Seagate 2003 Annual Report Download - page 60
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Table of Contents
arrangement) present and voting at the meeting. The Grand Court of the Cayman Islands must also sanction the convening of these meetings
and the terms of the amalgamation. Although there is no requirement to seek the consent of the creditors of the parties involved in the scheme
of arrangement, the Grand Court typically seeks to ensure that the creditors have consented to the transfer of their liabilities to the surviving
entity or that the scheme of arrangement does not otherwise materially adversely affect the creditors’ interests. Furthermore, the Grand Court
will only approve a scheme of arrangement if it is satisfied that:
•
the statutory provisions as to majority vote have been complied with;
•
the shareholders have been fairly represented at the meeting in question;
•
the scheme of arrangement is such as a businessman would reasonably approve; and
Enforcement of Civil Liabilities—Holders of our common shares may have difficulty obtaining or enforcing a judgment against us
because we are incorporated under the laws of the Cayman Islands.
•
the scheme of arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law.
Because we are a Cayman Islands exempted company, there is uncertainty as to whether the Grand Court of the Cayman Islands would
recognize or enforce judgments of United States courts obtained against us predicated upon the civil liability provisions of the securities laws
of the United States or any state thereof, or be competent to hear original actions brought in the Cayman Islands against us predicated upon the
securities laws of the United States or any state thereof.
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