IsZo Capital Reaffirms Commitment to Delivering Change at Nam Tai Following the Kaisa-Controlled Board s Latest Anti-Shareholder Financing Maneuver apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
IsZo Capital Provides Update on Nam Tai’s Appeal of Voided Private Placement | 0 IsZo Capital Management LP (together with its affiliates, “IsZo”), which beneficially owns approximately 13.1% of the outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”), today provided an update regarding the Company’s appeal to the Eastern Caribbean Court of Appeal (the “Court of Appeal”) of the Eastern Caribbean Supreme Court’s (the “Court”) ruling against Nam Tai, Kaisa Group Holdings Limited’s (HKG: 1638) (“Kaisa”) wholly-owned subsidiary Greater Sail Limited and West Ridge Investment Company Limited. The Court’s March 2021 ruling voided Nam Tai’s $170 million private placement and found that the Company’s Board of Directors (the “Board”) acted for an improper purpose when initiating the dilutive transaction in October 2020.
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SHENZHEN, China, Jan. 29, 2021 /PRNewswire/ Nam Tai Property Inc. ( Nam Tai or the Company ) (NYSE Symbol: NTP) today announced its unaudited financial results for the quarter ended December 31, 2020.
KEY HIGHLIGHTS
In the quarter ended December 31, 2020:
Revenue was $68.6 million in the fourth quarter of 2020, an increase of $67.8 million or 8,076.0% year-on-year.
Net income from operations was $34.9 million, increased from net loss from operations of $4.6 million year-on-year.
Consolidated net income was $28.7 million in the fourth quarter of 2020, an increase of $30.4 million year-on-year.
Real estate properties under development was $312.1 million as of December 31, 2020, an increase of $60.5 million or 24.0% year-on-year.