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IsZo Capital Provides Update Regarding Status of Lawsuit to Invalidate Nam Tai’s Dilutive Private Placement
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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.
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1 Based upon 39,197,991 shares outstanding immediately prior to the disputed private placement.
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.
