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New Home shrinks board to 9 members

New Home Co. Inc. reduced its board's size to nine members from 11, after Nadine Watt and David Berman were not nominated for re-election at the homebuilder's May 22 annual shareholder meeting.

The company said Watt and Berman were previously nominated by institutional investors Watt/TNHC LLC and TCN/TNHC LP.

The homebuilder disclosed in a May 23 filing that Watt/TNHC no longer owns the amount of New Home shares required to retain its right to nominate Watt and TCN/TNHC waived its right to nominate Berman despite owning more than the required ownership of at least 4% of New Home common shares.