{"id":413046,"date":"2021-01-12T08:33:47","date_gmt":"2021-01-12T13:33:47","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=413046"},"modified":"2021-01-12T08:33:47","modified_gmt":"2021-01-12T13:33:47","slug":"iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\/","title":{"rendered":"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nIsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement\n<\/p>\n<p class=\"bwalignc\"><b><i>Notes That Trial Over the Legality of the Transaction is Scheduled to Begin on January 29, 2021<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Highlights That the Trial is Expected to Conclude in February 2021 <\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Pleased West Ridge Has Agreed to be Bound by the Court\u2019s Ruling with Respect to the Private Placement and Will Not Defend the Legal Proceedings<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Reaffirms Commitment to Holding Kaisa-Affiliated Directors Accountable and Installing a Reconstituted Board Focused on Unlocking the Potential Trapped Within Nam Tai\u2019s Assets <\/i><\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIsZo Capital Management LP (together with its affiliates, \u201cIsZo\u201d), a long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (\u201cNam Tai\u201d or the \u201cCompany\u201d) with beneficial ownership of approximately 11% of the Company\u2019s outstanding shares,<sup>1<\/sup> today issued the below letter to shareholders regarding its lawsuit in the Eastern Caribbean Supreme Court against Nam Tai, Kaisa Group Holdings Limited\u2019s (HKG: 1638) wholly-owned subsidiary Greater Sail Limited and West Ridge Investment Company Limited.\n<\/p>\n<p>\nIn an effort to continue providing shareholders with transparency into our efforts at Nam Tai and address the many questions we have received since commencing litigation in response to the dilutive private placement, IsZo has made public its <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffixntp.com%2Fwp-content%2Fuploads%2F2020%2F10%2FIsZo-Capital-Statement-of-Claim-Downloadable.pdf&amp;esheet=52360195&amp;newsitemid=20210112005339&amp;lan=en-US&amp;anchor=statement+of+claim&amp;index=1&amp;md5=9b81edaf12f5ef3a78ac651ae80209d7\">statement of claim<\/a> and other helpful materials at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffixntp.com%2Fresources%2F&amp;esheet=52360195&amp;newsitemid=20210112005339&amp;lan=en-US&amp;anchor=www.FixNTP.com%2Fresources&amp;index=2&amp;md5=bff24715107d537d33231a869b3662d7\">www.FixNTP.com\/resources<\/a>.\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p>\nJanuary 12, 2021\n<\/p>\n<p>\nFellow Shareholders,\n<\/p>\n<p>\nYou are likely aware that IsZo Capital LP (together with its affiliates, \u201cIsZo\u201d or \u201cwe\u201d) filed a lawsuit against Nam Tai Property Inc. (\u201cNam Tai\u201d or the \u201cCompany\u201d) in October 2020 after the Company announced a $170 million private placement that distributed more than 16 million common shares to Kaisa Group Holdings Limited\u2019s (\u201cKaisa\u201d) wholly-owned subsidiary Greater Sail Limited (\u201cKaisa-Greater Sail\u201d) and more than 2.6 million common shares to West Ridge Investment Company Limited (\u201cWest Ridge\u201d). Our lawsuit contends that the Kaisa allies currently in control of Nam Tai initiated this dilutive and unjustifiable transaction in response to IsZo obtaining requisite support to convene a meeting of shareholders (the \u201cSpecial Meeting\u201d), whereat investors could vote to reconstitute the Company\u2019s Board of Directors (the \u201cBoard\u201d). Today\u2019s communication intends to deliver an update on the legal process and reinforce our unwavering commitment to facilitating necessary change atop Nam Tai.\n<\/p>\n<p>\nWe believe there are several key points in the legal process shareholders should be aware of:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">The Eastern Caribbean Supreme Court (the \u201cCourt\u201d) initially granted IsZo\u2019s request for an injunction designed to protect shareholders as the legality of the transaction is contested.<\/span><\/b> Nam Tai has since agreed to provide certain undertakings to the Court imposing restrictions similar to an injunction for the duration of the litigation process. Shareholders should feel confident that Nam Tai\u2019s ability to take further value-destructive actions is restricted.\n<\/li>\n<li><b><span class=\"bwuline\">The trial regarding the validity of the private placement is scheduled to commence on January 29, 2021.