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.