VDC, on account of the conversion of the VDC Note in connection with the Emergence, currently owns approximately 13% of our outstanding Ordinary Shares. Although pursuant to the terms of the Plan of Reorganization, VDC has the right to require us to file a registration statement in respect of such Ordinary Shares, VDC has not exercised such right.
We expect that in connection with VDC’s ongoing official liquidation proceedings in the Cayman Island, the Ordinary Shares owned by VDC will be distributed to VDC’s creditors, although no certainty can be given as to the ultimate amount of Ordinary Shares to be distributed, if any, or the method or timing of any such distribution. In addition, VDC may choose to sell such Ordinary Shares and distribute the proceeds thereof instead of effectuating a distribution of the Ordinary Shares.
https://www.sec.gov/Archives/edgar/data/1380565/000119312516623667/d207238ds1.htm page 96 Accessed Nov 20 2016
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