Enterprising Investor
9 years ago
Nam Tai Property Inc. Announces Results of its Cash Tender Offer (9/07/15)
SHENZHEN, China, Sept. 7, 2015 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today the results of its previously announced cash tender offer to purchase 15,000,000 of its Common Stock, par value $0.01 per share (the "Shares") at a purchase price of $5.50 per Share, which expired at 5:00 P.M., Eastern Daylight Time, on Friday, September 4, 2015.
Based on the count by Computershare Trust Company, N.A., the Depositary for the tender offer, an aggregate of 3,523,574 Shares were properly tendered and not withdrawn, including 68,772 Shares tendered by Notice of Guaranteed Delivery. Accordingly, pursuant to the terms of the tender offer and applicable securities laws, the Company has accepted for purchase up to 3,523,574 Shares at a purchase price of $5.50 per Share subject to the 68,772 Shares tendered by Notice of Guaranteed Delivery be covered/presented for valid tender. The aggregate purchase price that the Company will pay for the Shares will be up to $19,379,657, excluding other fees and expenses relating to the tender offer.
The Company has instructed the Depositary for the tender offer to promptly make payment on its behalf for the Shares validly tendered and accepted for purchase. Immediately following its purchase of the tendered Shares, the Company expects to have 36,094,748 Shares issued and outstanding.
If you have any questions regarding the tender offer, please contact Georgeson Inc., the Information Agent for the tender offer, at (888) 666-2580 (toll-free).
ABOUT NAM TAI PROPERTY INC.
We are a property development and management company located in Shenzhen, China. Prior to becoming a property development and management company, we were an electronic manufacturing service company. In April 2014, we ceased our LCM manufacturing business and turned our focus to re-developing two parcels of land in Gushu and Guangming, Shenzhen, China, by converting these two parcels of land that formally housed our manufacturing facilities into high-end commercial complexes. We believe our principal income in the future will be derived from rental income from our commercial complexes.
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 the Nam Tai website (www.namtai.com) or the SEC website (www.sec.gov) for Nam Tai press releases and financial statements.
http://www.prnewswire.com/news-releases/nam-tai-property-inc-announces-results-of-its-cash-tender-offer-300138547.html
Enterprising Investor
9 years ago
Nam Tai Property Inc. Share Repurchase By Way of a Cash Tender Offer (8/14/15)
SHENZHEN, China, Aug. 14, 2015 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced that, in connection with its share repurchase by way of a cash tender offer of up to fifteen million (15,000,000) of its issued and outstanding Common Stock, par value $0.01 per share (the "Shares") at a purchase price of $5.50, net per share, Nam Tai has received confirmation from each of its directors and executive officers that none of them intends to tender his or her shares in the Company. Nam Tai also wishes to clarify a market rumor that, as confirmed by each of its directors and executive officers, none of them intends, or is in discussion with a third party, to effect a going-private transaction.
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Nam Tai's shares. The solicitation of offers to buy Nam Tai's shares will only be made pursuant to the offer to purchase, to be issued in connection with the commencement of the tender offer (as may be amended or supplemented), the related letter of transmittal, and other related documents that Nam Tai intends to send to holders of its shares. The tender offer materials will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be distributed by Nam Tai to the holders of its shares at no expense to them. In addition, all of the materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's website at www.sec.gov and by contacting the information agent for the tender offer, Georgeson Inc. by telephone at: Toll-Free +1 (888) 666-2580.
http://www.prnewswire.com/news-releases/nam-tai-property-inc-share-repurchase-by-way-of-a-cash-tender-offer-300128649.html
Enterprising Investor
9 years ago
Nam Tai Property Inc. Share Repurchase by Way of a Cash Tender Offer (8/03/15)
SHENZHEN, China, Aug. 3, 2015 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced that its board of directors has approved and it is commencing a cash tender offer today to purchase up to fifteen million (15,000,000) of its issued and outstanding Common Stock, par value $0.01 per share (the "Shares") at a purchase price of $5.50, net per share. The tender offer will be subject to the terms and conditions described in the offer to purchase and the related materials that will be distributed to holders of the shares and filed with the Securities and Exchange Commission (the "SEC") today. The tender offer is expected to commence on August 3, 2015 and to expire on September 4, 2015, and will be conducted in accordance with SEC Rule 13e-4.
"Further to our previous tender offer launched in late April 2015, we believe that our current stock price has continued to be negatively impacted by unfavorable global stock market conditions and the unfamiliarity of investors with the real estate market in China. With our new tender offer announcement today, we reaffirm our confidence and optimism in the long term future of the Company and continue to execute on our strategy of returning capital to shareholders," said Mr. M. K. Koo, chairman of Nam Tai.
