IsZo Capital Provides Update Regarding Status of Lawsuit to Invalidate Nam Tai’s Dilutive Private Placement
IsZo Capital Management LP, holding approximately 11% of Nam Tai Property's shares (NYSE:NTP), has provided an update on its lawsuit against Nam Tai and affiliated companies, including Kaisa Group and West Ridge. The lawsuit, filed in October 2020, challenges a $170 million private placement that diluted IsZo's ownership by increasing Kaisa-Greater Sail's stake from 23.9% to 43.9%. The trial concluded on February 24, 2021, with a ruling expected in early March. IsZo plans to update shareholders post-ruling and encourages them to visit www.FixNTP.com for more information.
- IsZo holds a significant stake (11%) in Nam Tai, empowering shareholder influence.
- IsZo aims for a Special Meeting to potentially reconstitute the Board of Directors.
- The lawsuit indicates dissatisfaction with management's actions and potential dilution effects on shareholder value.
- Kaisa Group's increased ownership after the private placement raises concerns about control over Nam Tai.
IsZo Capital Management LP (together with its affiliates, “IsZo”), which beneficially owns approximately
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 info@saratogaproxy.com or (212) 257-1311. We also encourage shareholders to learn more about our slate and its strategic vision by visiting www.FixNTP.com.
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1 Based upon 39,197,991 shares outstanding immediately prior to the disputed private placement.
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