Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 421

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 421
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 of each constituent
company, and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. The
written plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the solvency
of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a
copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company and that
notification of the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to
be paid the fair value of their shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) if
they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which
is effected in compliance with these statutory procedures.

21

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 or creditors (representing 75% by value) 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 of the class;

    ●
    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 Law.

When
a takeover offer is made and accepted by holders of 90% of the shares within four months, the offeror may