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IsZo Capital Announces That ISS and Glass Lewis Recommend Nam Tai Shareholders Vote for Boardroom Change on its GREEN Proxy CardIsZo Capital Management LP (together with its affiliates, "IsZo" or "we"), which beneficially owns approximately 13% of the outstanding shares of Nam Tai Property Inc. (NYSE: NTP) ("Nam Tai" or the "Company"), today announced that leading independent proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis") have recommended that Nam Tai shareholders vote for boardroom change on IsZo's GREEN Proxy Card. As a reminder, the court-ordered meeting of Nam Tai shareholders (the "Special Meeting") is scheduled to take place on April 26, 2021. The Special Meeting will provide shareholders the opportunity to reconstitute the Company's current six-member Board of Directors by removing four of the incumbent directors - who were recently found to have breached their fiduciary duties by the Eastern Caribbean Supreme Court - and installing IsZo's diverse, ethical and experienced slate: Michael Cricenti, Cindy Chen Delano, Bo Hu, Louis Leung, Paula J. Poskon and Jeffrey Tuder. Please note that IsZo is not seeking to remove incumbent directors Peter R. Kellogg or Mark Waslen (who did not breach their fiduciary duties). In particular, ISS recommends for the election of Mr. Cricenti, Mr. Hu and Mr. Leung and the removal of incumbent directors Dr. Aiping Lyu, Professor Si Zong (News - Alert) Wu and Dr. Wing Yan Lo. Glass Lewis recommends for the election of Mr. Hu and Mr. Leung and the removal of Professor Wu and Dr. Lo. In its full report, ISS notes:1
Brian Sheehy, Founder and Managing Member of IsZo, commented: "IsZo appreciates that ISS and Glass Lewis are recommending shareholders vote on the GREEN Proxy Card to effect sorely-needed change atop Nam Tai. Although it appears both advisory firms failed to grasp the full extent of the targeted directors' egregious conduct to benefit Kaisa at the expense of all other shareholders and overlooked the need for gender diversity in Nam Tai's all-male boardroom, their reports clearly highlight that the four directors we are seeking to remove were found to have breached their fiduciary duties in connection with Nam Tai's now-voided $170 million private placement. The reports also make it abundantly clear that the incumbents have presided over appalling corporate governance that cannot be allowed to continue. With this context in mind, IsZo urges shareholders to go a step further than ISS and Glass Lewis by voting to elect our full six-member slate, which has the integrity and strategic vision to unlock the intrinsic value of Nam Tai's portfolio." 1 Permission to quote ISS was neither sought nor obtained. Emphases added by IsZo. 2 Permission to quote Glass Lewis was neither sought nor obtained. Emphases added by IsZo.
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