IsZo Capital Delivers Requests to Call a Special Meeting of Nam Tai Property From Holders of More Than 40% of the Company’s...
September 11 2020 - 3:32PM
Business Wire
Highlights That More Than Half of
Shareholders Unaffiliated With Kaisa Have Requested the Special
Meeting, Whereat They Will Have the Opportunity to Vote to Remove
and Replace a Majority of Nam Tai’s Board
Urges Nam Tai’s Leadership to Respect the
Will of Shareholders and Hold the Special Meeting Without
Unreasonable Delay
Warns Nam Tai’s Leaders Against Taking
Reactionary Measures to Undermine Corporate Democracy or Pursuing
Hasty Transactions Without Shareholder Approval
IsZo Capital Management LP (together with its affiliates,
“IsZo”), a significant long-term shareholder of Nam Tai Property
Inc. (NYSE: NTP) (“Nam Tai” or the “Company”) with beneficial
ownership of approximately 10% of the Company’s outstanding shares,
today announced that it has delivered to Nam Tai verified requests
to convene a meeting of the Company’s shareholders (the “Special
Meeting”) from holders of more than 40% of the Company’s
outstanding shares. IsZo has been seeking to convene the Special
Meeting for the purpose of providing shareholders an opportunity to
reconstitute Nam Tai’s Board of Directors (the “Board”) by removing
a majority of the incumbent directors and installing six
highly-qualified and independent individuals: Michael Cricenti,
Cindy Chen Delano, Bo Hu, Louis Leung, Paula J. Poskon and Jeffrey
Tuder. IsZo believes that the right leadership team and plan can
unlock the true value of Nam Tai’s current assets, which the
Company’s own valuation estimates suggest is up to $40 per share.
Brian Sheehy, IsZo’s founder and managing partner,
commented:
“IsZo is pleased to have delivered requests to call a Special
Meeting from holders of more than 40% of Nam Tai’s outstanding
shares – a total far in excess of the 30% threshold required to
call the Special Meeting. It is very telling that more than half of
the Company’s shareholders unaffiliated with Kaisa Group Holdings
Limited (“Kaisa”) requested the Special Meeting and an opportunity
to reconstitute the Board after being presented with our
highly-qualified director candidates and their strong and diverse
qualifications. Our slate has a credible, value-enhancing strategy
for improving corporate governance, installing a proven local
management team, maintaining a disciplined capital allocation
approach and focusing on existing projects. We intend to release
this comprehensive strategy for unlocking Nam Tai’s intrinsic value
in a detailed presentation in advance of the Special Meeting to
enable shareholders to compare our vision to the incumbents’
value-destructive track record.”
Mr. Sheehy concluded:
“We hope Nam Tai’s leadership will respect the fact that
shareholders want to convene the Special Meeting for the purposes
of determining the Company’s go-forward leadership and future
strategy. After suffering through years of negative returns and
self-dealing on the part of Kaisa-affiliated insiders, a critical
mass of shareholders clearly wants the opportunity to assess what
IsZo’s slate has to offer. IsZo is prepared to take all necessary
steps to prevent Nam Tai from delaying the Special Meeting and
disregarding shareholders’ interests. The incumbent Board should
not conduct a review of strategic alternatives, pursue any
transactions or enter into any material agreements until after
shareholders have had an opportunity to have their voices heard at
the Special Meeting.”
Shareholders interested in learning more
about the Special Meeting process should contact IsZo’s solicitor,
Saratoga Proxy Consulting, at info@saratogaproxy.com or (212)
257-1311. We also encourage shareholders to learn more about our
slate and its analysis of Nam Tai at www.FixNTP.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200911005475/en/
For Investors:
Saratoga Proxy Consulting LLC John Ferguson / Joe Mills,
212-257-1311 jferguson@saratogaproxy.com /
jmills@saratogaproxy.com
For Media:
Profile Greg Marose / Charlotte Kiaie, 347-343-2999
gmarose@profileadvisors.com / ckiaie@profileadvisors.com
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