IsZo Capital Provides Update Regarding Status of Lawsuit to Invalidate Nam Tai’s Dilutive Private Placement
February 25 2021 - 8:30AM
Business Wire
Notes That Trial in Eastern Caribbean
Supreme Court has Concluded and a Ruling is Expected in Early
March
IsZo Capital Management LP (together with its affiliates,
“IsZo”), which beneficially owns approximately 11% of the
outstanding shares1 of Nam Tai Property Inc. (NYSE:NTP) (“Nam Tai”
or the “Company”), today provided an update regarding its lawsuit
in the Eastern Caribbean Supreme Court against Nam Tai, Kaisa Group
Holdings Limited’s (HKG:1638) wholly-owned subsidiary Greater Sail
Limited (“Kaisa-Greater Sail”) and West Ridge Investment Company
Limited (“West Ridge”). In October 2020, IsZo filed a lawsuit
against Nam Tai after the Company announced a $170 million private
placement that distributed more than 16 million common shares to
Kaisa-Greater Sail, taking its ownership from 23.9% to 43.9% of the
outstanding shares, and more than 2.6 million common shares to West
Ridge. The lawsuit contends that Kaisa allies currently in control
of Nam Tai initiated the dilutive transaction in response to IsZo
obtaining requisite support to convene a meeting of shareholders
(the “Special Meeting”), whereat investors could vote to
reconstitute the Company’s Board of Directors.
The trial in the Eastern Caribbean Supreme Court concluded on
February 24, 2021, and we have been advised to expect a ruling in
early March.
Following the Court’s ruling, IsZo intends to provide a
subsequent update to shareholders. We invite shareholders to visit
www.FixNTP.com to review IsZo’s statement of claim and other
relevant materials.
Shareholders interested in learning more
about IsZo’s action and the overall Special Meeting process should
contact our 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 www.FixNTP.com.
_________________ 1 Based upon 39,197,991
shares outstanding immediately prior to the disputed private
placement.
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version on businesswire.com: https://www.businesswire.com/news/home/20210225005284/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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