series and to fix the rights, preferences, privileges and
restrictions of such shares, including dividend rights, dividend
rates, conversion rights, voting rights, terms of redemption,
redemption prices, liquidation preferences and the number of shares
constituting any series, without further vote or action by the
shareholders.
When we offer to sell a particular series of preferred shares, we
will describe the specific terms of the securities in a supplement
to this prospectus. The preferred shares will be issued under a
statement of rights relating to each series of preferred shares and
they are also subject to our Articles of Association.
Our Board may issue authorized preferred shares without further
shareholder action, unless shareholder action is required by
applicable law or by the rules of a stock exchange or quotation
system on which any series of our shares may be listed or
quoted.
All preferred shares offered will be fully paid and non-assessable. Any preferred shares
that are issued may have priority over the ordinary shares with
respect to dividend or liquidation rights or both.
The purpose of authorizing the Board of Directors to issue
preferred shares and to determine their rights and preferences is
to eliminate delays associated with a shareholder vote on specific
issuances. The issuance of preferred shares, while providing
desirable flexibility in connection with possible equity
financings, acquisitions and other corporate purposes, could have
the effect of making it more difficult for a third party to
acquire, or of discouraging a third party from acquiring, a
majority of our outstanding voting shares.
Convertible Preferred Shares
On June 12, 2020, we closed an offering pursuant to an
effective shelf registration statement on Form S-3 (Registration File
No. 333-228021) (the
“Shelf Registration Statement”), in which we agreed to issue and
sell to certain underwriters 11,500,000 5.50% Series A Mandatory
Convertible Preferred Shares, par value $0.01 per share and
liquidation preference $100.00 per share (the “MCPS”), in a
registered public offering (“MCPS Offering”). In connection with
the MCPS Offering, on June 12, 2020, we adopted a Statement of
Rights (the “Statement of Rights”) to establish the preferences,
limitations and relative rights of the MCPS.
Unless converted earlier in accordance with the terms of the
Statement of Rights, each MCPS will convert automatically on the
mandatory conversion date, which is expected to be June 15,
2023, into between 1.0754 and 1.3173 ordinary shares, subject to
anti-dilution and other adjustments. The number of ordinary shares
issuable upon conversion will be determined based on the average
volume weighted average price per ordinary share over the 20
consecutive trading day period beginning on, and including, the
21st scheduled trading day immediately prior to June 15,
2023.
The ordinary shares rank junior to MCPS with respect to the payment
of dividends and amounts payable in the event of the our
liquidation, dissolution or winding up of its affairs. Subject to
certain exceptions, so long as any MCPS remains outstanding, no
dividend or distributions will be declared or paid on ordinary
shares or any other class or series of share capital ranking junior
to the MCPS, and no ordinary shares or any other class or series
shares ranking junior or on parity with the MCPS shall be, directly
or indirectly, purchased, redeemed, or otherwise acquired for
consideration by us or any of our subsidiaries unless all
accumulated and unpaid dividends for all preceding dividend periods
have been declared and paid upon, or a sufficient sum of cash or
number of ordinary shares has been set aside for the payment of
such dividends upon, all outstanding MCPS.
In addition, upon our voluntary or involuntary liquidation, winding-up or
dissolution, each holder of MCPS will be entitled to receive a
liquidation preference in the amount of $100.00 per MCPS, plus an
amount equal to accumulated and unpaid dividends on such shares,
whether or not declared, to, but excluding, the date fixed for
liquidation, winding-up or
dissolution, to be paid out of our assets legally available for
distribution to shareholders after satisfaction of liabilities to
creditors and holders of our share capital ranking senior to the
MCPS as to distribution rights upon our liquidation, winding-up or
dissolution, and before any payment or distribution is made to
holders of any class or series of share capital ranking junior to
the MCPS as to distribution rights upon our liquidation, winding-up or
dissolution, including, without limitation, the ordinary
shares.
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