Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 140

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 10
Chunk 140
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 a constituent company is required unless this requirement is waived by a
court in the Cayman Islands.

Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares
upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for
the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition,
there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved
by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must, in addition,
represent three-fourths in value of each such class of shareholders or 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. 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 and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those o...  
  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.                                                                                    

When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, 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 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 is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights