Orion Properties says Kawa's director nominations are invalid

[Silhouette of business people negotiating at meeting table]
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Orion Properties (ONL [https://seekingalpha.com/symbol/ONL]) said on Wednesday that the notice submitted by The Kawa Fund Limited, which purported to nominate five candidates for Orion's board, is invalid. [https://seekingalpha.com/pr/20321235-orion-properties-announces-that-director-nomination-notice-from-kawa-is-invalid]

Orion's board unanimously determined that the submission didn't meet several requirements in Orion's bylaws, including that Kawa be a record holder of the company's common stock. The fund failed to provide proof that it's an eligible stockholder, the ONL board said.

"In addition, Kawa’s nomination notice does not comply with several other requirements of Orion’s bylaws, including a lack of discussion of Kawa’s plans for the company beyond a passing reference to Kawa’s two prior proposals to acquire all of the outstanding shares of Orion’s common stock," the company said.

Orion (ONL [https://seekingalpha.com/symbol/ONL]) will announce the date of its 2026 annual meeting and file proxy materials with the SEC "in due course," it said.

Orion (ONL [https://seekingalpha.com/symbol/ONL]) stock rose 4.6% in morning trading.

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