NEW YORK--(BUSINESS WIRE)--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 firstname.lastname@example.org or 212-257-1311. Please remember that shareholders who already voted do not need to take any further action.
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