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No urgency, no EGM: Cayman Court intervenes to protect shareholder class rights
In the recent decision of RCF VII Sponsor LLC v Blue Gold Ltd, the Cayman Islands Grand Court granted an interim injunction restraining the Defendant company from holding an extraordinary general meeting, demonstrating the Court's flexible approach to injunctions and cross-undertakings where the balance of convenience favours early judicial intervention. The Plaintiffs sold some of their shares in a special purpose acquisition company (SPAC) to a buyer. The transaction documents explicitly provided that the Plaintiffs' remaining shares in the SPAC would be freely tradeable. After the sale was…
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