more 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.
8