IsZo Capital Comments on Nam Tai’s Appointment of Three Kaisa-Affiliated Individuals to Key Leadership Roles
September 22 2020 - 12:15PM
Business Wire
Believes Shareholders Should be Outraged
that Nam Tai has Exacerbated its Dismal Corporate Governance by
Appointing Three Kaisa Allies to the Roles of Executive Chairman,
CEO and CFO
Contends that Nam Tai’s Insulting and Tone
Deaf Responses to Shareholders’ Demand for the Special Meeting
Validates the Urgent Need for Credible and Wholesale Leadership
Changes
Urges Nam Tai to Cease Further Delay and
Promptly Schedule the Special Meeting Requested by More Than Half
of Shareholders Unaffiliated with Kaisa
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 commented on the Company’s troubling decision to appoint
three individuals with documented ties to Kaisa Group Holdings
Limited (together with its affiliates, “Kaisa”) (HKG: 1638) to the
roles of Executive Chairman, Chief Executive Officer and Chief
Financial Officer. IsZo recently announced that it delivered to Nam
Tai verified requests to convene a meeting of Nam Tai shareholders
(the “Special Meeting”) from holders of more than 40% of the
Company’s outstanding shares. The Special Meeting will provide
shareholders an opportunity to reconstitute the Company’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. Learn more at
www.FixNTP.com.
Brian Sheehy, IsZo’s founder and managing partner,
commented:
“Shareholders should be outraged that Nam Tai has exacerbated
its dismal corporate governance and laid the groundwork for more
conflicts of interest by appointing three Kaisa-affiliated
individuals – Dr. Lai Ling Tam, Jiabiao Wang and Wai Hang Wan – to
the roles of Executive Chairman, Chief Executive Officer and Chief
Financial Officer. This insulting and tone deaf response to
shareholders’ overwhelming demand for the Special Meeting only
validates our view that Kaisa insiders must be removed from the
Board and replaced by our highly-qualified, integrity-rich director
candidates. The last time Kaisa appointed its allies to key
management positions at Nam Tai it fueled hundreds of millions of
dollars in value destruction and led to the widespread
marginalization of non-insider shareholders. Rather than continuing
to brazenly ignore the critical mass of shareholders seeking
authentic and credible leadership changes, Nam Tai must comply with
investors’ formal legal requests and promptly schedule the Special
Meeting.”
Mr. Sheehy concluded:
“It is time for the Kaisa-controlled Board to realize that no
amount of cosmetic, reactionary changes will pacify long-suffering
shareholders. Nam Tai’s current leadership continues to contradict
itself and demonstrate a fundamental disregard for acceptable
corporate governance and honest investor communication. In
particular, it seems quite dubious that former Chairman and Chief
Executive Officer Ying Chi Kwok decided to leave Nam Tai for
‘personal reasons’ just one business day after IsZo delivered
requests to convene the Special Meeting from more than half of
shareholders unaffiliated with Kaisa. Are shareholders now expected
to infer that the Company’s Chief Financial Officer has also left
for 'personal reasons’? Once again, the Kaisa-controlled Board’s
illogical actions and misleading statements present shareholders
with more questions than answers. We believe the case for
installing our director candidates and positioning them to
implement their value-enhancing strategic vision – which can help
unlock Nam Tai’s intrinsic value – grows stronger by the day.”
***
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 strategic vision by visiting at www.FixNTP.com.
***
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version on businesswire.com: https://www.businesswire.com/news/home/20200922005838/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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