SHENZHEN, China and TORTOLA, British Virgin
Islands, Oct. 7, 2021
/PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE
Symbol: NTP) provides an update regarding the dismissal of 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 (the "High
Court") 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 "Dismissal").
A consequential hearing regarding the Dismissal was conducted on
October 6, 2021 at which the Court of
Appeal directed, among other things, that the Company may file
application(s) to the Court of Appeal within 7 days of the
direction, i.e. October 13, 2021,
for: (i) conditional leave to appeal to the Privy Council; (ii) a
stay pending any appeal to the Privy Council; and/or; (iii) a
variation of the order of the Court of Appeal dated October 4, 2021. The hearing of the
aforementioned applications is scheduled for November 8, 2021 (the "November 8 Hearing").
Among the applications intending to be made by the Company it is
prepared to invite the Court of Appeal to vary its order of
October 4, 2021 that the Company
shall convene a special meeting of shareholders regarding the
election and/or removal of directors on November 30, 2021 (the "Proposed Special
Meeting") in compliance with the directions set out in schedule
1 to the order of the High Court dated March
3, 2021 ("Schedule 1"). Schedule 1 provides, among
other things, that members registered at 4p.m. Eastern Time on March 15, 2021 shall be entitled to vote at the
Proposed Special Meeting. Unless the Company succeeds in varying
the order of the Court of Appeal in the November 8 Hearing, it is expected that some of
its current shareholders will not be entitled to vote and will
be affected by the outcome of the Proposed Special
Meeting. The Company will provide updates to its shareholders from
time to time as 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.
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SOURCE Nam Tai Property Inc.