Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Nam Tai Property Inc.    NTP   VGG639071023

NAM TAI PROPERTY INC.

(NTP)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Nam Tai Property : IsZo Capital Delivers Requests to Call a Special Meeting of Nam Tai Property From Holders of More Than 40% of the Company's Outstanding Shares

09/11/2020 | 03:33pm EST

Highlights That More Than Half of Shareholders Unaffiliated With Kaisa Have Requested the Special Meeting, Whereat They Will Have the Opportunity to Vote to Remove and Replace a Majority of Nam Tai’s Board

Urges Nam Tai’s Leadership to Respect the Will of Shareholders and Hold the Special Meeting Without Unreasonable Delay

Warns Nam Tai’s Leaders Against Taking Reactionary Measures to Undermine Corporate Democracy or Pursuing Hasty Transactions Without Shareholder Approval

IsZo Capital Management LP (together with its affiliates, “IsZo”), a significant long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”) with beneficial ownership of approximately 10% of the Company’s outstanding shares, today announced that it has delivered to Nam Tai verified requests to convene a meeting of the Company’s shareholders (the “Special Meeting”) from holders of more than 40% of the Company’s outstanding shares. IsZo has been seeking to convene the Special Meeting for the purpose of providing shareholders an opportunity to reconstitute Nam Tai’s Board of Directors (the “Board”) by removing a majority of the incumbent directors and installing six highly-qualified and independent individuals: Michael Cricenti, Cindy Chen Delano, Bo Hu, Louis Leung, Paula J. Poskon and Jeffrey Tuder. IsZo believes that the right leadership team and plan can unlock the true value of Nam Tai’s current assets, which the Company’s own valuation estimates suggest is up to $40 per share.

Brian Sheehy, IsZo’s founder and managing partner, commented:

“IsZo is pleased to have delivered requests to call a Special Meeting from holders of more than 40% of Nam Tai’s outstanding shares – a total far in excess of the 30% threshold required to call the Special Meeting. It is very telling that more than half of the Company’s shareholders unaffiliated with Kaisa Group Holdings Limited (“Kaisa”) requested the Special Meeting and an opportunity to reconstitute the Board after being presented with our highly-qualified director candidates and their strong and diverse qualifications. Our slate has a credible, value-enhancing strategy for improving corporate governance, installing a proven local management team, maintaining a disciplined capital allocation approach and focusing on existing projects. We intend to release this comprehensive strategy for unlocking Nam Tai’s intrinsic value in a detailed presentation in advance of the Special Meeting to enable shareholders to compare our vision to the incumbents’ value-destructive track record.”

Mr. Sheehy concluded:

“We hope Nam Tai’s leadership will respect the fact that shareholders want to convene the Special Meeting for the purposes of determining the Company’s go-forward leadership and future strategy. After suffering through years of negative returns and self-dealing on the part of Kaisa-affiliated insiders, a critical mass of shareholders clearly wants the opportunity to assess what IsZo’s slate has to offer. IsZo is prepared to take all necessary steps to prevent Nam Tai from delaying the Special Meeting and disregarding shareholders’ interests. The incumbent Board should not conduct a review of strategic alternatives, pursue any transactions or enter into any material agreements until after shareholders have had an opportunity to have their voices heard at the Special Meeting.”

Shareholders interested in learning more about the Special Meeting process should contact IsZo’s solicitor, Saratoga Proxy Consulting, at info@saratogaproxy.com or (212) 257-1311. We also encourage shareholders to learn more about our slate and its analysis of Nam Tai at www.FixNTP.com.


© Business Wire 2020
All news about NAM TAI PROPERTY INC.
10/30NAM TAI PROPERTY : NTP Reports Q3 2020 Results
PU
10/30NAM TAI : 3Q Earnings Snapshot
AQ
10/22NAM TAI PROPERTY : Provides Update on Litigation Filed by IsZo Capital Managemen..
PU
10/22NAM TAI PROPERTY : Provides Update on Litigation Filed by IsZo Capital Managemen..
PR
10/19NAM TAI PROPERTY : IsZo Capital Files Lawsuit Against Nam Tai and the Participan..
BU
10/06NAM TAI PROPERTY : Provides Update on Evaluation of Request to Call Special Meet..
PR
10/05NAM TAI PROPERTY : Raises $170 million Through Private Placement Transaction
PR
09/29NAM TAI PROPERTY : Announces Amended and Restated Memorandum and Articles of Ass..
PU
09/23NAM TAI PROPERTY : Sets the Record Straight
PR
09/22NAM TAI PROPERTY : IsZo Capital Comments on Nam Tai's Appointment of Three Kaisa..
BU
More news
Financials (USD)
Sales 2019 2,97 M - -
Net income 2019 -13,2 M - -
Net cash 2019 28,7 M - -
P/E ratio 2019 -25,0x
Yield 2019 -
Capitalization 300 M 300 M -
EV / Sales 2018 537x
EV / Sales 2019 102x
Nbr of Employees 105
Free-Float 42,2%
Chart NAM TAI PROPERTY INC.
Duration : Period :
Nam Tai Property Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NAM TAI PROPERTY INC.
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Managers
NameTitle
Jiabiao Wang Chief Executive Officer
Lai Ling Tam Executive Chairman
Wai Hang Wan Chief Financial Officer
Peter R. Kellogg Independent Non-Executive Director
Mark Waslen Independent Non-Executive Director