IsZo Capital’s Director Candidates Issue Open Letter to Nam Tai’s Stakeholders in Mainland China
March 22 2021 - 7:15AM
Business Wire
IsZo Capital Management LP (together with its affiliates,
“IsZo”), which beneficially owns approximately 13% of the
outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai”
or the “Company”), today issued the below letter on behalf of its
director nominees – Michael Cricenti, Cindy Chen Delano, Bo Hu,
Leung Lin Cheong Louis (Louis Leung), Paula J. Poskon and Jeffrey
Tuder – to the Company’s stakeholders in mainland China. As a
reminder, IsZo is seeking shareholder support to elect Mr.
Cricenti, Ms. Chen Delano, Mr. Hu, Mr. Leung, Ms. Poskon and Mr.
Tuder to Nam Tai’s Board of Directors (the “Board”) at the
court-ordered meeting of shareholders of Nam Tai scheduled to take
place on April 26, 2021. IsZo is encouraging shareholders to vote
on the GREEN Proxy Card
to elect its full six-member slate.
***
Dear Nam Tai Stakeholders,
Over the past several months, each member of the IsZo slate has
spent a considerable amount of timing analyzing Nam Tai’s assets,
operating markets and future prospects. Our respective assessments
have led to a similar conclusion: the Company has a tremendous
opportunity to develop world-class projects in Shenzhen, Dongguan
and across China’s top economic development regions. We believe Nam
Tai can capitalize on this opportunity for many years to come if it
has ethical leadership that honors its commitments and
obligations.
If elected to Nam Tai’s Board, you can trust that we will
operate with the utmost business integrity. We intend to take a
number of steps to strengthen the Company’s long-term standing
across China’s vibrant real estate markets, including:
- Honoring Financial Commitments – We know how valuable
Nam Tai’s relationships are with its lending banks. This is why we
intend to have the Company honor all of the terms and obligations,
including repayment at maturity, under its existing loan agreements
in good faith. Although we have strong relationships with
alternative financing sources, we prefer that the Company retains
its existing banking relationships.
- Hiring Qualified Local Leadership – We recognize that
Nam Tai needs a China-based executive team with strong integrity
and demonstrated experience in the commercial real estate space.
That is why we plan to immediately retain top search firms and
recruit the best local talent for c-level positions.
- Strengthening Local Relationships – We know how
important Nam Tai’s partners and vendors are to the project
development process. That is why we will honor lawful labor
agreements and sub-contractor arrangements at all of the Company’s
project sites. In addition, we want to build lasting personal and
professional relationships with local partners, including project
managers, suppliers, vendors, lawmakers and regulators.
- Evaluating New Investment Opportunities – Although Nam
Tai has a robust property portfolio at the present time, we want
the Company to remain active when it comes to evaluating new
project opportunities across China. We believe Shenzhen and its
neighboring provinces will continue to grow and thrive as China
continues to experience exciting economic growth. The Company can
grow alongside the nation’s economy.
Please trust that the IsZo slate will continue to operate with
integrity and show the utmost respect for the communities that Nam
Tai develops projects in and across China as a whole. We want to
bring honor and respect back to the Company after its recent legal
issues as a result of improper conduct by the current Nam Tai
directors we are seeking to replace. Nam Tai can become a gem of
the Chinese real estate sector with the right leadership, and that
is what we intend to deliver.
Sincerely,
Michael Cricenti
Cindy Chen Delano
Bo Hu
Leung Lin Cheong Louis
(Louis Leung)
Paula J. Poskon
Jeffrey Tuder
About IsZo Capital
IsZo Capital is a New York-based investment management firm and
a long-term shareholder of Nam Tai.
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version on businesswire.com: https://www.businesswire.com/news/home/20210322005383/en/
Profile Greg Marose / Charlotte Kiaie, 347-343-2999
IsZo@profileadvisors.com
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