IsZo Capital Pleased by Dismissal of Nam Tai’s Appeal of March 2021 Court Ruling That Voided the Company’s $170 Million Private Placement
04 Outubro 2021 - 1:45PM
Business Wire
Eastern Caribbean Court of Appeal Dismisses
Nam Tai’s Appeal Against the Eastern Caribbean Supreme Court’s
Decision to Void the Company’s Oct. 2020 Private Placement, Which
was Found to Have Been Carried Out by the Kaisa-Controlled Board
for an Improper Purpose
Special Meeting of Shareholders Ordered to
be Held on November 30, 2021
IsZo Capital Management LP (together with its affiliates, “IsZo”
or “we”), which beneficially owns approximately 15% of the
outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai”
or the “Company”), is pleased that the
Eastern Caribbean Court of Appeal (the “Court of Appeal”) has
dismissed Nam Tai’s appeal against the Eastern Caribbean
Supreme Court’s (the “Court”) March 2021 decision to void the
Company’s October 2020 $170 million private placement with Kaisa
Group Holdings Limited’s (HKG: 1638) (“Kaisa”) wholly-owned
subsidiary, Greater Sail Limited (“Greater Sail”), and West Ridge
Investment Company Limited. The Court of Appeal’s three-member
panel unanimously decided to dismiss Nam Tai’s appeal.
The decision from the Court of Appeal follows the Court finding
that Nam Tai’s Board of Directors (the “Board”) acted for an
improper purpose when initiating the highly-dilutive private
placement last year. Nam Tai told shareholders at the time that it
initiated the transaction in order to “mitigate meaningful risks to
our financial stability,” but the Court rightly found that it was
initiated in order to maintain Kaisa’s de facto control over the
Company and undermine IsZo’s efforts to reconstitute the Board at a
requisitioned meeting of shareholders (the “Special Meeting”).
The Special Meeting is now set to be held
on November 30, 2021.
Brian Sheehy, Founder and Managing Member of IsZo, stated:
“IsZo believes the Court of Appeal’s dismissal of Nam Tai’s
appeal is an extremely positive outcome for shareholders
unaffiliated with Kaisa. After spending nearly 18 months combatting
the Kaisa-controlled Board’s anti-shareholder actions and overt
entrenchment maneuvers, IsZo now sees a clear path for shareholders
to elect ethical and experienced directors at the November 30th
Special Meeting. Our slate, which has significant experience
operating in China and navigating commercial property markets, has
a plan for immediately improving governance, maintaining financial
strength and deepening relationships with local stakeholders. We
firmly believe our slate has the right strategy for realizing the
tremendous value trapped within Nam Tai’s shares.”
When the Court of Appeal’s written decision is made available,
IsZo plans to upload a copy to www.FixNTP.com. IsZo will be
monitoring all other case-related developments, including Greater
Sail’s appeal this week, and will provide additional updates as
available.
***
Shareholders interested in learning more 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 sign up for
important updates by visiting www.FixNTP.com.
***
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005781/en/
Saratoga Proxy Consulting John Ferguson / Joe Mills,
212-257-1311 jferguson@saratogaproxy.com / jmills@saratogaproxy.com
MKA Charlotte Kiaie / Bela Kirpalani, 646-386-0091
iszo@mkacomms.com
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