Company: DKI
Filing Date: 2025-06-13
Form Type: F-1
Source: 0001641172-25-015001
Chunk: 175

Company: DarkIris Inc.
Filing Date: 2025-06-13
Form: F-1
Chunk 175
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 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 seventy-five percent (75%) in value of the shareholders or 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 person of 
 that class acting in respect of his or her interest; and                                   |

| ● | the                                                                                                           
 arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act |

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the “squeeze out” of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, give notice to 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 by the dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that 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, 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 in cash for the judicially determined value of the shares.

Shareholders’ Suits. In principle, we