Reconstituted Board of Directors Holds First
Meeting, Resulting in the Appointments of Michael Cricenti as
Chairman, Huang Zhichang as Interim CEO and Steven Parker as
Interim CFO
Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”)
today announced that the special meeting of shareholders (the
“Special Meeting”) held on November 30, 2021, has resulted in a
reconstitution of the Company’s Board of Directors (the “Board”).
At the Special Meeting, holders of nearly 60% of the Company’s
outstanding shares voted to approve the resolutions proposed by
IsZo Capital Management LP. Specifically, the following resolutions
were adopted at the Special Meeting:
- The immediate removal of directors Dr. Wing Yan (William) Lo,
Dr. Aiping Lyu, Dr. Lai Ling Tam and Professor Si Zong Wu from the
Board;
- The immediate appointments of Michael Cricenti, Bo Hu, Leung
Lin Cheong (Louis Leung), Jeffrey Tuder, Cindy Chen Delano and
Paula J. Poskon to the Board.
The reconstituted Board, which continues to include Peter R.
Kellogg and Mark Waslen, held a meeting on December 1, 2021,
whereat Mr. Cricenti was appointed Chairman, Huang Zhichang was
appointed interim Chief Executive Officer and Steven Parker was
appointed interim Chief Financial Officer.
New Director Biographies
Michael Cricenti is the Managing Member and Chief
Investment Officer of Magis Capital Partners, a private investment
firm that periodically invests in real estate investment trusts
with underlying holdings across various commercial property
sub-sectors. Since 2017, Mr. Cricenti has also served as a Senior
Advisor at IsZo Capital Management, an investment firm, where he
advises the firm on its investments in real estate securities and
the REIT sector. His previous work experience includes working at
Bluestem Asset Management and Harris Williams & Co.
Bo Hu is a Partner and the Managing Director of Edge
Principal Advisors, a multi-strategy real estate investment
platform that manages several investment vehicles that have
invested in over $6 billion of real estate assets. Edge Principal
Advisors is involved in real estate transactions throughout the
capital structure and across a broad range of property types. Mr.
Hu oversaw the execution of some of the most complex real estate
transactions and programmatic joint venture relationships at Edge
Principal Advisors. His previous work experience includes working
at Five Mile Capital Partners and Merrill Lynch & Co.
Leung Lin Cheong (Louis Leung) is the Managing Director
of Capital BR International Ltd., a private investment firm.
Throughout his extensive career, Mr. Leung has held a number of
senior roles focused on property development and asset management
at leading real estate funds. Prior to Capital BR International,
Mr. Leung served as Managing Director of the Retail Asset
Management Department of Ping An Real Estate Company Ltd. and as
Board Chairman of Shenzhen Ping An Commercial Property Investment
Co., Ltd., a real estate investment company, both of which are
subsidiaries of Ping An Insurance (Group) Company of China, Ltd., a
Chinese holding conglomerate whose subsidiaries provide insurance,
banking and financial services. Mr. Leung also served as Managing
Director, Real Estate Development, at Van Shung Chong Holdings
Limited (n/k/a Hong Kong Shanghai Alliance Holdings Limited), a
stockholding and real estate fund business in Shanghai, China.
Jeffrey Tuder is the Managing Member of Tremson Capital
Management, a private investment firm he founded to invest in
undervalued publicly-traded companies. Mr. Tuder has broad
experience in both private and public market investing across asset
classes as well as serving as a director of a number of public and
private companies. Mr. Tuder is currently CEO of the Concord
Acquisition group of special purpose acquisition corporations.
Previously, Mr. Tuder held investment positions at Fortress
Investment Group and JHL Capital Group, among others.
Cindy Chen Delano is a Co-Founder and Partner at Invictus
Global Management, LLC, an alternative asset management firm based
in Austin, Texas. Ms. Delano has vast legal expertise in complex
cross-border transactions and investments. Her previous work
experience includes holding various positions at firms such as
Whitebox Advisors and AIG Investments, and working as an attorney
at several law firms. Ms. Delano also previously served as an
adjunct professor at the University of Minnesota Law School.
Paula J. Poskon is the founder and President of STOV
Advisory Services, which offers professional consulting and
advisory services to company executives and institutional investors
in the areas of real estate, capital markets, investor relations,
and diversity and inclusion. From 2014 through 2015, Ms. Poskon
served as Senior Vice President/Senior Real Estate Research Analyst
at D.A. Davidson & Co., where she was tasked to co-lead the
launch of its real estate capital markets platform. Her work
experience also includes previously working at Robert W. Baird
& Co. and currently sitting on the Board of Directors of two
public real estate investment trusts, Wheeler REIT (WHLR) and Power
REIT (PW).
New Executive Biographies
Huang Zhichang has held positions of increasing
responsibility, including Director, Chief Operating Officer and
Labor Union Chairman, at Nam Tai Investment (Shenzhen) Co., Ltd.
from 1998 to June 2021. Mr. Huang has thirty years of experience in
technology park project management, human resources, regulatory
compliance and governmental affairs.
Steven Parker, who has been appointed Chief Financial
Officer, has lead Berkeley Research Group’s Financial
Investigations and Regulatory Compliance practice in Greater China
and Asia-Pacific region since 2019. From 2017 to 2019, he was a
managing director at Duff & Phelps (China Limited) and from
2007-2017, managing director, Asia Pacific at Experis/Jefferson
Wells (Hong Kong) Co., Ltd. In 2007, Mr. Parker served as the Chief
Financial Officer of Ferrari Motorsports China (Ferrari Maserati
Cars Int’l Trading) and from 2002-2007, he served as the Chief
Financial Officer, Greater China & Asia Pacific for McCormick
(China) Co., Ltd. Mr. Parker has more than twenty-five years of
experience in the region, specializing in forensic accounting
investigations, litigation support, risk management and regulatory
compliance.
FORWARD-LOOKING
STATEMENTS
Certain statements included in this announcement, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as “may,” “might,” “can,”
“could,” “will,” “would,” “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “forecast,” “intend,” “plan,” “seek,” or
“timetable”. These forward-looking statements, which are subject to
risks, uncertainties, and assumptions, may include projections of
our future financial performance based on our growth strategies and
anticipated trends in our business and the industry in which we
operate. These statements are only predictions based on our current
expectations about future events. There are several factors, many
beyond our control, which could cause results to differ materially
from our expectation. These risk factors are described in our
Annual Report on Form 20-F and in our Current Reports filed on Form
6-K from time to time and are incorporated herein by reference. Any
of these factors could, by itself, or together with one or more
other factors, adversely affect our business, results of operations
or financial condition. There may also be other factors currently
unknown to us, or have not been described by us, that could cause
our results to differ from our expectations. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. You should not rely upon
forward-looking statements as predictions of future events. These
forward-looking statements apply only as of the date of this
announcement; as such, they should not be unduly relied upon as
circumstances change. Except as required by law, we are not
obligated, and we undertake no obligation, to release publicly any
revisions to these forward-looking statements that might reflect
events or circumstance occurring after the date of this
announcement or those that might reflect the occurrence of
unanticipated events.
ABOUT NAM TAI PROPERTY
Nam Tai Property Inc. is an owner-operator of commercial real
estate projects across China. The Company currently maintains two
industrial complex projects, with one in Guangming, Shenzhen and
one in Bao'an, Shenzhen. Learn more about the Company’s portfolio
and strategic priorities by visiting www.NamTai.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211203005453/en/
MKA Greg Marose / Ashley Areopagita, 646-386-0091
gmarose@mkacomms.com / aareopagita@mkacomms.com
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