Update regarding reorganization of Nam Tai Group
Nov 29, 2007
Reorganization proposals involving Nam Tai's Hong Kong-listed subsidiaries revised in efforts both to accommodate issues raised by independent shareholders of Nam Tai Electronic & Electrical Products Limited ("NTEEP") and to achieve a clearer delineation of the businesses of NTEEP and J.I.C. Technology Company Limited ("JIC") post reorganization.
Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) announced an update regarding the proposed reorganization of the Nam Tai Group structure involving its Hong Kong Stock Exchange-listed subsidiaries, NTEEP and JIC, that the Company previously announced on October 8, 2007. In efforts to accommodate issues raised by independent shareholders of NTEEP and to achieve a clearer delineation of the businesses of NTEEP and JIC post-reorganization, the boards of directors of Nam Tai, NTEEP and JIC have approved amendments and supplements to the terms and conditions of the series of transactions involved in order to consummate the reorganization. Specifics concerning the changes to the proposals for the reorganization, the background of the revised reorganization proposals and information reflecting the Nam Tai Group on the bases of its pre-reorganization structure, its structure under the previously announced reorganization proposals and under the currently revised reorganization proposals are set forth in the attached announcements of Nam Tai, NTEEP and JIC that were published in Hong Kong in accordance with rules of the Hong Kong Stock Exchange on November 28, 2007.
"We believe that the reorganization of our group structure, if completed on the bases of the revised proposals, would achieve a balance in the interests of our shareholders and those shareholders of our Hong Kong subsidiaries holding public-float shares," commented John Q. Farina, Nam Tai's Chief Financial Officer. The reorganization of NTEEP and JIC under the revised proposal requires approval of a majority of the public-float shareholders of each subsidiary and extraordinary general meetings for each company to present the proposals for reorganization as revised to its respective shareholders are to be scheduled in December 2007. Nam Tai plans to announce the results thereafter.