# EDGAR Filing Document

**Accession Number:** 0001928340
**File Stem:** 0001213900-26-008252
**Filing Date:** 2026-1
**Character Count:** 27072
**Document Hash:** b1cfc6a522745b56f9b812666730d929
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-008252.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001213900-26-008252

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260127

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDEN HEAVEN GROUP HOLDINGS LTD.
- **CENTRAL INDEX KEY:** 0001928340
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41675
- **FILM NUMBER:** 26565972

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.8 HAICHUAN ROAD, BANHOU
- **STREET 2:** XIQIN TOWN, YANPING DISTRICT
- **CITY:** NANPING CITY, FUJIAN PROVINCE
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 0599 8508022

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.8 HAICHUAN ROAD, BANHOU
- **STREET 2:** XIQIN TOWN, YANPING DISTRICT
- **CITY:** NANPING CITY, FUJIAN PROVINCE
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month January 2026**

**Commission File Number: 001-41675**

**GOLDEN HEAVEN GROUP HOLDINGS LTD.**

(Translation of registrant's name into English)

**No. 8 Banhouhaichuan Rd**

**Xiqin Town, Yanping District**

**Nanping City, Fujian Province, China 353001**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**Explanatory Note**

Golden Heaven Group Holdings Ltd. (the "Company") initially filed registration statement on [Form F-3](http://www.sec.gov/Archives/edgar/data/1928340/000121390024049756/ea0207066-f3_golden.htm) (File No. 333-279942) with the U.S. Securities and Exchange Commission (the "SEC") on June 4, 2024, which was declared effective on June 27, 2024 (the "Registration Statement"). A prospectus supplement to the Registration Statement in connection with registration of certain resale shares dated as of January 27, 2026 (the "Prospectus Supplement") was filed with the SEC on January 27, 2026.

The opinion of Ogier as to the legality of the resale shares being registered under the Registration Statement and the Prospectus Supplement, is filed as Exhibit 5.1 to this current report on Form 6-K and is incorporated by reference into the Registration Statement and shall be a part thereof from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 5.1 | [Opinion of Ogier as to the legality of the resale shares being registered](ea027423601ex5-1_golden.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Golden Heaven Group Holdings Ltd.** | **Golden Heaven Group Holdings Ltd.** |
| Date: January 27, 2026 | By: | */s/ Jin Xu* |
|  | Name: | Jin Xu |
|  | Title: | Chief Executive Officer and <br> Chairman of the Board of Directors<br> (Principal Executive Officer) |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

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| | |
|:---|:---|
| **Golden Heaven Group Holdings Ltd.**<br> No. 8 Banhouhaichuan Rd<br> Xiqin Town, Yanping District<br> Nanping City, Fujian Province, China 353001 | **D** **+852 3656 6054 / +852 3656 6073** |
| **Golden Heaven Group Holdings Ltd.**<br> No. 8 Banhouhaichuan Rd<br> Xiqin Town, Yanping District<br> Nanping City, Fujian Province, China 353001 | **E** **nathan.powell@ogier.com**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**rachel.huang@ogier.com** |
| **Golden Heaven Group Holdings Ltd.**<br> No. 8 Banhouhaichuan Rd<br> Xiqin Town, Yanping District<br> Nanping City, Fujian Province, China 353001 |  |
| **Golden Heaven Group Holdings Ltd.**<br> No. 8 Banhouhaichuan Rd<br> Xiqin Town, Yanping District<br> Nanping City, Fujian Province, China 353001 | Reference: NMP/RYH/502469.00002 |

---

27 January 2026

Dear Sirs

**Golden Heaven Group Holdings Ltd. (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-3, including all amendments and supplements thereto (the **Registration Statement**), initially filed on 4 June 2024 with the U.S. Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**) relating to securities to be issued and sold by the Company from time to time, and the prospectus supplement dated 27 January 2026 (the **Prospectus Supplement**). The Registration Statement and the Prospectus Supplement relate to the offering and sale of up to 14,500,000 class A ordinary shares of a par value of US$1.875 each of the Company (each a **Class A Ordinary Share**, and such 14,500,000 Class A Ordinary Shares, the **Sale Shares**) in accordance with a securities purchase agreement dated 4 December 2025 entered into between the Company and the purchasers named therein (the **SPA**).

We are furnishing this opinion as Exhibits 5.1 and 23.2 to the Company's current report on Form 6-K dated 27 January 2026 which will be incorporated by reference into the Registration Statement and the Prospectus Supplement (the **Form 6-K**).

