Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 302

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 302
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 company may participate fully in all proceedings until the
determination of fair value is reached. A shareholder who dissents must do so in respect
of all shares that that person holds in the constituent company. Upon the giving of
a notice of dissent under paragraph (iii) above, the shareholder to whom the notice
relates shall cease to have any of the rights of a shareholder except the right to
be paid the fair value of that person’s shares and certain rights specified in the Companies Act. These rights of a dissenting
shareholder are not available in certain circumstances, for example, to dissenting
shareholders holding shares of any class in respect of which an open market exists
on a recognized stock exchange or recognized interdealer quotation system at the relevant
date, where the consideration for such shares to be contributed are shares of any
company listed on a national securities exchange or shares of the surviving or consolidated
company.

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Moreover, Cayman Islands law has separate statutory provisions that facilitate the
reconstruction or amalgamation of companies in certain circumstances, commonly referred
to in the Cayman Islands as a “scheme of arrangement,” which may be tantamount to
a merger. Schemes of arrangement will generally be more suited for complex mergers
or other transactions involving widely held companies. In the event that a merger
was sought pursuant to a scheme of arrangement (the procedures for which are more
rigorous and take longer to complete than the procedures typically required to consummate
a merger in the United States), the arrangement in question must be approved (i) in
relation to a compromise or arrangement between a company and its creditors or any
class of them, a majority in number of such creditors or class of creditors with whom
the arrangement is to be made and who must in addition represent 75% in value of such
creditors or class of creditors, as the case may be, that are present and voting either
in person or by proxy at a meeting summoned for that purpose; and (ii) in relation
to a compromise or arrangement between a company and its shareholders or any class
of them, shareholders who represent 75% in value of the company’s shareholders or class of shareholders, as the case may be, that are present and
voting either in person or by proxy at a meeting summoned for that purpose. The convening
of the meetings and subsequently the terms of the arrangement must be sanctioned by
the Grand Court of the Cayman Islands.