Company: XXC
Filing Date: 2025-11-18
Form Type: 20-F
Source: 0001213900-25-111691
Chunk: 37

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-11-18
Form: 20-F
Item: Item 10
Chunk 37
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 by way of schemes of arrangement. Any such arrangement must be approved by (a) a majority
in number of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made, and who must, in
addition, represent seventy-five percent 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 and (b) seventy-five percent in value of
the shareholders or each class of shareholders, as the case may be, with whom the arrangement is to be made that are present and voting
either in person or by proxy at a meeting, convened for that purpose, as applicable. 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:

  (a)      the                                                                                    

  (b)      the                                                                                              

  (c)      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                                                  
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  (d)      the                                                                                       

The
Companies Act contains a statutory power of compulsory acquisition which may facilitate the “squeeze out” of dissentient
minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four
months, 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 to the offeror 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 by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted,
in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights,
which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment