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Approach to interest and costs in Section 238 proceedings confirmed

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. ....

Farrah Sbaitiat Ogier , Justice Parker , Companies Law , Matter Of Qunar Cayman Islands , Integra Group , Segalj Grand Court , Citation Of Acts Parliament Law , Qunar Cayman Islands , Shanda Games , Qunar Cayman Islands Limited , Grand Court , Cayman Islands Limited , Companies Act , Jeremy Snead , Shaun Maloney , Grand Cayman , Shanda Games Limited , Parliament Law , Aw Firms , Aw Updates , Egal Updates , Egal Developments , Aw Developments , Egal Newsletters , Egal Current Awareness , Egal Advisers ,

Approach to interest and costs in Section 238 proceedings confirmed

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. ....

Farrah Sbaitiat Ogier , Justice Parker , Companies Law , Matter Of Qunar Cayman Islands , Integra Group , Segalj Grand Court , Citation Of Acts Parliament Law , Qunar Cayman Islands , Shanda Games , Qunar Cayman Islands Limited , Grand Court , Cayman Islands Limited , Companies Act , Jeremy Snead , Shaun Maloney , Grand Cayman , Shanda Games Limited , Parliament Law , நீதி பார்க்கர் , நிறுவனங்கள் சட்டம் , ஒருங்கிணைப்பு குழு , மேற்கோள் ஆஃப் செயல்கள் பாராளுமன்றம் சட்டம் , ஷாண்டா விளையாட்டுகள் , மாபெரும் நீதிமன்றம் , கேமன் தீவுகள் வரையறுக்கப்பட்டவை , நிறுவனங்கள் நாடகம் ,

Short-form mergers: Changyou.com judgment confirms appraisal rights

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. ....

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