Neither Nam Tai, its board of directors nor the information agent nor any of their affiliates is making any recommendation to holders of the Shares as to whether to tender or refrain from tendering their Shares. This tender offer is offered to all of our shareholders, including our directors and executive officers, who may tender their shares if so desired. The information agent for the tender offer will be Georgeson Inc. and the depositary for the tender offer will be Computershare.
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Nam Tai's shares. The solicitation of offers to buy Nam Tai's shares will only be made pursuant to the offer to purchase, to be issued in connection with the commencement of the tender offer (as may be amended or supplemented), the related letter of transmittal, and other related documents that Nam Tai intends to send to holders of its shares. The tender offer materials will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be distributed by Nam Tai to the holders of its shares at no expense to them. In addition, all of the materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's website at www.sec.gov and by contacting the information agent for the tender offer, Georgeson Inc. by telephone at: Toll-Free +1(888) 666-2580.
http://www.prnewswire.com/news-releases/nam-tai-property-inc-share-repurchase-by-way-of-a-cash-tender-offer-300122335.html
Enterprising Investor
9 years ago
Nam Tai Property Inc. Announces Results of its Cash Tender Offer (6/01/15)
SHENZHEN, China, June 1, 2015 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today the results of its previously announced cash tender offer to purchase 3,000,000 of its Common Stock, par value $0.01 per share (the "Shares") at a purchase price of $5.50 per Share, which expired at 5:00 P.M., Eastern Daylight Time, on Friday, May 29, 2015.
Based on the count by Computershare Trust Company, N.A., the Depositary for the tender offer, an aggregate of 8,278,235 Shares were properly tendered and not withdrawn, including 317,804 Shares tendered by Notice of Guaranteed Delivery. Accordingly, pursuant to the terms of the tender offer and applicable securities laws, the Company has accepted for purchase 3,000,000 Shares at a purchase price of $5.50 per Share. The aggregate purchase price that the Company will pay for the Shares will be $16,500,000, excluding other fees and expenses relating to the tender offer.
The Company has instructed the Depositary for the tender offer to promptly make payment on its behalf for the Shares validly tendered and accepted for purchase. Immediately following its purchase of the tendered Shares, the Company expects to have 39,618,322 Shares issued and outstanding.
If you have any questions regarding the tender offer, please contact Georgeson Inc., the Information Agent for the tender offer, at (888) 666-2580 (toll-free), or WestPark Capital, Inc., the Dealer Manager for the tender offer, at (310) 203-2908.
http://www.prnewswire.com/news-releases/nam-tai-property-inc-announces-results-of-its-cash-tender-offer-300091419.html
Enterprising Investor
10 years ago
Conditions
Priority of Purchases. Upon the terms and subject to the conditions of the Tender Offer, if more than 3,000,000 shares, or such greater number of shares as we may elect to accept for payment, have been properly tendered at the purchase price selected by us and not properly withdrawn prior to the Expiration Time, we will, subject to applicable law, purchase properly tendered shares on the basis set forth below:
• First, we will purchase all shares tendered by any Odd Lot Holder (as defined below) who:
• tenders all shares owned beneficially of record by the Odd Lot Holder (tenders of less than all of the shares owned by an Odd Lot Holder will not qualify for this preference); and
• completes the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery.
• Second, subject to the conditional tender provisions described in “The Tender Offer—Conditional Tender of Shares,” we will purchase all other shares properly tendered on a pro rata basis with appropriate adjustments to avoid purchases of fractional shares, as described below.
• Third, if necessary to permit us to purchase 3,000,000 shares, shares conditionally tendered (for which the condition requiring us to purchase a specified number of shares was not initially satisfied) and not properly withdrawn, will, to the extent feasible, be selected for purchase by random lot. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must have tendered all of their shares.
Enterprising Investor
10 years ago
Nam Tai Property Inc. Share Repurchase by Way of a Cash Tender Offer (4/28/15)
SHENZHEN, China, April 28, 2015 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced that its board of directors has approved and it is commencing a cash tender offer today to purchase up to three million (3,000,000) of its issued and outstanding Common Stock, par value $0.01 per share (the "Shares") at a purchase price of $5.50, net per share. The tender offer will be subject to the terms and conditions described in the offer to purchase and the related materials that will be distributed to holders of the shares and filed with the Securities and Exchange Commission (the "SEC") today. The tender offer is expected to commence on April 28, 2015 and to expire on May 29, 2015, and will be conducted in accordance with SEC Rule 13e-4.
"Notwithstanding the value of our real estate holdings and favorable business prospects, we believe our current stock price has been negatively impacted by unfavorable global stock market conditions and the unfamiliarity of investors with the real estate market in China. With our tender offer announcement today, we reaffirm our confidence and optimism in the long term future of the Company and continue to execute on our strategy of returning capital to shareholders," said Mr. M. K. Koo, chairman of Nam Tai.
