IsZo Capital Issues Letter to Nam Tai Shareholders Regarding its Slate’s Strategic Vision
IsZo Capital Management LP (together with its affiliates, “IsZo”), a significant long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”) with beneficial ownership of approximately 10% of the Company’s outstanding shares, today issued a letter to shareholders in connection with its efforts to convene a meeting of Nam Tai shareholders (the “Special Meeting”). IsZo recently announced that it delivered to Nam Tai verified requests to convene the Special Meeting from holders of more than 40% of the Company’s outstanding shares (well in excess of the 30% required to convene the Special Meeting). The Special Meeting will provide shareholders an opportunity to reconstitute Nam Tai’s Board of Directors by removing a majority of the incumbent directors and installing six highly-qualified and independent individuals: Michael Cricenti, Cindy Chen Delano, Bo Hu, Louis Leung, Paula J. Poskon and Jeffrey Tuder.
IsZo also wants to take this opportunity to urge Nam Tai to respect the will of shareholders and promptly schedule the Special Meeting. In addition to the fact that a critical mass of shareholders has requested the Special Meeting, the market has expressed significant enthusiasm for change at Nam Tai since IsZo first initiated its campaign earlier this year. The Company’s share price has appreciated approximately 2.5x since our first letter on May 27, 2020.
The full text of today’s letter is available at www.FixNTP.com and included below.
Dear Fellow Shareholders,
IsZo Capital Management LP (together with its affiliates, “IsZo”) believes the actions and public communications issued by Nam Tai Property Inc. (“Nam Tai” or the “Company”) in recent months collectively represent a clear indication that meaningful change is urgently needed in the boardroom. We believe it is important for shareholders to understand that a Board of Directors (the “Board”) controlled by allies of Kaisa Group Holdings Limited (“Kaisa”) cannot be trusted and that IsZo’s slate of director candidates is offering a superior strategic vision.
We believe it is quite notable that one business day after IsZo delivered to Nam Tai verified requests to convene a meeting of shareholders (the “Special Meeting”) from holders of more than 40% of the Company’s outstanding shares, the Company announced that Chief Executive Officer and Chairman Ying Chi Kwok was immediately resigning from his positions. This recent announcement followed Nam Tai’s August 5th proclamation that “Mr. Kwok has made significant progress driving value for shareholders” despite a -56.85% total shareholder return (“TSR”) over his tenure.1