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the documents set forth in Schedule 1. In addition, we have examined the corporate and other documents and conducted the searches listed in Schedule 1. We have not made any searches or enquiries concerning and have not examined any documents entered into by or affecting the Company or any other person, save for the searches, enquiries and examinations expressly referred to in Schedule 1.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

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| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li<br> Cecilia Li | Yuki Yan<br> David Lin<br> Alan Wong<br> Rachel Huang\*\*<br> Janice Chu\*\*<br> Zhao Rong Ooi<sup>†</sup><br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>†</sup> admitted in Singapore<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

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Page **2** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copies of documents examined by us (whether in facsimile, electronic or other form) conform to the
originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Good Standing Certificate, the Registers and the Director's Certificate (each as defined
in Schedule 1) is accurate and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the CORIS Search (as defined in Schedule 1) which we have examined is accurate and that the information
disclosed by the CORIS Search is true and complete and that such information has not since been altered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Register of Writs constitutes a complete and accurate record of the proceedings affecting the Company
before the Grand Court of the Cayman Islands as at the time we conducted our investigation of such register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all copies of the Registration Statement, the Prospectus Supplement, and the SPA are true and correct
copies and the Registration Statement, the Prospectus Supplement, and the SPA conform in every material respect to the latest drafts of
the same produced to us and, where any of the Registration Statement or the Prospectus Supplement has been provided to us in successive
drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Board Resolutions (as defined in Schedule 1) remain in full force and effect and each of the directors
of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence
and skill that is required of him or her in approving the Registration Statement, the Prospectus Supplement, and the SPA and no director
has a financial interest in or other relationship to a party of the transactions contemplated by the Registration Statement, the Prospectus
Supplement, and the SPA which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the parties to the SPA other than the Company is duly incorporated, formed or organised (as applicable),
validly existing and in good standing under all relevant laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the SPA has been duly authorised, executed and unconditionally delivered by or on behalf of all parties
to it in accordance with all applicable laws (other than, in the case of the Company, the laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the SPA is legal, valid and binding and enforceable against all relevant parties in accordance with its
terms under relevant law (other than, in the case of the Company, the laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) none of the opinions expressed herein will be adversely affected by the laws or public policies of any
jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the laws or public policies of any jurisdiction other than the Cayman Islands will not adversely affect
the capacity or authority of the Company; and

Page **3** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the execution or delivery of the Registration Statement, the Prospectus Supplement, or the SPA
nor the exercise by any party to the Registration Statement, the Prospectus Supplement, or the SPA of its rights or the performance of
its obligations under them contravene those laws or public policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there are no agreements, documents or arrangements (other than the documents expressly referred to in
this opinion as having been examined by us) that materially affect or modify the Registration Statement, the Prospectus Supplement, the
SPA or the transactions contemplated by each of them or restrict the powers and authority of the Company in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no moneys paid to or for the account of any party under the Registration Statement, the Prospectus Supplement,
and the SPA represent, or will represent, criminal property or terrorist property (as defined in the Proceeds of Crime Act (Revised),
and the Terrorism Act (Revised) respectively). None of the parties to any of the Registration Statement, the Prospectus Supplement, and/or
the SPA is acting or will act in relation to the transactions contemplated by the Registration Statement, the Prospectus Supplement, and
the SPA, in a manner inconsistent with sanctions imposed by Cayman Islands authorities, or United Nations or United Kingdom sanctions
or measures extended by statutory instrument to the Cayman Islands by orders of His Majesty in Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) none of the transactions contemplated by the Registration Statement, the Prospectus Supplement, and the
SPA relate to any partnership interests, shares, voting rights in a Cayman Islands company, limited liability company, limited liability
partnership, limited partnership, foundation company, exempted limited partnership, or any other person that may be prescribed in regulations
from time to time (a **Legal Person**) or to the ultimate effective control over the management of a Legal Person (the **Relevant Interests**) that are subject to a restrictions notice issued pursuant to the Beneficial Ownership Transparency Act (Revised) of the
Cayman Islands (a **Restrictions Notice**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there are no circumstances or matters of fact existing which may properly form the basis for an application
for an order for rectification of the register of members of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the issue of any Sale Shares in accordance with the Registration Statement, the Prospectus Supplement,
and the SPA would not result in the Company exceeding its authorised share capital; and upon the issue of any Sale Shares, the Company
will receive consideration for the full issue price thereof which shall be equal to at least the par value thereof and that the such issuance
will be duly registered, and will continue to be registered, in the Company's register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any of the Sale Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) at the time of the issuance of the Sale Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company will not have been struck off or placed in liquidation; and

Page **4** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issue price for each share issued will not be less than the par value of such share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) at the time of the issuance of the Sale Shares, the issue price for each share issued will not be less
than the par value of such share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) neither the directors nor the shareholders of the Company have taken any steps to appoint a liquidator
of the Company and no receiver or restructuring officer has been appointed over any of the Company's property or assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have
any implication in relation to the opinions expressed herein.

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| | |
|:---|:---|
| 3 | Opinions |

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On the basis of the examinations and assumptions referred to above and subject to the qualifications set forth in Schedule 2 and the limitations set forth below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies of the Cayman Islands (the **Registrar**).

**Authorised share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the Company is US$6,018,000,000 divided into: (i) 3,200,000,000 class
A ordinary shares of par value of US$1.875 each, and (ii) 9,600,000 class B ordinary shares of par value of US$1.875 each (each a **Class B Ordinary Share**).

