LUBBOCK, Texas — The fight over a proposed high-rise building for student housing in the South Overton Neighborhood played out Tuesday at city hall. On a vote of 4 – 3, the City of Lubbock City Council voted no. The council held a public hearing Tuesday. The proposed seven-story, 707-bed building with 529 parking spaces […]
In its recent judgment of
In the Matter of Qunar Cayman Islands Limited,(1) the Grand Court confirmed and clarified how interest on awards in Section 238 proceedings is to be calculated and how the costs of such proceedings are to be determined.
The judgment helpfully clarifies that the midpoint approach previously taken in
Shanda(3) is the correct methodology for determining the fair rate of interest payable in Section 238 proceedings. This will be welcomed by dissenting shareholders, particularly where the company has a relatively high cost of borrowing and/or where the prudent investment rate of return has been high during the period that they have been kept out of their money. However, the precise midpoint will always be fact specific and is likely to be the subject of expert evidence in most cases.
In its recent judgment of
In the Matter of Qunar Cayman Islands Limited,(1) the Grand Court confirmed and clarified how interest on awards in Section 238 proceedings is to be calculated and how the costs of such proceedings are to be determined.
The judgment helpfully clarifies that the midpoint approach previously taken in
Shanda(3) is the correct methodology for determining the fair rate of interest payable in Section 238 proceedings. This will be welcomed by dissenting shareholders, particularly where the company has a relatively high cost of borrowing and/or where the prudent investment rate of return has been high during the period that they have been kept out of their money. However, the precise midpoint will always be fact specific and is likely to be the subject of expert evidence in most cases.
The Grand Court has confirmed that shareholders of companies that effect a short-form merger pursuant to Section 233(7) of Part XVI of the Companies Act (2021 Revision) are entitled to be paid the fair value of their shares on dissenting from the merger under Section 238 of the act. The eagerly awaited judgment in <I>Changyou.com</i> clarifies an issue which was previously the subject of extensive debate and provides welcome certainty to minority shareholders of Cayman companies.
Willamette Week
The need for strong, independent local journalism
is more urgent than ever. Please support the city we
love by joining Friends of Willamette Week.
Your Weekly Roundup of New Movies: In “The Father,” Anthony Hopkins’ Performance Is a Gauntlet and His Best in 10 Years What to see and skip in the theaters this week, both virtual and brick-and-mortar. (Sony Pictures Classics) Updated March 16 at 8:15 PM TOP PICK OF THE WEEK The play-to-film transition often lacks formal ingenuity. Regardless of quality, you know the type: static cameras, actors gnawing on scenery, wordy dialogue carrying protracted scenes. But French playwright Florian Zeller adapting his acclaimed dementia drama to cinema has the opposite effect.