Orion Properties (ONL): The Kawa Fund (Kawa Capital) files slate of nominees, targets board overhaul and strategic change.

The Kawa Fund Limited delivered an advance notice to Orion Properties Inc. nominating five director candidates (Dan Amer, Porter Openshaw, Isaac K. Fisher, Nirmal Roy, and Andrew Gitelson) for election at the 2026 annual meeting, attaching nominee consents, biographies, completed director questionnaires and detailed ownership/disclosure schedules. The notice states Kawa’s beneficial ownership (5,474,027 shares, with 2,527,038 held directly by The Kawa Fund Limited), lists acquisition dates and investment intent, confirms compliance with the bylaws and SEC Rule 14a-19, outlines a proxy solicitation plan (targeting ≥67% voting power) and reimbursement/compensation arrangements, and requests that ONL include the nominees in its proxy materials while reserving rights to supplement or amend the notice.