<\/span><\/b> IsZo has retained highly-qualified legal advisors to represent us before the Court. Our goal is to invalidate the private placement and have the Special Meeting convened that approximately 40% of shareholders \u2013 including one of Nam Tai\u2019s current directors \u2013 demanded.\n<\/li>\n<li><b><span class=\"bwuline\">The Court is expected to conclude the trial in February.<\/span><\/b> If the Court invalidates the transaction or renders a similarly favorable ruling, IsZo expects the Special Meeting to be convened shortly after Judgment is delivered.\n<\/li>\n<li><b><span class=\"bwuline\">West Ridge has agreed to be bound by the Court\u2019s ruling with respect to the private placement and will not defend the legal proceedings<\/span><\/b><span class=\"bwuline\">.<\/span> IsZo is pleased with this positive development and has stayed its legal proceedings against West Ridge.\n<\/li>\n<\/ul>\n<p>\nIsZo intends to demonstrate to the Court that Nam Tai\u2019s private placement represents an egregious entrenchment maneuver intended to strengthen Kaisa\u2019s grip on the Company by preventing long-suffering shareholders from achieving boardroom change at the Special Meeting. We firmly reject the Board\u2019s claim that Nam Tai needed to raise new capital to address lenders\u2019 purported concerns regarding potential changes in Board control. It is standard practice across the global real estate sector for loans to be secured by physical assets or properties, effectively providing lenders with valuable collateral and security amidst leadership changes and transformative events. Notably, Nam Tai repeatedly touted its stable financial position and cash flows in public communications before announcing the private placement, making it even more apparent that the true impetus for the $170 million transaction was Kaisa\u2019s desire to retain control of the Company in the face of widespread shareholder discontent.\n<\/p>\n<p>\nGiven that the Kaisa-dominated Board\u2019s brazen maneuver was followed by an approximate 40% share price decline, the marketplace seemed to quickly reach similar conclusions about this highly-questionable private placement. We appreciate the outreach from many shareholders in recent months to ask questions about the legal process and encourage us to not back down. The marketplace can rest assured that IsZo will not be deterred or intimidated by Kaisa\u2019s attempts to undermine corporate democracy.\n<\/p>\n<p>\nIsZo has retained expert legal advisors to guide us through proceedings in the British Virgin Islands and whatever else arises with Nam Tai. Our slate of ethical, experienced and highly-qualified director candidates remain ready and willing to enter the boardroom. Our six director candidates have the right strategic vision for unlocking the intrinsic value of Nam Tai\u2019s portfolio, which may be worth up to $40 per share based on the Company\u2019s own valuation reports.\n<\/p>\n<p>\nUnlike the Kaisa-controlled Board, our slate has been focused on developing the right plan for creating meaningful value at Nam Tai. Our public letter dated September 18, 2020 summarized steps that include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Improving corporate governance and enhancing the Board\u2019s alignment with shareholders. <\/b><\/li>\n<li><b>Installing a proven, China-based, high-caliber management team. <\/b><\/li>\n<li><b>Retaining local advisors to support project-level continuity in Shenzhen and Dongguan. <\/b><\/li>\n<li><b>Establishing a disciplined capital allocation approach. <\/b><\/li>\n<li><b>Commencing a credible strategic review of the current project portfolio. <\/b><\/li>\n<\/ul>\n<p>\nWe intend to continue investing energy, resources and time into our legal action against Nam Tai to protect the best interests of shareholders. The market\u2019s overwhelmingly positive reaction to our public efforts last summer demonstrates that investors realize the potential buried within Nam Tai\u2019s underperforming shares and yearn for the change we are seeking to deliver. IsZo remains 100% committed to the process and is not going anywhere.\n<\/p>\n<p>\nWe will continue to provide appropriately-timed updates on our legal efforts when permissible. Thank you for your support.\n<\/p>\n<p>\nSincerely,\n<\/p>\n<p>\nBrian Sheehy<br \/>\n<br \/>IsZo Capital Management LP\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p class=\"bwalignc\"><b>Shareholders interested in learning more about IsZo\u2019s action and the overall Special Meeting process should contact our solicitor, Saratoga Proxy Consulting, at <a rel=\"nofollow\" href=\"mailto:info@saratogaproxy.com\">info@saratogaproxy.com<\/a> or (212) 257-1311. We also encourage shareholders to learn more about our slate and its strategic vision by visiting <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.FixNTP.com&amp;esheet=52360195&amp;newsitemid=20210112005339&amp;lan=en-US&amp;anchor=www.FixNTP.com&amp;index=3&amp;md5=6e17bd2b7ba80f0ab97345b998bf8e21\">www.FixNTP.com<\/a>.