EX-99.(A)(1)(G) 2 d92023dex99a1g.htm EX-99.(A)(1)(G) EX-99.(A)(1)(G)

Exhibit (a)(1)(G)

SUPPLEMENT NO. 2

TO

OFFER TO PURCHASE

NAM TAI PROPERTY INC.

Offer to Purchase for Cash up to 15,000,000 Shares of Its Common Stock

For a Purchase Price of $5.50 Net Per Share

DATED AUGUST 24, 2015

EXPLANATORY NOTE

This Supplement No. 2 summarizes amendments to the Offer to Purchase, dated August 3, 2015 (the “Offer to Purchase”) of Nam Tai Property Inc. (the “Company”), as amended on August 14, 2015 pursuant to Supplement No. 1. Unless otherwise indicated, to the extent information in this Supplement conflicts with information in the Offer to Purchase, the information in this Supplement hereby replaces and supersedes such information. Defined terms used below that are not defined in this Supplement No. 2 shall have the meanings ascribed thereto in the Offer to Purchase.

* * * * *

(1) The following is inserted after the first paragraph under the heading “How will the Company pay for the shares?” on page 2 of the Offer to Purchase:

The following set forth our pro forma statements of comprehensive income and balance sheet for the six months ended June 30, 2015 and as of June 30, 2015, assuming the this Tender Offer had been completed as of January 1, 2015 at the cost of US$82.5 million.

Nam Tai Property Inc.

Condensed Consolidated Statements of Comprehensive Income

(In Thousands of US Dollars)

 

     Six months ended
June 30, 2015		  
     Actual     As Adjusted  
     (in thousands, except per share
data)		  

Rental income

    $ 1,616      $ 1,616   

Rental expense

      1,011        (1,011 ) 
  

 

 

    

 

 

  

Net rental income

      605        605   

General and administrative expenses

      (5,759 )      (5,759 ) 
  

 

 

    

 

 

  

Operating loss

      (5,154 )      (5,154 ) 
  

 

 

    

 

 

  

Other income, net

      1,584        1,584   

Interest income(6)

      4,827        4,986   

Interest expenses(5)

      (260 )      (985 ) 
  

 

 

    

 

 

  

Income before income tax

      997        431   
  

 

 

    

 

 

  

Income from continuing operations

      997        431   

Loss from discontinued operations, net of tax

      (202 )      (202 ) 
  

 

 

    

 

 

  

Consolidated income

      795        229   
  

 

 

    

 

 

  

Consolidated comprehensive income(5)(6)

    $ 795      $ 229   
  

 

 

    

 

 

  

Earnings per Share

     

Basic earnings per share

      0.02        0.01   

Diluted earnings per share

      0.02        0.01   

 

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Nam Tai Property Inc.

Condensed Consolidated Balance Sheets

(In Thousands of US Dollars)

 

     As of June 30, 2015  
     Actual      As Adjusted  
     (in thousands)  

ASSETS

      

Current assets:

      

Cash and cash equivalents(1)(2)(4)

    $ 232,464       $ 185,212   

Short term investments

      66,139         66,139   

Prepaid expenses and other receivables(6)

      4,387         4,546   

Finance lease receivable – current

      3,422         3,422   

Assets held for sale

      21,534         21,534   

Current assets from discontinued operations

      94         94   
  

 

 

     

 

 

  

Total current assets

      328,040         280,947   
  

 

 

     

 

 

  

Property, plant and equipment, net

      28,782         28,782   

Land use rights

      12,108         12,108   

Other assets

      164         164   
  

 

 

     

 

 

  

Total assets

    $ 369,094       $ 322,001   
  

 

 

     

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Short term bank borrowing(2)

    $ 55,000       $ 90,000   

Accrued expenses and other payables(3)(5)

      2,205         3,095   

Dividend payable(4)

      1,585         985   

Current liabilities from discontinued operations

      160         160   
  

 

 

     

 

 

  

Total current liabilities

      58,950         94,240   
  

 

 

     

 

 

  

EQUITY

      

Shareholders’ equity:

      

Common shares(1)

      396         246   

Additional paid-in capital(1)(2)(3)

      257,643         175,076   

Retained earnings(4)(5)(6)

      43,173         43,507   

Accumulated other comprehensive income

      8,932         8,932   
  

 

 

     

 

 

  

Total shareholders’ equity

      310,144         227,761   
  

 

 

     

 

 

  

Total liabilities and shareholders’ equity

    $ 369,094       $ 322,001   
  

 

 

     

 

 

  

 

Notes:

(1) assuming the Tender Offer had been completed as of January 1, 2015 at the cost of US$82.5 million;
(2) the Company incurred additional US$35.0 million for a total of US$90.0 million in short-term bank borrowing to facilitate the U.S. dollar payment obligations for the payment of the tendered shares;
(3) the Company incurred US$165,000 in expenses for the Tender Offer;
(4) the Company reduced its dividend paid for the second quarter of 2015 as a result of having 15 million less shares outstanding following the Tender Offer (there was no impact on dividend paid for the first quarter of 2015 as the record date for first quarter dividend paid was December 31, 2014);
(5) the Company incurred additional interest expense of US$725,332 in connection with the increase in short-term bank borrowing; and
(6) the Company had additional US$7.5 million in surplus cash and cash equivalent as it drew down on the full US$$90.0 million.

 

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