IsZo Capital Pleased by Court of Appeal’s Decision to Deny Stay Application and Uphold March 15th Record Date for Nam Tai’s Upcoming Special Meeting
11 November 2021 - 2:55AM
Business Wire
SHAREHOLDERS WHO HAVE ALREADY VOTED IN
CONNECTION WITH THE SPECIAL MEETING DO NOT
NEED TO TAKE ANY FURTHER ACTION AND SHOULD DISREGARD ALL COMMUNICATIONS FROM THE
COMPANY
COURT-ORDERED SPECIAL MEETING TO BE HELD ON
NOVEMBER 30TH AS SCHEDULED
IsZo Capital Management LP (together with its affiliates, “IsZo”
or “we”), which beneficially owns approximately 15% of the
outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai”
or the “Company”), is pleased that the Eastern Caribbean Court of
Appeal (the “Court of Appeal”) has denied the applications made by
the Company and Greater Sail Limited, a wholly-owned subsidiary of
Kaisa Group Holdings Limited (HKG: 1638) (“Kaisa”), seeking a stay
of the meeting of the Company’s shareholders (the “Special
Meeting”) scheduled to be held on November 30, 2021 and to modify
the March 15, 2021 record date for the Special Meeting. This
decision follows the Court of Appeal’s recent dismissal of Nam
Tai’s appeal against the Eastern Caribbean Supreme Court’s (the
“Court”) March 2021 decision to void the Company’s October 2020
$170 million private placement with Greater Sail Limited and West
Ridge Investment Company Limited. Nam Tai told shareholders in
October 2020 that it initiated the transaction to “mitigate
meaningful risks to our financial stability,” but the Court rightly
found that it was devised to help Kaisa maintain de facto control
over the Company and undermine IsZo’s efforts to reconstitute the
Board of Directors (the “Board”) at a requisitioned Special
Meeting.
Shareholders who have already voted in
connection with the Special Meeting do not need to take any further
action and should disregard all communications from the
Company.
Brian Sheehy, Founder and Managing Member of IsZo, stated:
“Holders of nearly 60% of Nam Tai’s outstanding shares –
including more than 94% of holders unaffiliated with Kaisa – have
already voted to remove the Kaisa-affiliated directors and elect
six new highly-qualified, independent candidates to the Company’s
Board. By denying the applications seeking a stay of the Special
Meeting and to modify the March 15th record date, the Court of
Appeal has ensured that those shareholders will finally be heard at
the November 30th Special Meeting. We are extremely pleased that
Nam Tai and Kaisa were not able to use perpetual delay tactics and
ongoing litigation to thwart shareholder democracy. Our slate of
director candidates, which has significant experience operating in
China and navigating the commercial property markets, looks forward
to immediately improving governance, maintaining financial strength
and deepening relationships with local stakeholders. We firmly
believe our slate has the right corporate strategy for realizing
the tremendous value trapped within Nam Tai’s shares.”
***
Shareholders with questions pertaining to today’s news or the
Special Meeting should contact IsZo’s proxy solicitor, Saratoga
Proxy Consulting, at info@saratogaproxy.com or 212-257-1311. Please
remember that shareholders who already voted do not need to take
any further action.
Sign up for future updates at www.FixNTP.com.
***
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version on businesswire.com: https://www.businesswire.com/news/home/20211110005997/en/
Saratoga Proxy Consulting John Ferguson / Joe Mills,
212-257-1311 jferguson@saratogaproxy.com /
jmills@saratogaproxy.com
MKA Greg Marose / Bela Kirpalani, 646-386-0091
iszo@mkacomms.com
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