IsZo Announces the Election of All Six Nominees to Nam Tai’s Board of Directors Based on Preliminary Results of Special Meeting
November 30 2021 - 9:35AM
Business Wire
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
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.”
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211130005758/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
Nam Tai Property (NYSE:NTP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nam Tai Property (NYSE:NTP)
Historical Stock Chart
From Apr 2023 to Apr 2024