Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 140

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 140
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 for a merger or consolidation
which is effected in compliance with these statutory procedures.

A merger between a
Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that
Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member
agrees otherwise. For this purpose, a company is a “parent” of a subsidiary if it holds issued shares that together represent
at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each
holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in
the Cayman Islands.

Save in certain limited
circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of
the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting
to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act.
The exercise of 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.

Separate from the
statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the
reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by in the case
of a scheme of arrangement with members or class of members, seventy-five per cent in value of the members or class of members, as the
case may be, with whom the arrangement is to be made and in the case of a scheme of arrangement with creditors, a majority in number
of the class of creditors or class of creditors, as the case may be, with whom the arrangement is to be made, and who must in addition
represent seventy-five per cent in value of the creditors or each such class of 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