<\/b><\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><sup>1<\/sup><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBased upon 39,197,991 shares outstanding immediately prior to the disputed private placement.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210112005339r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210112005339\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210112005339\/en\/<\/a><\/span><\/p>\n<p>\nFor Investors:<br \/>\n<br \/>Saratoga Proxy Consulting LLC<br \/>\n<br \/>John Ferguson \/ Joe Mills, 212-257-1311<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:jferguson@saratogaproxy.com\">jferguson@saratogaproxy.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:jmills@saratogaproxy.com\">jmills@saratogaproxy.com<\/a><\/p>\n<p>\nFor Media:<br \/>\n<br \/>Profile<br \/>\n<br \/>Greg Marose \/ Charlotte Kiaie, 347-343-2999<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:gmarose@profileadvisors.com\">gmarose@profileadvisors.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:ckiaie@profileadvisors.com\">ckiaie@profileadvisors.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Professional Services Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement Notes That Trial Over the Legality of the Transaction is Scheduled to Begin on January 29, 2021 Highlights That the Trial is Expected to Conclude in February 2021 Pleased West Ridge Has Agreed to be Bound by the Court\u2019s Ruling with Respect to the Private Placement and Will Not Defend the Legal Proceedings Reaffirms Commitment to Holding Kaisa-Affiliated Directors Accountable and Installing a Reconstituted Board Focused on Unlocking the Potential Trapped Within Nam Tai\u2019s Assets NEW YORK&#8211;(BUSINESS WIRE)&#8211; IsZo Capital Management LP (together with its affiliates, \u201cIsZo\u201d), a long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (\u201cNam Tai\u201d or the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-413046","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement Notes That Trial Over the Legality of the Transaction is Scheduled to Begin on January 29, 2021 Highlights That the Trial is Expected to Conclude in February 2021 Pleased West Ridge Has Agreed to be Bound by the Court\u2019s Ruling with Respect to the Private Placement and Will Not Defend the Legal Proceedings Reaffirms Commitment to Holding Kaisa-Affiliated Directors Accountable and Installing a Reconstituted Board Focused on Unlocking the Potential Trapped Within Nam Tai\u2019s Assets NEW YORK&#8211;(BUSINESS WIRE)&#8211; IsZo Capital Management LP (together with its affiliates, \u201cIsZo\u201d), a long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (\u201cNam Tai\u201d or the &hellip; Continue reading &quot;IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-12T13:33:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210112005339r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement\",\"datePublished\":\"2021-01-12T13:33:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/\"},\"wordCount\":1190,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210112005339r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\\\/\",\"name\":\"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/iszo-capital-issues-letter-to-nam-tai-shareholders-regarding-status-of-lawsuit-to-invalidate-the-companys-dilutive-private-placement\/","og_locale":"en_US","og_type":"article","og_title":"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement - Market Newsdesk","og_description":"IsZo Capital Issues Letter to Nam Tai Shareholders Regarding Status of Lawsuit to Invalidate the Company\u2019s Dilutive Private Placement Notes That Trial Over the Legality of the Transaction is Scheduled to Begin on January 29, 2021 Highlights That the Trial is Expected to Conclude in February 2021 Pleased West Ridge Has Agreed to be Bound by the Court\u2019s Ruling with Respect to the Private Placement and Will Not Defend the Legal Proceedings Reaffirms Commitment to Holding Kaisa-Affiliated Directors Accountable and Installing a Reconstituted Board Focused on Unlocking the Potential Trapped Within Nam Tai\u2019s Assets NEW YORK&#8211;(BUSINESS WIRE)&#8211; IsZo Capital Management LP (together with its affiliates, \u201cIsZo\u201d), a long-term shareholder of Nam Tai Property Inc. 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