Company: OTSA
Filing Date: 2025-03-26
Form Type: DRS/A
Source: 0001013762-25-002776
Chunk: 226

Company: OTSAW Ltd
Filing Date: 2025-03-26
Form: DRS/A
Chunk 226
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 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;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

149

|                                 |     | Delaware                                                                                                                                                                                                                                                                                                                                                                        |     | Cayman Islands                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 •   the arrangement is such that an intelligent and honest man of that class acting in respect of his interest would reasonably approve; and                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 •   the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 When a takeover offer is made and accepted by holders of not less than 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 on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given but this is unlikely to succeed unless there is evidence of fraud, bad faith or collusion. 
 If an arrangement and reconstruction is thus approved, the 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.                                                                                                                                                                                                                                                       |
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| Shareholder Suits               |     | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys’ fees incurred in connection with such action. |     | In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including when:                                                                                                                                                                                                                                                         
 •   a company acts or proposes to