Current Price – $5.25;
Offer Price – $5.5;
Upside – 5% or $25 (for odd lot holders);
Expiration date – 4 Sep 2015;
Summary:
Nam Tai Property Inc., a British Virgin Islands corporation (the “Company”), is offering to purchase up to 15,000,000 shares of the Company’s common stock, par value $0.01 per share (the “Company Common Stock”) at a price of $5.50 per share, net to the seller in cash. e are offering to purchase up to 15,000,000 shares of Company Common Stock. The 15,000,000 shares represent approximately 37.9% of our issued and outstanding Company Common Stock as of August 3, 2015.
No proration for Odd Lot holders:
If you own beneficially or of record fewer than 100 shares in the aggregate, you properly tender all of these shares prior to the Expiration Time and you complete the section entitled “odd lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your shares without subjecting them to the proration procedure
Source of Funds:
Assuming that 15,000,000 shares are tendered in the Tender Offer at the purchase price of $5.50 per share, we would need approximately $82,500,00 to purchase such shares (excluding fees and expenses related to the Tender Offer). We anticipate that we will pay for the shares tendered in the Tender Offer with cash on hand. As most of our cash and cash equivalent assets are denominated in Renminbi, we may drawdown from our US$90.0 million credit facility from HSBC denominated in U.S. dollars to pay for all or a part of this Tender Offer. There are no other alternative financing arrangements or plans in place.