NTP - NTP STOCK NEWS

Nam Tai Property Inc. (NTP) announced an update regarding the litigation filed by IsZo Capital LP in the British Virgin Islands. Following a court hearing on October 19, 2020, the interim injunction expired, and Nam Tai agreed to certain court-imposed restrictions. A ruling on these undertakings is expected on November 30, 2020, with the trial set to commence on January 29, 2021. The Company believes IsZo's claims are baseless and highlights that a recent private placement was essential to mitigate financial risks precipitated by IsZo's actions.

IsZo Capital Management LP, a significant shareholder of Nam Tai Property (NYSE: NTP), has initiated legal proceedings in the Eastern Caribbean Supreme Court against Nam Tai and others regarding a $170 million private placement. This placement issued over 18 million shares, equating to 47.6% of outstanding shares pre-issuance. IsZo alleges this move strengthens Kaisa's control over Nam Tai, damaging approximately $150 million in shareholder value. The court has granted an injunction against the transaction and scheduled a hearing for October 19, 2020.

Nam Tai Property Inc. (NTP) announced that its Board is reviewing IsZo Capital Management's request for a special shareholder meeting. The Board has requested more information to determine the request's validity under British Virgin Island laws. No action is required from shareholders at this time, and no meeting has been scheduled. The Board remains committed to enhancing shareholder value and acting in the best interests of all shareholders.

Nam Tai Property Inc. (NTP) has completed a private placement, raising approximately $170 million from investors Kaisa Group Holdings Ltd. and a Hong Kong financial group. The funds will help alleviate debt risks and enhance financial flexibility. Recent uncertainties raised by IsZo Capital Management threaten the company's operations and control, potentially leading to loan cancellations. The investment is seen as a strategic move to ensure liquidity and continue property development in the Guangdong-Hong Kong-Macao Greater Bay Area, thereby aligning interests with long-term shareholders.

Nam Tai Property Inc. (NTP) responded to IsZo Capital's misleading claims about its management and strategic relationships, particularly with Kaisa Group, its largest shareholder. The company emphasizes Kaisa's role in enhancing its growth and financial stability, stating Kaisa's market cap exceeds $3.3 billion. Nam Tai refuted IsZo's assertions regarding its stock performance, noting it has outperformed peers since Kaisa's investment in 2017. Furthermore, Nam Tai outlined its prudent capital allocation strategy, particularly in acquiring a $101 million site in Dongguan, aimed at leveraging growth in the region.

Nam Tai Property Inc. (NTP) has appointed Dr. Lai Ling Tam as Executive Chairman, Mr. Jiabiao Wang as CEO, and Mr. Wai Hang Wan as CFO. These changes follow the resignation of former Chairman and CEO, Mr. Ying Chi Kwok. Dr. Tam brings over 25 years of experience in finance and real estate, while Mr. Wang, with 15 years of industry experience, previously led China operations. Mr. Wan has over 10 years of finance experience. The company aims to leverage this strengthened leadership team to enhance its position as a leading industrial ecosystem operator and create sustainable shareholder value.

Nam Tai Property Inc. (NYSE: NTP) announced the resignation of Mr. Ying Chi Kwok as Director and Chief Executive Officer, effective immediately. His departure is attributed to personal reasons, with no reported disagreements with company policies. The company expressed gratitude for his contributions during his tenure. Nam Tai specializes in real estate development, focusing on projects in the Guangdong-Hong Kong-Macao Greater Bay Area and Wuxi, China, emphasizing the development of technology parks and expansion into commercial and residential properties.

Nam Tai Property Inc. (NTP) has officially opened the Nam Tai Inno Park during the "Tech Empowerment • Greater Bay Area" Summit on September 10, 2020. This marks the company's first project aimed at establishing a leadership position in technology park operations. Currently, around 30 corporate tenants have joined the Park, which spans approximately 330,000 square meters, featuring industrial office buildings and service centers. The Park is designed to promote technological innovation and regional economic development, aligning with Nam Tai's commitment to providing high-quality mixed-use spaces.

Nam Tai Property Inc. (NTP) announced that Towers A, B, and C of its Technology Center in Shenzhen have received LEED Gold precertification, highlighting its commitment to eco-friendly building practices. The project, which began construction in July 2019, aims to utilize advanced energy-saving technologies, expecting a 19% energy saving rate and a 45% improvement in water efficiency. Upon completion, the center will include three office buildings and additional facilities, aiming for full LEED Gold certification.