Orion Properties Claims Kawa's Director Nominations Are Not Valid

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Nov 26 2025

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Source: SeekingAlpha

Invalid Nomination Notice: Orion Properties (ONL) declared that The Kawa Fund Limited's notice to nominate five board candidates is invalid due to non-compliance with the company's bylaws, including failure to prove eligibility as a stockholder.
Bylaw Compliance Issues: The Kawa Fund's nomination lacked necessary details about its plans for the company and did not meet several other bylaw requirements, according to Orion's board.
Upcoming Annual Meeting: Orion Properties plans to announce the date for its 2026 annual meeting and will file proxy materials with the SEC in the near future.
Stock Performance: Following the announcement, Orion's stock rose by 4.6% in morning trading.

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About ONL

Orion Properties Inc., formerly Orion Office REIT Inc., is an internally managed real estate investment trust (REIT). The Company is engaged in the ownership, acquisition, and management of a diversified portfolio of office buildings located in suburban markets across the United States and leased primarily on a single tenant net lease basis. Its portfolio is comprised of traditional office buildings, as well as governmental office, medical office, office/laboratory, medical office, flex/laboratory and R&D and flex/industrial properties. It owns and operates 69 office properties with an aggregate of 7.9 million leasable square feet located in 29 states. Its portfolio also consists of six unconsolidated joint venture properties diversified by tenant, geography, and industry. Its tenants operate in a range of industries, including financial services, health care, government services and telecommunications.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Kawa Capital Management Fully Exits Gerdau S.A. with $6.49 Million Transaction

Jan 23 2026Fool

Full Liquidation: Kawa Capital Management sold all 2,094,404 shares of Gerdau S.A. in Q4 2023 for approximately $6.49 million, reducing its exposure from 11.8% to 0%, indicating a strategic shift in risk management.
Portfolio Shift: Following the liquidation, Kawa's top holdings now include BDN ($15.73 million, 36.4%), ONL ($12.54 million, 29.0%), and others, reflecting a pivot towards real estate and diversified materials companies.
Stock Performance: As of January 20, 2023, Gerdau's shares were priced at $4.16, up 47% over the past year, significantly outperforming the S&P 500's 14% gain, showcasing the company's strong market position and pricing discipline.
Investor Outlook: Gerdau's latest earnings report highlighted steady cash generation and ongoing capital returns, including dividends and buybacks, despite a normalization in steel markets, presenting a positive outlook for long-term investors focused on durability.

Kawa Capital Fully Exits Gerdau S.A. Position with $6.49 Million Transaction

Jan 23 2026NASDAQ.COM

Position Liquidation: Kawa Capital sold 2,094,404 shares of Gerdau S.A. in Q4, with an estimated transaction value of $6.49 million, marking a reduction of its exposure from 11.8% to 0%, indicating a focus on risk management.
Market Performance: As of January 20, Gerdau S.A. shares were priced at $4.16, reflecting a 47% increase over the past year, significantly outperforming the S&P 500's 14% gain during the same period, showcasing the company's strong performance in the steel market.
Financial Health: In its latest earnings report, Gerdau highlighted steady cash generation and ongoing capital returns, including dividends and buybacks, despite the normalization of steel markets, demonstrating financial flexibility and a robust balance sheet.
Investment Strategy Shift: The complete exit from Gerdau S.A. suggests that Kawa Capital may be restructuring its portfolio and managing risk after a significant stock price rally, shifting focus towards more diversified real estate and materials assets.