- The current Board and management bring hands-on
experience and expertise to drive growth, contribute to long-term
success and create value for ALL shareholders.
- Able to navigate current uncertainties in Chinese operating
environment for real estate developers.
- Shareholders are urged to vote AGAINST the
removal of the current directors and AGAINST the appointment of
IsZo's nominees on or before November 30, 2021, at 9:00
a.m. Eastern Time, 10:00
p.m. PRC time.
SHENZHEN, China and
TORTOLA, British Virgin Islands, Nov. 17, 2021
/PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP)
today issued the following statement reiterating to shareholders
its recommendation to vote AGAINST the removal of Nam Tai's experienced directors and AGAINST the
appointment of IsZo's nominees at the special meeting of
shareholders to be held at 9:00 a.m. Eastern
Time on November 30, 2021 (the
"Special Meeting"). The holders of the Company's common shares of
record at close of business on March 15, 2021 (Eastern Time) (the "Record Date") would be
entitled to vote at the Special Meeting.
Nam Tai's current Board of
Directors (the "Board") and management are savvy, results-oriented
and shareholder-aligned, and their current strategy continues to
build positive momentum. By enabling continual operational progress
during ongoing industry disruption in the PRC, management has
distinguished itself from its peers which are facing challenges
both financially and in terms of operations.
The Company's strategy is creating value for all
shareholders. Despite a challenging operating environment, the
current management keeps Nam Tai
progressing to meet its goals. Therefore, Nam Tai urges its shareholders to vote AGAINST
the removal of its current experienced directors and AGAINST the
appointment of IsZo's nominees at the Special Meeting.
Nam Tai is delivering significant
financial progress, growing revenue and optimizing capital
structure. In the first nine months of 2021, the Company grew
revenue by 3,134% year-on-year to approximately $84 million, while gross profit was improved
dramatically to $52.6 million as of
September 30, 2021 from just
$483,000 twelve months ago. This
reflects the massive cost reduction made by the current Board and
management – including more than $100
million in cost saving at Inno Park alone. Nam Tai is making strides and developing
significant financial momentum.
Furthermore, management is optimizing capital structure for
the sustainable development of the Company. While many real estate
developers in the PRC are struggling to service debt
obligations and are suffering liquidity crunch, Nam Tai obtained a $164
million loan facility from the Bank of Guangzhou, reflecting trust from the financial
institution for the management. This not only strengthens our
operational position going forward, but underscores the importance
of management's deep experience and ability to avoid the pitfalls
of peers.
In addition, management is delivering operational results – as
there was a significant increase in real estate properties
held for lease, net by $59.5 million
in the first nine months of 2021. In August, the
Company obtained the pre-sale permit for Nam Tai
Longxi only 16 months after purchasing the land. From
the perspective of project leasing, Inno Park already achieved an
occupancy rate of 69% as of the third quarter of 2021 across its
gross floor area of 264,000 square meters, aims to achieve 90%
occupancy rate by 2022. Nam Tai has
even grown its development footprint, expanding to Dongguan, PRC's advanced manufacturing hub
near to Shenzhen and Guangzhou. The current Board has shown its
ability to build, market and manage a large scale industrial real
estate project, as well as large scale mix-use residential
developments, in spite of the general economic slowdown and
development-saturated areas.
This current Board has the right composition for the job. Beyond
the overseeing of the accomplishments above, this Board consists of
83% independent directors, containing directors in Hong Kong, Mainland China, and North America. This diversity of perspective
has allowed Nam Tai to continue
growing and progressing in the face of significant market
challenges. Furthermore, the Board's three standing
committees – the Audit
Committee, the Compensation Committee, the Nomination and Corporate
Governance Committee – are
composed exclusively of independent directors.
Lastly, the current Board and management are committed to
ongoing transparency to investor community and creation of value
for all shareholders. The Company has resumed the quarterly
earnings call so as to enhance the transparency to its business and
strategy and the current Board will be in a position to explore the
declaration of dividends after resolving the liquidity crunch.
Now is Not the time to change the current Board and
management team given the progress it has made in the midst of the
challenging operating environment. Please support the current Board
and management team by voting AGAINST the proposals on the WHITE
proxy card.
In respect of the Special Meeting, if any shareholders wish to vote or to
change their vote, please cast
a new vote following the instructions on the WHITE proxy card to
vote by telephone (+1 800 690 6903) or via the internet
(www.proxyvote.com) up until 11:59 p.m.
Eastern Time on November 29,
2021. They should have
received voting instructions on how to vote on the WHITE proxy card
in advance of the originally scheduled April
26 special meeting. The Company is also anticipating the
distribution of another WHITE proxy card shortly.
If shareholders have any
questions or need assistance in voting their shares, they may contact Innisfree M&A
Incorporated, the firm assisting
with this proxy solicitation.
Shareholders may call toll free: (877) 825-8777
Banks and Brokers may call collect: (212) 750-5833
The Special Meeting of Shareholders will be held virtually at
www.virtualshareholdermeeting.com/NTP2021SM on November 30, 2021, at 9:00
a.m. Eastern Time.
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
expect to 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
Ira Gorsky, Edelman
Email: Ira.gorsky@edelman.com
Cell: 732-740-5872
Media and Investor Relations, Nam Tai Property Inc.
E-mail: ir@namtai.com.cn
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SOURCE Nam Tai Property Inc.