Company: NMP
Filing Date: 2025-05-06
Form Type: S-1
Source: 0001213900-25-039851
Chunk: 242

Company: NMP Acquisition Corp.
Filing Date: 2025-05-06
Form: S-1
Chunk 242
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the arrangement is such as a businessman would reasonably approve; and (d)the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Companies Act or that would amount to a “fraud on the minority.” If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to dissenters’ rights or appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United States corporations. Squeeze -out Provisions . When a takeover offer is made and accepted by holders of 90% in value of the shares to whom the offer relates within four months the offeror may, within a two -month period after the expiration of the initial 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 unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders. Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business. Shareholders’ Suits . Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions. In principle, we will normally be the proper plaintiff in any claim based on a breach of duty owed to us as a company and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on both Cayman Islands authorities and English law authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: (a)an act which is illegal or ultra vires or beyond the scope of its authority with respect to the company and is therefore incapable of ratification by the shareholders; (b)an act which, although not ultra vires, could be effected if duly authorized by more than the number of votes which have actually been obtained; and (c)an act which constitutes a “fraud on the minority” where the wrongdoers are themselves in control of the company. A shareholder may have a direct right of action against us where the individual