Examples of Disinterested Shares in a sentence
There are a total of 49,289,543 Disinterested Shares (i.e. Shares other than those already held by the Offeror, its related corporations, or their respective nominees as at the date of the Composite Document and excluding treasury Shares).
Accordingly, the Offeror will be required to make a mandatory unconditional cash offer pursuant to Rule 26.1 of the Takeovers Code for all the issued Shares which are not owned or have been agreed to be acquired by the Offeror and parties acting in concert with it (being the Disinterested Shares).
Pursuant to Section 88 of the Cayman Companies Act and Rule 2.11 of the Takeovers Code, if the Offeror, within four months of the posting of the Composite Document, has received valid acceptances in respect of not less than 90% of the Offer Shares and not less than 90% of the Disinterested Shares pursuant to the Offer, the Offeror will privatise the Company by exercising its right to compulsorily acquire those Offer Shares not already owned or acquired by the Offeror under the Offer.
Section 88 of the Cayman Islands Companies Act also requires the Offer to be accepted by the holders of not less than 90% of the Disinterested Shares.
If the Disinterested Shares validly tendered for acceptance under the Offer are less than 90% of the Disinterested Shares during the Compulsory Acquisition Entitlement Period, the Offeror will not be entitled to exercise the compulsory acquisition right and therefore the Company will not be delisted from the Stock Exchange.