Nam Tai Property Inc (NYSE: NTP) has responded to an application to convene of shareholders. The Board has obtained a written application Greater Sail Limited and others (the Requisitioning Shareholders). These shareholders are permitted to use more than 30% of the voting rights of the outstanding shares in the Company.
The company disclosed that they have asked the Company to arrange a special meeting of shareholders to contemplate certain changes to the Board of Directors after the special meeting to be scheduled on November 30, 2021, and on or before 23 December 2021. The firm revealed that the Board investigated the alleged inquiry from Requisitioning Shareholders.
Shares of Nam Tai Property Inc (NYSE: NTP) plunged 14.83% during the trading session of Wednesday. In the past 52-weeks of the trading session, the share of the firm fluctuated $4.70 from its 52-week low range and $37.88 from its 52-week high range. The firm has a total market capitalization of $837.34 million at the time of writing.
Furthermore, the Board came to the conclusion that the application from the Requisitioning Shareholders is according to the Company's controlling documents and relevant British Virgin Island laws. The Company mentioned that shareholders are not obliged to take any action at this time. The Company will issue notification of the special meeting to shareholders stating the date, hour, place, and resolutions depending on the circumstances.