Company: STAK
Filing Date: 2025-11-05
Form Type: 20-F
Source: 0001493152-25-020818
Chunk: 123

Company: STAK Inc.
Filing Date: 2025-11-05
Form: 20-F
Item: Item 10
Chunk 123
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 waived by a court in the Cayman Islands.
 
Save in certain limited circumstances, a dissenting shareholder of a Cayman constituent is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.
 

94
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In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders, 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. 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;                                
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●   the                                                                                                                                  
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class;                                                                  
●   the                                                                                                                                  
    arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or    
    her interest; and                                                                                                                    
●   the                                                                                                                                  
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.                       

When a takeover offer is made and accepted by holders of 90.0% 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 to require the holders of the remaining shares to transfer such shares 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 that has been so approved unless there is evidence of fraud, bad faith or collusion.
 
If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, a dissenting shareholder would have