(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site)
In late 2006, the Cayman Islands saw one of the more novel and challenging schemes of arrangement undertaken in that jurisdiction. The Geovic scheme brought three companies together using a reverse takeover. Its successful completion was exemplary of the flexibility of the Cayman Islands scheme procedure.
Each of these three companies brought something different to the deal. Geovic Limited (Geovic) brought the business opportunity.
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