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Nam Tai Property Inc. (NTP) issued a statement addressing IsZo Capital Management's attempts to gain control of the board. The company emphasizes its commitment to all shareholders and asserts that it has a clear strategy to enhance value. Despite IsZo owning less than 10% of shares, Nam Tai believes its board and management possess the necessary experience to execute industrial real estate projects effectively. The company successfully bid for a land parcel in Dongguan, asserting this will bolster its portfolio. Nam Tai urges shareholders to reject IsZo's moves to replace the board.
Nam Tai Property Inc. (NTP) reported its Q2 2020 results, showing an 11.4% revenue increase year-over-year, totaling $843,000, attributed to rental income. However, gross profit plummeted 63% to $160,000, leading to a net loss from operations of $4.5 million, worsening from $3.4 million in Q2 2019. Cash and cash equivalents fell significantly to $68.1 million, down from $132.4 million at year-end 2019. As of June 30, 2020, occupancy rates for Shenzhen projects stood at 32%. The company resumed construction amidst COVID-19 and launched rent financing to bolster tenant occupancy.
Railroad Ranch Capital Management LP (RRCM), holding 4.5% of Nam Tai Property Inc. (NYSE: NTP), has expressed shareholder concerns regarding the company's governance. In an open letter dated June 16, 2020, RRCM criticized the influence of minority shareholder Kaisa Group Holdings Ltd. on company control without providing a control premium. The letter highlights issues with the independence of the Board of Directors and raises alarms about nepotism following the nomination of Aaron Kwok as a director. RRCM supports replacing the existing Board to ensure proper oversight and protect shareholder interests.