Neither Nam Tai, its board of directors, the dealer manager nor the information agent nor any of their affiliates is making any recommendation to holders of the Shares as to whether to tender or refrain from tendering their Shares. Nam Tai has been advised that none of its directors or executive officers intends to tender any Shares pursuant to the tender offer. The information agent for the tender offer will be Cameron Associate and the depositary for the tender offer will be Computershare. WestPark Capital, Inc. will act as the dealer manager in the tender offer.
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Nam Tai's shares. The solicitation of offers to buy Nam Tai's shares will only be made pursuant to the offer to purchase, to be issued in connection with the commencement of the tender offer (as may be amended or supplemented), the related letter of transmittal, and other related documents that Nam Tai intends to send to holders of its shares. The tender offer materials will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be distributed by Nam Tai to the holders of its shares at no expense to them. In addition, all of the materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's website at www.sec.gov and by contacting the information agent for the tender offer, Mr. Kevin McGrath of Cameron Associates, Inc. by telephone at: +1 (212) 245 - 4577.
http://www.prnewswire.com/news-releases/nam-tai-property-inc-share-repurchase-by-way-of-a-cash-tender-offer-300073094.html
flashman9
16 years ago
I agree. Management aggressively cut workforce and is cutting remaining wages up to 30%. Not sure how China reacts to this, but my guess is hands off.
Of the Electronics Manu, Nam Tai appears to be the rare gem that is still showing some profit. Razor thin, but in this business cycle, a rarity.
Trying to pick a bottom price on this one is tough. Under $3 in Feb. Would be a great price to see again, but not sure it will fall that far. If the bad news continues this week, it might see $3 as the markets freak out.
Side note - Wall Street Journal article yesterday, over 700 cargo ships anchored off shanghi waiting for cargo, but non being shipped. If we could actively monitor those ships, it would be an excellent signal of early economic recovery.
MrBankRoll
16 years ago
The Fools are liking Nam Tai....
Nam Tai Is Right to Be Cocky
By Anders Bylund (TMF Zahrim)
February 10, 2009 | Comments (0)
I think this would be a great time to buy Nam Tai (NYSE: NTE).
The electronics manufacturing specialist reported earnings of historically crummy proportions: $0.08 of non-GAAP earnings per share on sales of $169 million are a swift step off a steep cliff from the $0.25 per share and $187 million seen a year earlier. That excludes $17.3 million or $0.39 per share of goodwill impairment charges. Oh, and management put a stop to that juicy dividend which provided for a nice yield last year. The share price took a 16% plunge on the news during yesterday’s trading.
All of that misery, and I still like Nam Tai? Oh, yeah. And here's why.
Yes, this was a bad quarter. Nam Tai is simply not used to this brand of underperformance. The company reported a small operating loss in the month of December, and felt compelled to point that out in the earnings report. It was "a rare loss in any monthly, quarterly or annual period since 1989, in span of 20 years," and provided "dramatic evidence of the prevailing global economic environment."
Do you notice a sense of entitlement here? A cocky strut with a large chip on the shoulder? A certain ... je ne sais quoi? I do. And I can see why, too.
An operating history like that gives you the right to strut your stuff. Diving into the company’s financial statements to confirm that bold claim, I could only find two quarterly operating losses since 1995, both falling in 2001 when the dot-com bubble popped. A year later, that episode was nothing but a fading memory. When Nam Tai falls off the horse of profitability, it gets right back up again.
If you had bought Nam Tai shares in the summer of 2001 when Mr. Market gave the company the cold shoulder and held them for four years, you'd end up with five times the original investment. That return rivals Apple (Nasdaq: AAPL) at the simultaneous start of the iPod craze.
This is not a sector effect, as direct competitors Flextronics (Nasdaq: FLEX) and Jabil Circuit (NYSE: JBL) never even came close to Nam Tai's share gains during those years Nor was it a general tech-stock rebound -- both Intel (Nasdaq: INTC) and Cisco Systems (Nasdaq: CSCO) saw their shares lose value over the same period. Nope, Nam Tai's gains were Nam Tai's own, but competitive pressures led to margin declines that put the brakes on the stocks upward momentum.
However the shares have now sunk too low, and may stay there until the global recession draws to a close. But Nam Tai looks fairly safe at its current valuation; its market capitalization is now well below cash on hand and the firm holds little debt. So look out, Nam Tai will come roaring back in the end, reinstating dividends and regaining investor confidence. The operating record will once again speak for itself.
http://www.fool.com/investing/international/2009/02/10/nam-tai-is-right-to-be-cocky.aspx
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