IsZo Capital Provides Update Regarding Status of Lawsuit to Invalidate Nam Tai’s Dilutive Private Placement
Notes That Trial in Eastern Caribbean Supreme Court has Concluded and a Ruling is Expected in Early March
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 email@example.com or (212) 257-1311. We also encourage shareholders to learn more about our slate and its strategic vision by visiting www.FixNTP.com.
1 Based upon 39,197,991 shares outstanding immediately prior to the disputed private placement.
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