The Grand Court of the Cayman Islands Granted Blue Ocean’s Application to Appoint Joint Provisional Liquidators for Global Cord Blood Corporation

Rhea-AI Summary

Blue Ocean Structure Investment Company Ltd., a major shareholder of Global Cord Blood Corporation (NYSE: CO), announced the Grand Court of the Cayman Islands has appointed joint provisional liquidators (JPLs) for Global Cord. This decision, made on the application of Blue Ocean, aims to protect the Company's assets and manage its operations. The powers of the Board of Directors have been suspended, transferring operational authority to the JPLs. Blue Ocean emphasizes its commitment to safeguarding shareholder interests during this process.

Positive

• Court appointment of joint provisional liquidators aims to protect company assets.
• Operational management has shifted to JPLs, who can restore board powers if necessary.

Negative

• Powers of the Board of Directors suspended, indicating potential instability.
• Appointment of JPLs may signal financial distress within the company.

NEW YORK--(BUSINESS WIRE)-- Blue Ocean Structure Investment Company Ltd., (“Blue Ocean”) a significant shareholder of Global Cord Blood Corporation (the “Company” or “Global Cord”) (NYSE: CO), today announced the Grand Court of the Cayman Islands (the “Court”) issued an order granting the appointment of joint provisional liquidators (“JPLs”) for Global Cord, pursuant to section 104(2) of the Companies Act (2022 Revision) (the "Companies Act"), upon the application filed by Blue Ocean dated 22 August 2022.

Margot MacInnis and John Royle of Grant Thornton Specialist Services (Cayman) Limited, 2nd Floor, Century Yard, Cricket Square, Grand Cayman KY1-1102, Cayman Islands and Chow Tsz Nga Georgia have been appointed as JPLs of the Company. The JPLs have the power to conduct the ordinary, day-to-day business operations of the Company and to take such steps as, in their discretion, may be necessary or expedient: a) for the protection and preservation of the value of the Company’s assets, rights and/or property of every description whether held by the Company, its subsidiaries or any other person and b) for preventing the dissipation or misuse of the Company’s assets and those of its subsidiaries, in each case in accordance with the powers specified in the Order.

The powers of the Company’s Board of Directors have been suspended. The JPLs may restore any powers of the directors of the Company in writing as the JPLs in their absolute discretion shall see fit having determined that the exercise of such power is necessary to give effect to the Order.

For more details of the Order, please refer to Blue Ocean’s 13D filing at: https://www.sec.gov/Archives/edgar/data/1729271/000110465922102561/tm2226544d1_sc13da.htm

Blue Ocean, as the largest shareholder of Global Cord, has always put the Company and all its shareholders’ interests as top priority and is determined to safeguard all shareholders’ investments in Global Cord. Blue Ocean is glad to learn its application for the appointment of the JPLs for Global Cord has been approved by the Court; and believes the Company’s assets will be protected and managed in a fair, impartial and unbiased manner.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220923005464/en/

FTI Consulting

Pat Tucker (US)

pat.tucker@fticonsulting.com

+1.646.578.6877

Source: Blue Ocean Structure Investment Company Ltd.

FAQ

What did the Grand Court of the Cayman Islands decide regarding Global Cord Blood Corporation?

The Court appointed joint provisional liquidators for Global Cord to protect its assets.

What is the role of the joint provisional liquidators (JPLs) for Global Cord?

The JPLs will manage operations and safeguard the Company's assets.

Who applied for the appointment of joint provisional liquidators for Global Cord?

Blue Ocean Structure Investment Company Ltd. filed the application.

What happened to the Board of Directors of Global Cord after the JPLs were appointed?

The powers of the Board of Directors were suspended following the Court's order.

How does Blue Ocean plan to protect shareholder interests in Global Cord?

Blue Ocean aims to safeguard all shareholders' investments through the oversight of JPLs.