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IsZo Capital’s Director Candidates Issue Open Letter to Nam Tai’s Stakeholders in Mainland China

2021-03-23 09:37
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NEW YORK -- (BUSINESS WIRE) --

IsZo Capital Management LP (together with its affiliates, “IsZo”), which beneficially owns approximately 13% of the outstanding shares of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”), today issued the below letter on behalf of its director nominees – Michael Cricenti, Cindy Chen Delano, Bo Hu, Leung Lin Cheong Louis (Louis Leung), Paula J. Poskon and Jeffrey Tuder – to the Company’s stakeholders in mainland China. As a reminder, IsZo is seeking shareholder support to elect Mr. Cricenti, Ms. Chen Delano, Mr. Hu, Mr. Leung, Ms. Poskon and Mr. Tuder to Nam Tai’s Board of Directors (the “Board”) at the court-ordered meeting of shareholders of Nam Tai scheduled to take place on April 26, 2021. IsZo is encouraging shareholders to vote on the GREEN Proxy Card to elect its full six-member slate.

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Dear Nam Tai Stakeholders,

Over the past several months, each member of the IsZo slate has spent a considerable amount of timing analyzing Nam Tai’s assets, operating markets and future prospects. Our respective assessments have led to a similar conclusion: the Company has a tremendous opportunity to develop world-class projects in Shenzhen, Dongguan and across China’s top economic development regions. We believe Nam Tai can capitalize on this opportunity for many years to come if it has ethical leadership that honors its commitments and obligations.

If elected to Nam Tai’s Board, you can trust that we will operate with the utmost business integrity. We intend to take a number of steps to strengthen the Company’s long-term standing across China’s vibrant real estate markets, including:

  • Honoring Financial Commitments – We know how valuable Nam Tai’s relationships are with its lending banks. This is why we intend to have the Company honor all of the terms and obligations, including repayment at maturity, under its existing loan agreements in good faith. Although we have strong relationships with alternative financing sources, we prefer that the Company retains its existing banking relationships.
  • Hiring Qualified Local Leadership – We recognize that Nam Tai needs a China-based executive team with strong integrity and demonstrated experience in the commercial real estate space. That is why we plan to immediately retain top search firms and recruit the best local talent for c-level positions.
  • Strengthening Local Relationships – We know how important Nam Tai’s partners and vendors are to the project development process. That is why we will honor lawful labor agreements and sub-contractor arrangements at all of the Company’s project sites. In addition, we want to build lasting personal and professional relationships with local partners, including project managers, suppliers, vendors, lawmakers and regulators.
  • Evaluating New Investment Opportunities – Although Nam Tai has a robust property portfolio at the present time, we want the Company to remain active when it comes to evaluating new project opportunities across China. We believe Shenzhen and its neighboring provinces will continue to grow and thrive as China continues to experience exciting economic growth. The Company can grow alongside the nation’s economy.

Please trust that the IsZo slate will continue to operate with integrity and show the utmost respect for the communities that Nam Tai develops projects in and across China as a whole. We want to bring honor and respect back to the Company after its recent legal issues as a result of improper conduct by the current Nam Tai directors we are seeking to replace. Nam Tai can become a gem of the Chinese real estate sector with the right leadership, and that is what we intend to deliver.

Sincerely,

Michael Cricenti

 

 

Cindy Chen Delano

 

Bo Hu

Leung Lin Cheong Louis

(Louis Leung)

 

Paula J. Poskon

 

Jeffrey Tuder

About IsZo Capital

IsZo Capital is a New York-based investment management firm and a long-term shareholder of Nam Tai.

CONTACT:

Profile
Greg Marose / Charlotte Kiaie, 347-343-2999
IsZo@profileadvisors.com