**Valid issuance of Sale Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sale Shares to be offered and issued by the Company as contemplated by the Registration Statement,
the Prospectus Supplement and the SPA have been duly authorised and, when issued by the Company upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment in full of the consideration as set out in the Registration Statement, the Prospectus Supplement
and the SPA and in accordance with the terms set out in the Registration Statement, the Prospectus Supplement and the SPA and in accordance
with the Board Resolutions and the Memorandum and Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the entry of those Sale Shares as fully paid on the register of members of the Company,

shall be validly issued, fully paid and non-assessable.

Page **5** of **7**

4 Matters not covered

We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the documents reviewed to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the documents reviewed (or as to how the commercial terms of such documents reflect the intentions
of the parties), the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating
events or the existence of any conflicts or inconsistencies among the documents reviewed and any other agreements into which the Company
may have entered or any other documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to whether the acceptance, execution or performance of the Company's obligations under the documents
reviewed will result in the breach of or infringe any other agreement, deed or document (other than the Memorandum and Articles (as defined
in Schedule 1)) entered into by or binding on the Company.

5 Governing law of this opinion

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this
opinion.

5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that
legislation as amended to, and as in force at, the date of this opinion.

6 Who can rely on this opinion

6.1 We hereby consent to the filing of this opinion as an exhibit to the Form 6-K to the reference to our
firm under the headings "*Legal Matters*" and "*Enforceability of Civil Liabilities*" of the Prospectus
Supplement and the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons
whose consent is required under Section 7 of the Act, or the Rules and Regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 This opinion may be used only in connection with the Sale Shares by the Company while the Registration
Statement and the Prospectus Supplement are effective. With the exception of your professional advisers (acting only in that capacity),
it may not be relied upon by any person, other than persons entitled to rely upon it pursuant to the provisions of the Act, without our
prior written consent.

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| |
|:---|
| Yours faithfully |
| /s/ Ogier |
| **Ogier** |

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Page **6** of **7**

**SCHEDULE 1**

**Documents examined**

1 The certificate of incorporation of the Company dated 8 January 2020 issued by the Registrar.

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|:---|:---|
| 2 | The ninth amended and restated memorandum and articles of association of the Company adopted by special resolution passed on 6 August 2025 and conditional upon and with effect from 28 August 2025 and filed with the Registrar on 28 August 2025 (together, the **Memorandum and the Articles**). |

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|:---|:---|
| 3 | The certificate of good standing dated 14 January 2026 (the **Good Standing Certificate**) issued by the Registrar in respect of the Company. |

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|:---|:---|
| 4 | The register of directors and officers of the Company filed with the Registrar on 28 March 2025 (the **Register of Directors**) |

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|:---|:---|
| 5 | The listed register of members provided to us on 23 January 2026 showing the issued share capital of the Company as at 7 January 2026 as 19,960,521 Class A Ordinary Shares and 71,574 Class B Ordinary Shares (the **Register of Members**, together with the Register of Directors, the **Registers**). |

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|:---|:---|
| 6 | A certificate from a director of the Company dated 27 January 2026 as to certain matters of facts (the **Director's Certificate**). |

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|:---|:---|
| 7 | The Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on 23 January 2026 (the **Register of Writs**). |

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|:---|:---|
| 8 | A search on the Cayman Online Registry Information Service conducted against the Company at the Registrar on 23 January 2026 (the **CORIS Search**). |

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9 A copy of the minutes of a meeting of the board of directors of the Company held on 30 May 2024 approving, among other things, the Company's filing of the Registration Statement.

10 A copy of the written resolutions of the board of directors of the Company passed on 4 December 2025 approving, among other things, the Prospectus Supplement, the SPA, and the issuance of the Sale Shares

(Items 8 and 9 are collectively referred to as the **Board Resolutions**).

11 The Registration Statement and the Form 6-K.

12 The Prospectus Supplement.

13 The SPA.

Page **7** of **7**

**SCHEDULE 2**

**Qualifications**

**Good standing**

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| | |
|:---|:---|
| 1 | Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands, annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |

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|:---|:---|
| 2 | In **good standing** means only that as of the date of the Good Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |

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**Register of members**

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|:---|:---|
| 3 | Under the Companies Act, the register of members of a Cayman Islands company is by statute regarded as *prima facie* evidence of any matters which the Companies Act directs or authorises to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error). |

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**Non-assessable**

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|:---|:---|
| 4 | In this opinion, the phrase "non-assessable" means, with respect to the Sale Shares, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Sale Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil). |

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|:---|:---|
| 5 | We are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act and English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; (c) the company being incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder's fraud, or for a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion that a Cayman Islands' court would have no grounds to set aside the limited liability of a shareholder. |

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**Register of Writs**

6 Our examination of the Register of Writs cannot conclusively reveal whether or not there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any current or pending litigation in the Cayman Islands against the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any application for the winding up or dissolution of the Company or the appointment of any liquidator,
trustee in bankruptcy or restructuring officer in respect of the Company or any of its assets,

as notice of these matters might not be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court. Claims in the summary court are limited to a maximum of CI $20,000.