Madison Pacific’s Post

How much should dissenting shareholders be seeking for an interim payment in a Cayman s238 fair value appraisal? In the article below, Farrah, Shaun and I discuss this and share our insight following a recent decision of the Grand Court. Read our article or feel free to reach out to us to discuss how without evidence or legal argument merger price is the most suitable measure for a just amount. #mergerprice #interimpayment #insight #CaymanIslands #evidence #s238 #section238 #fairvalue

Ashurst Taps Funds Expert James Ford From A&O Shearman Ashurst expands its Hong Kong funds practice by appointing #JamesFord Ashurst , a seasoned expert in private equity and alternative assets, as Partner. Link to read full News: https://lnkd.in/d_Xdcxir #LegalIndustry #InvestmentFunds #HongKong #PrivateEquity #AsiaPacific #AssetManagement

McDermott International, Ltd has completed its $475 million sale of its CB&I storage business to a group of investors led by Mason Capital Management LLC.

China to create a massive brokerage firm Guotai Junan Securities and Haitong Securities will merge to form a company with assets of $236.9 billion, surpassing Citic Securities, currently China’s largest broker. This is part of a government initiative to enhance the competitiveness of the financial services sector. Mid-sized and large brokerage firms are aiming to scale up, improve long-term competitiveness, and optimize their businesses. Both Guotai Junan and Haitong are owned by Shanghai’s state asset management firm. These mergers are happening amid salary cuts in the industry and the government’s crackdown on financial worker extravagance. The goal of Chinese financial organizations is to compete on the global stage. This objective was outlined in a document issued by the State Council in April to support the stock market. The largest broker, Citic Securities, has net assets of $39 billion, far less than Wall Street giants like Goldman Sachs and Morgan Stanley. China aims to have 10 world-class brokerage firms by 2029, with two to three being globally competitive by 2035.

Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Lapco Holdings Limited (Stock Code: 8472) (“the Company”) in the establishment of a sponsored Level 1 American Depositary Receipt (“ADR”) Facility (the “Facility”) with The Bank of New York Mellon as depositary bank with effect from 9 August 2024. This is the first time in recent years that a GEM-listed company successfully established ADR facility. The ADR is a negotiable receipt, resembling a stock certificate that is issued by a U.S. depositary bank appointed by the Company to evidence one or more American Depositary Shares (‘‘ADSs’’). Under the Facility, the ADSs will be issued against ordinary shares of the Company trading on the GEM Board of The Stock Exchange of Hong Kong Limited deposited with a custodian bank under the Facility and traded in the U.S. over-the-counter market. The Company is an investment holding company. The Company along with its subsidiaries is mainly engaged in the provision of environmental hygiene services in Hong Kong. The Company operates its businesses through four business segments: Cleaning Services, Pest Management Services, Waste Management and Recycling Services, and Landscaping Services. The cleaning services cover public and private, residential, commercial and industrial buildings. Our Partners, Mr. Hank Lo and Mr. Gordon Tsang, and Associate, Mr. Ben Chan, acted as the Hong Kong legal counsel for the establishment of the Facility. Please contact Mr. Hank Lo Lo or Mr. Gordon Tsang for any enquiries or further information about this transaction. #swhk #swcorporatefinance #ipo #corporatefinance #listing #GEM #capitalmarkets #americandepositaryreceipt

What issues should a Shareholders’ Agreement (SHA) address? Here are 15 important questions to address when drafting your SHA: 1. Who owns the shares, and is there a vesting schedule in place? 2. What specific roles and responsibilities does each shareholder have? 3. What are the voting rights, and how are decisions made? 4. How will new shares be issued, and do existing shareholders have pre-emptive rights? 5. What are the restrictions and procedures for transferring shares? 6. How and when will dividends be distributed? 7. What is the exit strategy, and how will shares be valued in the event of a buyout? 8. Will majority shareholders have drag-along rights to force a sale? 9. Will minority shareholders have tag-along rights in a sale? 10. What mechanism is in place for resolving disputes between shareholders? 11. Are shareholders restricted by non-compete or confidentiality obligations? 12. What is the process for removing or replacing directors? 13. What are the reserved matters that require unanimous shareholder consent? 14. If a shareholder passes away, what happens to their shares? 15. How can the agreement be amended or terminated? Remember, an SHA is an important document and its objective is to protect the company, as well as the shareholders - have it prepared carefully - otherwise disputes can be extremely costly. In the next few posts, I will explain the strategies of preparing some of these clauses in a SHA. Stay tuned, and follow me for more such content. #shareholdersagreement #shareholder #investor #ceo #lawyer #attorney #solicitor

The Restructuring & Insolvency team at Clayton Utz have published our 2024 edition of From Red to Black, our annual review of significant developments and topical issues in the Australian restructuring and insolvency market. Read our report and feel free to reach out if you would like to discuss any of the issues further. https://lnkd.in/g2MTFTZa

ICYMI: Seward & Kissel LLP’s 2023 Seed Transactions Deal Points Study indicates that providing working capital support is a common term in seed deals. This support, generally, has increased by ~200% over the observation period, with some type of working capital support included in approximately 75% of observed seed deals in FY2023. To read the full Seed Transactions Deal Points Study, please click here: https://lnkd.in/ejnfGBMv.

This is a great piece on why and how PE firms are now invading Japan. This trend is highly relevant to family businesses located there since, to date, they have been largely sheltered from the aggressive deal-making practices of PE firms. It also illustrates how the legal and regulatory climate in a country affects family business formation and longevity.

Fascinating stories about successfully restructuring state=owned companies and turning them into valuable assets, led by Mr. Dag Detter. It has implications for restructuring debt in developing countries....