Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 143

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 10
Chunk 143
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 was previously considered that a director need not
exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her
knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required
skill and care and these authorities are likely to be followed in the Cayman Islands.

  87  

Shareholder Action by Written
Consent

Under
the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings
of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters by
way of a unanimous written resolution without a meeting being held.

Shareholder Proposals

Neither
Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders’ meeting. As an exempted
Cayman Islands company, we are not obliged by law to call shareholders’ annual general meetings. However, our Articles of Association
require us to call such meetings every year.

Cumulative Voting

Cumulative
voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s voting power
with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative
voting.

Removal of Directors

Under
our Articles of Association, directors may be removed by ordinary resolution.

Transactions with Interested
Shareholders

The Delaware
General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has
specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an “interested shareholder” for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes