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Nam Tai Property (NTP)

Filed: 14 Sep 20, 8:37am

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 2)1

Nam Tai Property Inc.

(Name of Issuer)

Common Shares, $0.01 par value per share

(Title of Class of Securities)

G63907102

(CUSIP Number)

Brian L. Sheehy

IsZo Capital Management LP

590 Madison Avenue, 21st Floor

New York, New York 10022

(646) 775-4934

 

STEVE WOLOSKY

RYAN NEBEL

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

September 11, 2020

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. G63907102

 1 NAME OF REPORTING PERSON 
     
    IsZo Capital LP 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
    WC 
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    3,892,385 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     3,892,385 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    3,892,385 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    10.0% 
 14 TYPE OF REPORTING PERSON 
     
    PN 

  

2

CUSIP No. G63907102

 1 NAME OF REPORTING PERSON 
     
    IsZo Capital GP LLC 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
    AF 
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    3,892,385 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     3,892,385 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    3,892,385 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    10.0% 
 14 TYPE OF REPORTING PERSON 
     
    OO 

  

3

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    IsZo Capital Management LP 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
    AF 
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    3,892,385 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     3,892,385 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    3,892,385 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    10.0% 
 14 TYPE OF REPORTING PERSON 
     
    PN 

  

4

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    IsZo Management Corp. 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
    AF 
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    3,892,385 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     3,892,385 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    3,892,385 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    10.0% 
 14 TYPE OF REPORTING PERSON 
     
    CO 

  

5

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Brian L. Sheehy 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
    AF 
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    3,892,385 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     3,892,385 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    3,892,385 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    10.0% 
 14 TYPE OF REPORTING PERSON 
     
    IN, HC 

  

6

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Michael Cricenti 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

7

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Cindy Chen Delano 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

8

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Bo Hu 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    CHINA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

9

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Leung Lin Cheong Louis (Louis Leung) 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    HONG KONG, CHINA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

10

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Paula J. Poskon 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

11

CUSIP No. G63907102

 

 1 NAME OF REPORTING PERSON 
     
    Jeffrey Tuder 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☒
    (b) ☐
      
 3 SEC USE ONLY  
      
      
 4 SOURCE OF FUNDS 
     
     
 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)    ☐
    
      
 6 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 7 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    - 0 - 
OWNED BY 8 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 9 SOLE DISPOSITIVE POWER 
     
     - 0 - 
  10 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    - 0 - 
 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    ☐
    
      
 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 
     
    0% 
 14 TYPE OF REPORTING PERSON 
     
    IN 

  

12

CUSIP No. G63907102

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by IsZo LP were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 3,892,385 Shares beneficially owned by IsZo LP is approximately $41,050,579, including brokerage commissions.

Item 4.Purpose of Transaction.

Item 4 is hereby amended to add the following:

On September 11, 2020, IsZo delivered to the Issuer written requests of members holding more than 30% of the votes of the outstanding voting Shares to demand that the Issuer convene a meeting of members of the Issuer whereat proposals seeking to (i) remove Ying Chi Kwok, Dr. Wing Yan “William” Lo, Vincent Fok, Professor Si Zong Wu and Dr. Aiping Lyu (and any new director(s) appointed by the Board of Directors since the conclusion of the 2020 Annual General Meeting of Shareholders) as directors of the Issuer and (ii) appoint Michael Cricenti, Cindy Chen Delano, Bo Hu, Leung Lin Cheong Louis (Louis Leung), Paula J. Poskon and Jeffrey Tuder as directors of the Issuer (the “Proposals”) shall be voted upon.

Also on September 11, 2020, IsZo issued a press release announcing that it delivered the requisite written requests to demand that the Issuer convene a meeting of members of the Issuer whereat shareholders will have the opportunity to vote upon the Proposals. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 5.Interest in Securities of the Issuer.

Items 5(a) and (c) are hereby amended and restated to read as follows:

(a)       The aggregate percentage of Shares reported owned by each person named herein is based upon 38,935,000 Shares outstanding as of June 30, 2020, which is the total number of Shares outstanding as reported in the Issuer’s Form 6-K filed with the Securities and Exchange Commission on July 24, 2020.

As of the date hereof, IsZo LP beneficially owned 3,892,385 Shares, constituting approximately 10.0% of the Shares outstanding.

IsZo GP, as the general partner of IsZo LP, may be deemed to beneficially own the 3,892,385 Shares owned by IsZo LP, constituting approximately 10.0% of the Shares outstanding. IsZo Capital, as the investment manager of IsZo LP, may be deemed to beneficially own the 3,892,385 Shares owned by IsZo LP, constituting approximately 10.0% of the Shares outstanding. IsZo Management, as the general partner of IsZo Capital, may be deemed to beneficially own the 3,892,385 Shares owned by IsZo LP, constituting approximately 10.0% of the Shares outstanding. Mr. Sheehy, as the managing member of IsZo GP and the President and sole director of IsZo Management, may be deemed to beneficially own the 3,892,385 Shares owned by IsZo LP, constituting approximately 10.0% of the Shares outstanding.

13

CUSIP No. G63907102

As of the date hereof, Mses. Delano and Poskon and Messrs. Cricenti, Hu, Leung and Tuder did not beneficially own any Shares, constituting 0% of the Shares outstanding.

Each Reporting Person may be deemed to be a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and such group may be deemed to beneficially own the Shares owned in the aggregate by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of the Shares that he, she or it does not directly own.

(c)       The transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 1 to the Schedule 13D are set forth in Schedule A annexed hereto and are incorporated by reference herein. All of such transactions were effected in the open market unless otherwise noted.

Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

On September 11, 2020, IsZo delivered to the Issuer written requests of members holding more than 30% of the votes of the outstanding voting Shares to demand that the Issuer convene a meeting of members of the Issuer whereat the Proposals shall be voted upon.

Item 7.Material to be Filed as Exhibits.

Item 7 is hereby amended to add the following exhibit:

99.1Press Release, dated September 11, 2020.
14

CUSIP No. G63907102

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: September 14, 2020

 

 IsZo Capital LP
  
 By:IsZo Capital GP LLC
General Partner
  
 By:

/s/ Brian L. Sheehy

  Name:Brian L. Sheehy
  Title:Managing Member

 

 

 IsZo Capital GP LLC
  
 By:

/s/ Brian L. Sheehy

  Name:Brian L. Sheehy
  Title:Managing Member

 

 

 IsZo Capital Management LP
   
 By:IsZo Management Corp.
General Partner
  
 By:

/s/ Brian L. Sheehy

  Name:Brian L. Sheehy
  Title:President and Sole Director

 

 

 IsZo Management Corp.
   
 By:

/s/ Brian L. Sheehy

  Name:Brian L. Sheehy
  Title:President and Sole Director

 

 

 

/s/ Brian L. Sheehy

 

Brian L. Sheehy

Individually and as attorney-in-fact for Michael Cricenti, Cindy Chen Delano, Bo Hu, Leung Lin Cheong Louis (Louis Leung), Paula J. Poskon and Jeffrey Tuder

 

15

CUSIP No. G63907102

 

SCHEDULE A

Transactions in Securities of the Issuer Since the Filing of Amendment No. 1 to the Schedule 13D

Nature of the Transaction

Securities

Purchased/(Sold)

Price Per

Security($)

Date of

Purchase/Sale

 

IsZo Capital LP

 

Purchase of Common Stock15,7548.038807/23/2020
Purchase of Common Stock17,8388.079707/24/2020
Purchase of Common Stock45,3438.228307/27/2020
Purchase of Common Stock1,0007.983407/28/2020