Company: ZDAN
Filing Date: 2025-01-10
Form Type: DRS/A
Source: 0001683168-25-000168
Chunk: 232

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-01-10
Form: DRS/A
Chunk 232
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 of the shareholders or class of shareholders or (ii) a majority in number representing seventy-five
percent (75%) in value of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,
convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands.

| 146 |

While a dissenting 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       
 met;                                                                      |
| · | the shareholders have been fairly represented at the meeting in question; |
| · | the arrangement is such that may be reasonably approved by an intelligent 
 and honest man of that class acting in respect of his interest; and       |
| · | the arrangement is not one that would more properly be sanctioned under   
 some other provision of the Companies Act.                                |

The Companies Act also contains
a statutory power of compulsory acquisition which may facilitate the “squeeze out” of 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, give notice in the prescribed manner to any dissenting
shareholders to require them to transfer such shares to the offeror on the terms of the offer, unless an application is made by the dissenting
shareholder to the Court for an order otherwise within one month from the date on which the notice was given. 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