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IsZo Announces the Election of All Six Nominees to Nam Tai’s Board of Directors Based on Preliminary Results of Special Meeting
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Believes the Reconstitution of a Majority of the Board Will Position Nam Tai to Enhance Corporate Governance, Improve Capital Allocation and Take Steps to Deliver Long-Term Value
Thanks Fellow Shareholders for Their Overwhelming Support
NEW YORK--(BUSINESS WIRE)--
IsZo Capital Management LP (together with its affiliates, “IsZo” or “we”), which beneficially owns approximately 15.2% of the outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”), today commented on the preliminary results of the Company’s meeting of shareholders (the “Special Meeting”) held earlier today. Preliminary voting results provided by IsZo’s proxy solicitor indicate that shareholders have elected its entire six-member slate to Nam Tai’s Board of Directors (the “Board”). In addition to incumbent directors Peter R. Kellogg and Mark Waslen, Nam Tai’s reconstituted Board will include Michael Cricenti, Cindy Chen Delano, Bo Hu, Leung Lin Cheong Louis (Louis Leung), Paula J. Poskon and Jeffrey Tuder.
Brian Sheehy, Founder and Managing Member of IsZo, commented:
“After spending the past 18 months fighting entrenchment maneuvers and navigating protracted litigation, we are very pleased that Nam Tai’s shareholders finally had their voices heard at today’s Special Meeting. Preliminary results indicate that holders of nearly 60% of Nam Tai’s outstanding shares, including more than 94% of holders unaffiliated with Kaisa Group Holdings Ltd., voted to remove a majority of the incumbent directors and elect six new highly-qualified and independent individuals to the Company’s Board. We firmly believe that reconstituting a majority of the Board with our slate positions Nam Tai to enhance its corporate governance, establish a credible capital allocation policy and take steps to unlock the significant value within its real estate portfolio. We also want to take this opportunity to thank our fellow shareholders for their overwhelming support during what was a challenging and lengthy campaign for sorely-needed boardroom change. Today should mark the beginning of a promising new chapter for Nam Tai and all of its stakeholders, including the local communities the Company operates within across mainland China.”
The Company is a real estate developer and operator, mainly conducting business in Mainland China. Its main land resources are located in the Guangdong-Hong Kong-Macao Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in Shenzhen will be developed into Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. The Company plans to build these technology parks into landmark parks in the region and provide high-quality industrial offices, industrial service spaces and supporting dormitories to the tenants. Based on the experience of developing and operating technology parks and an industrial relationship network accumulated over the past 40 years, it has also exported the operation model of technology parks to other industrial properties. Through an asset-light model, it has leased industrial properties for repositioning and business invitation. It will also expand the commercial and residential property business in China as an auxiliary development strategy of the Company. As the growth prospects of China maintain, the Company shall seize development opportunities in the Greater Bay Area and other first- and second-tier cities in China, and continue to strengthen and expand the business of industrial real estate, and commercial and residential properties. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange.
