commencement of 260 residential units at Nam Tai • Longxi starting August 6, 2021. The average sales price is set at RMB22,939 (USD3,551) per square meter, following local government approvals. Despite this positive step, the company faces challenging market conditions, including restrictive measures by the PRC government to control housing prices and speculation, which may affect sales success and liquidity. The company aims to alleviate liquidity issues through this pre-sale as part of its broader corporate strategy.
Nam Tai Property Inc. (NTP) reported Q2 2021 results revealing a revenue increase to $9.5 million from $0.8 million YoY, alongside a reduced net loss from operations of $0.3 million compared to $4.5 million in Q2 2020. However, the company faces significant liquidity issues as lenders demand immediate repayment of loans amid ongoing legal disputes with suppliers. Restricted cash soared to $100.6 million due to court orders. The occupancy rate at Nam Tai Inno Park improved to 59%, with plans for pre-sale of Nam Tai • Longxi expected in August 2021, pending local authority approval.
IsZo Capital Management LP, owning 13.1% of Nam Tai Property (NTP), updates on the appeal against a ruling voiding a $170 million private placement initiated in October 2020. The Eastern Caribbean Court found the placement breached fiduciary duties and aimed to grant Kaisa Group control amid shareholder disputes. Following a June 16, 2021 hearing, the Court plans to issue a decision promptly. IsZo aims to change the board to unlock the property portfolio's potential, estimated at $40 per share.
IsZo Capital Management LP, which owns roughly 13.1% of Nam Tai Property (NTP), has announced key updates regarding the reconstitution of the Company's Board. IsZo secured alternative financing from three China-based banks to mitigate debt concerns. Additionally, the Eastern Caribbean Court of Appeal has scheduled a hearing for Nam Tai’s appeal against a previous ruling voiding a $170 million private placement, set for June 14-16, 2021. IsZo highlights that almost 60% of shareholders voted to remove Kaisa-affiliated directors, boosting confidence in their proposed board candidates.
Nam Tai Property Inc. (NTP) reported strong first-quarter results for 2021, posting revenues of $69.0 million, up 9,778% year-over-year. The net income from operations surged to $36.2 million, compared to a loss of $3.7 million in Q1 2020. Consolidated net income was $25.6 million, reversing a $3.2 million loss. The occupancy rate for Nam Tai Inno Park increased to 48%, contributing to a gross profit of $45.0 million. However, cash and cash equivalents fell to $20.6 million due to liquidity challenges.
IsZo Capital Management, owning 14.1% of Nam Tai Property (NYSE: NTP), addressed the Eastern Caribbean Court of Appeal's decision regarding their appeal against a prior ruling voiding a $170 million private placement. The Court has delayed a Special Meeting for shareholders to remove Kaisa-affiliated directors until the appeal is resolved. Despite 97% of non-Kaisa shareholders voting for board changes, the ruling emphasizes the need to address fiduciary breaches. IsZo criticized the delay and questioned Nam Tai's $150.2 million investment into a Supply Chain Fund amidst a liquidity crisis.
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