LONDON, UK / ACCESSWIRE / July 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Nam Tai Property Inc. (NYSE: NTP), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=NTP. The Company announced on July 12, 2017 that the Company's Chairman, M.K. Koo, in his capacity as a stockholder, has signed a share purchase agreement to sell 6,504,355 shares (around 17.7% of the issued shares) of the Company held by him and his wife at a price of $17 per share, reflecting a premium in excess of 100% of the Company's 30-day trading average, to Kaisa Group Holdings Ltd. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Background
The share purchase agreement by Kaisa Group is a result of a three-year search for a strategic partner. Nam Tai Property believes that the price paid by Kaisa Group, after evaluating the Company's potential in the industry, is a better reflection of the intrinsic value of the Company's shares. As per the release, the consideration for the acquisition was determined with reference to the valuation of the land, and the redevelopment prospects of the land.
Mr. Koo's stated that this transaction is part of his transition towards retirement. However, Mr. Koo will remain an integral part of the Company for not less than one year, considering his health condition.
Kaisa Group Shareholder's Consent
The deal is expected to complete after the release of the Company's Q2 financial results, on or before August 11, 2017, and is based on the due diligence reviews, customary closing conditions and consent by regulatory bodies, along with approval by Kaisa Group's shareholders. Kaisa Group has paid a refundable deposit of RMB10,000,000 to Nam Tai Property Inc.
In accordance with the agreement, if the deal fails to be completed on the decided date as a result of Tai Property's incompetence to satisfy all the obligations, the Company will be required to refund the Deposit to Kaisa Group, and will also be liable to a penalty of RMB10,000,000.
Nomination of Director
Following the completion of the agreement, Mr. Koo and Kaisa Group will discuss the possible appointment of one or more designees of Kaisa Group as members to the Company's Board of Directors that can support the Company in its various development projects. Such appointment will be subject to the support approval of the Board or at the annual general meeting of the Company.
Benefits of the Agreement
Management of Nam Tai Property believes that Kaisa Group's experience in real estate development could be beneficial for the former company in the development its two major properties, Nam Tai Inno Park and Nam Tai Inno City.
About Nam Tai Property Inc.
Founded in 1987, Nam Tai Property Inc. (formerly known Nam Tai Electronics, Inc.) is a China-based property development and management company in the People's Republic of China. The Company focuses on redevelopment of on two parcels of land in Gushu, Shenzhen, named as Namtai Inno City named and Guangming, Shenzhen, named as Namtai Inno Park.
About Kaisa Group Holdings Ltd
Established in 1999 and headquartered in Shenzhen, the People's Republic of China, Kaisa Group is a comprehensive investment group comprising of more than 10 enterprises and specialized co-operations, over ten thousand employees, and total assets of 160 billion CNY in 2016. The Company has covered five main economic zones as Pearl River Delta, Yangtze River Delta, Bohai Rim, Chengdu-Chongqing, and Central Area, nearly 50 core cities in China. Kaisa Group is a listed company on the Stock Exchange of Hong Kong (HKSE) since December 2009.
Last Close Stock Review
On Thursday, July 13, 2017, the stock closed the trading session flat at $10.00. A total volume of 132.73 thousand shares has exchanged hands, which was higher than the 3-month average volume of 56.66 thousand shares. Nam Tai Property's stock price skyrocketed 35.14% in the last three months, 38.89% in the past six months, and 84.50% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 35.14%. The stock has a dividend yield of 2.80%. At Thursday's closing price, the stock's net capitalization stands at $362.20 million.
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