Nam Tai Property Inc. (NTP) shares declined 13.28% in the after-hours on Tuesday, January 11, 2021, and closed the daily trading at $10.00. However, in the regular trading sessions of Tuesday, NTP’s stock gained 4.63%. NTP shares have risen 62.39% over the last 12 months, and they have moved up 5.88% in the past week. Over the past three months, the stock has lost 53.34%, while over the past six months, it has plunged 48.20%.
Let’s discuss its recent news and developments.
NTP corporate updates
On January 11, 2022, The Board of Directors of Nam Tai Property Inc. (NTP) provided a series of corporate updates via the below open letter to shareholders.
- The Board is securing total on-shore control of Nam Tai Property Inc. and its assets. In recent weeks, Jiabiao Wang, whom we believe to be a longtime ally of Kaisa Group Holdings Limited has terminated from any role at Nam Tai, has obstructed an orderly handover of business assets in mainland China.
- The majority of shareholders unaffiliated with Kaisa Group voted to approve the resolutions proposed by IsZo Capital Management LP, at the special meeting of shareholders on November 30, 2021.
The NTP’s new Board of members had its first meeting on December 1, 2021, and major decisions were made including,
- Appointment of Chunhua Yu to replace Jiabiao Wang as the legal representative of the Company’s China subsidiaries.
- Removing existing officers and authorized signatories affiliated with Kaisa Group, and Mr. Wang from his role as chief executive officer.
- Appointing a new interim chief executive and a new interim chief financial officer.
NTP Right plan
On December 13, 2021, Nam Tai Property Inc. (NTP) entered into a one-year shareholder rights plan which will expire on December 13, 2022.
The new Board approved the adoption of the Rights Plan to prevent any person from secretly obtaining control of the Company or from obtaining control without providing an acceptable premium to all shareholders. The right plan will allow shareholders to benefit from the recent appointment of a new corporate leadership team, which is working to develop a long-term strategy for improving governance, establishing a credible capital allocation policy, and realizing the intrinsic value of the Company’s assets.
Well, the company provided a comprehensive corporate update but still, its stock price went down in the after-hours on Tuesday. We hope that it will bounce back in the coming trading sessions.