Benzinga | Nov 11, 2021 12:44PM EST

Nam Tai Issues Statement Regarding Hearing Of 3 Applications Filed Subsequent To Appeal Judgment Dated October 4, 2021

Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) is to provide an update regarding the hearing held on November 8, 2021 in relation to the three applications filed on October 18, 2021, subsequent to the judgment handed down on October 4, 2021 by the Eastern Caribbean Court of Appeal in the British Virgin Islands (the "Court of Appeal"), namely the applications for: (i) conditional leave to appeal to the Judicial Committee of the Privy Council of the United Kingdom (the "Privy Council") (the "Application for Conditional Leave to Appeal"); (ii) a stay of execution to stay a special meeting of shareholders of the Company which the Court of Appeal had ordered the Company to convene and hold at 9:00 a.m. Eastern Time on November 30, 2021 (the "Special Meeting") (the "Application for a Stay"); and (iii) a variation of the order of the Court of Appeal dated October 4, 2021 which ordered that only holders of the Company's common shares of record at close of business on March 15, 2021 (Eastern Time) (the "Record Date") would be entitled to vote at the Special Meeting (the "Application for Variation of the Order") (collectively, the "Three Applications").

The Three Applications were heard by the Court of Appeal on November 8, 2021. On November 10, 2021, the Court of Appeal delivered its decision whereby: (i) the Application for Conditional Leave to Appeal was granted and the Company was directed to comply with the conditions imposed by the Court of Appeal in allowing the Application for Conditional Leave to Appeal within 90 days from November 8, 2021 and (ii) the Applications for a Stay and for Variation of the Order were both declined.

In respect of the Special Meeting, if you are the Company's shareholder as of the Record Date and wish to change your vote, you may: (i) cast a new vote following the instructions on the proxy card to vote by telephone at +1 800 690 6903 or via the internet at www.proxyvote.com up until 11:59 p.m. Eastern Time on November 29, 2021; (ii) cast a new vote by mailing a new proxy card with a later date; or (iii) attend the Special Meeting to be held virtually at www.virtualshareholdermeeting.com/NTP2021SM on November 30, 2021, at 9:00 a.m. Eastern Time and follow the instructions to vote during the Special Meeting. If you are a beneficial owner of the Company's common shares, you can revoke any prior voting instructions by contacting the bank, broker, or other nominee that holds your shares or by obtaining a legal proxy from your bank, broker, or other nominee and voting at the Special Meeting. If you have any questions or need assistance in casting your vote, you may contact Innisfree M&A Incorporated, the firm assisting the Company with this proxy solicitation (the Company's shareholders may call toll free at +1 877 825 8777, banks and brokers may call collect at +1 212 750-5833).

The Company will keep its shareholders informed from time to time when appropriate.