Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 141

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 141
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 shareholder has the right to express to the
court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

  the statutory provisions as to the required majority vote have been                                                                   
  the shareholders have been fairly represented at the meeting in question                                                              
  the arrangement is such that may be reasonably approved by an intelligent                                                             
  the arrangement is not one that would more properly be sanctioned under                                                               

The Companies Act
also contains a statutory power of compulsory acquisition which may facilitate the “squeeze out” of a dissentient minority
shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months,
the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining
shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands
but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement
and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance
with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors
to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands
has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing
rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act
also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the
appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the
meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof)
either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented
by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing
such a petition, the Cayman Islands court may, among