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Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
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Oliver Payne 彭奥礼
Partner 合伙人
Hong Kong
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Insight
23 June 2020
Cayman Islands, Hong Kong
1 min read
ON THIS PAGE
开曼群岛法院最近作出一个重要的裁决,确认小股东可对公司发行新股以削弱他们于公司的权益的行为提出反对。跟法官Kawaley先前在Gao v China Biologic Products Holdings, Inc. 一案 (未报告, FSD 157/2018, 2018年12月10日 ("Gao")) 中的判决相反,法官Segal认为小股东确实有资格就公司发行新股而向其提出个人申索,且不限于以衍生诉讼的方式提出申索。
背景
Tianrui (International) Holding Company Limited v China Shanshui Cement Group Limited (未报告, FSD 161/2018, 2018年4月6日) 一案涉及中国一个重要的水泥生产商的长期收购战。该水泥生产商 ("该公司") 为有关清盘呈请中的主角,亦是相关诉讼中的被告。两项诉讼均由公司一位重要的股东 ("呈请人") 提出。该公司是被以公平公正为基础提出清盘申请("该呈请诉讼")。该公司亦是另一相关诉讼中的被告,在该诉讼中,呈请人认为公司决定发行大量可转换债券然后将其转换为投票的决定是不当行使董事权力的行为 ("该令状诉讼")。
于2018年8月和9月,该公司向多个认购人发行了超过5亿美元的可转换债券,随后在2018年10月将该些可转换债券转换为投票。直至该公司已经签署相关的认购协议后,该公司才向股东或市场披露有关转换债券的发行。该批为实现转换债券而发行的股票数是相当于先前发行的股份总数的约24%。呈请人提出,上述交易是基于不正当的目的而进行的,并且是该公司的控制人(呈请人于收购战中的竞争对手)试图通过稀释呈请人在公司中的股份以巩固其控制权的结果。呈请人特别指出发行股票的作用是将其在该公司的股份从大约28%稀释至大约21%,以使它失去阻止公司通过特别决议的能力。
在2019年8月,该公司以多个理由向法庭作出传票申请以暂停该令状诉讼及该呈请诉讼,或终止该令状诉讼及/或该呈请诉讼[1]。该公司试图终止该令状诉讼的其中一个理由是作为小股东及基于Gao一案中所阐述的原因,呈请人没有资格就该意图稀释股权的股份发行决定提出申索。该公司的理据是该申索与董事会违反对公司的受信责任相关,因此恰当的原告人应是该公司本身,而呈请人最多只能提出衍生诉讼。
于2020年4月6日,法官Segal就该呈请诉讼及该令状诉讼颁下判决。
判决 – 公司股东是否拥有提出诉讼的个人权利?
法官Segal认为他需要作出裁决的问题为:
公司股东可否就下述事项向公司提出个人申索:公司董事与公司的大股东一致行动(并合谋)发行新股,以达至小股东的股权从25%以上稀释至25%以下的不正当目的。
法官Segal认为还有一个相关的问题:
大股东可否在这种情况下追认有关股份配发及违规的行为?如果可以,大股东行使追认权会否阻止股东作出个人申索?
在Gao一案, 小股东(Gao先生)针对公司董事会行使配发和发行股份的权力向有关公司提出了一项令状诉讼。法官Kawaley基于个别小股东无权针对公司以不当动机配发股票以稀释其投票权向公司提出个人诉讼为由,终止了该令状申索。就此项判决,法官Kawaley并不同意股东就不当发行股权可以提出个人诉讼的权利的观点,并总结认为若有任何案例支持有关权利的存在,则有关案例须被区别出来或不应被适用,因有关陈述只是判词中的附带意见。
法官Segal在考虑法官Kawaley较早前的判决时对有关案例进行了详细的审视,并得出结论认为在该些案例中具权威性的附带意见及法律原则均支持呈请人具有以个人身份向公司提出申索的资格这一观点。请见Residues Treatment and Trading Co Ltd v Southern Resources [1988] 6 ACLC 1160 ("Residues"), Peskin v Anderson [2001] 1 BCLC 372 and Eclairs Group Ltd v JKX Oil and Gas plc [2016] 3 All ER 641.
虽然法官Segal最初对于不认同法官Kawaley于Gao 一案的判决有些犹豫,但他最终承认公司股东拥有可依法执行的个人权利,并特别指出在In re Sherbourne Park和Peskin的判词中极有说服力的论点,而有关论点的重要性在Gao一案中被忽略了。他特别指出:
有关裁决的重要性
上述裁决通过表明小股东有资格以个人身份向公司作出申索,并且不限于代表公司向其董事提出衍生诉讼以取得济助,以保障可能因不当的股份配发而处于不利情况的小股东的利益。
[1]该公司曾以呈请人滥用程序为理由试图将申诉程序取消。In the matter of China Shanshui Cement Group Limited [2019] (1) CILR 481 一案判决中上诉法院恢复了呈请人的申诉。
Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
Oliver Payne 彭奥礼
Partner 合伙人
Hong Kong
Contact Oliver
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Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
Gemma Bellfield (nee Lardner)
Partner
Cayman Islands
Contact Gemma
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