EX-5.1 3 ex5-1.htm

 

Exhibit 5.1

 

 

Fitell Corporation D +852 3656 6054/+852 3656 6061
89 Nexus Way, Camana Bay E nathan.powell@ogier.com/ florence.chan@ogier.com
Grand Cayman, KY1-9009  
Cayman Islands  
   
  Reference: FYC/ACG/505991.00001

 

10 January 2025

 

Dear Sirs

 

Fitell Corporation (the Company)

 

We have acted as Cayman Islands counsel to the Company in connection with the Company’s registration statement on Form F-3, including all amendments or supplements thereto (the Registration Statement), to be filed by the Company with the United States Securities and Exchange Commission (the Commission) under the United States Securities Act 1933, as amended (the Securities Act) on or about the date hereof. The Registration Statement relates to the proposed offering and sale from time to time, as set forth in the Registration Statement and the prospectus contained therein (the Prospectus), of up to US$150,000,000 of the following securities (the Securities):

 

(a)ordinary shares of US$0.0001 par value each (the Ordinary Shares);

 

(b)debt securities to be issued pursuant to the applicable indenture may be entered into by the Company (the Debt Securities);

 

(c)warrants to be issued to subscribe for the Company’s securities (the Warrants) pursuant to an applicable warrant agreement may be entered into by the Company and any warrant agent;

 

(d)rights to be issued to purchase the Company’s securities (the Rights) under underwriting agreements that may be entered into among the Company and one or more underwriters; and/or

 

(e)units to be issued comprising any combination of the foregoing securities (the Units) under unit agreements that may be entered into between the Company and the unit agent.

 

Ogier

Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws

 

Floor 11 Central Tower

28 Queen’s Road Central

Central

Hong Kong

 

T +852 3656 6000

F +852 3656 6001

ogier.com

 

Partners

Nicholas Plowman

Nathan Powell

Anthony Oakes

Oliver Payne

Kate Hodson

David Nelson

Justin Davis

Joanne Collett

Dennis Li

 

Florence Chan*

Lin Han

Cecilia Li**

Rachel Huang**

Yuki Yan**

Richard Bennett**

James Bergstrom

Marcus Leese

 

* admitted in New Zealand

admitted in New York

** admitted in England and Wales

not ordinarily resident in Hong Kong

 

 

 

 

We have been advised that the Securities may be issued and sold or delivered from time to time as set forth in the Registration Statement, any amendment thereto and the Prospectus contained therein pursuant to Rule 462(b) under the Securities Act and that this opinion is required to be furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act. No opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related applicable Prospectus other than as expressly stated herein with respect to the issuance of the Securities.

 

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below). A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

 

1Documents examined

 

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the Documents):

 

(a)the certificate of incorporation of the Company dated 11 April 2022 issued by the Registrar of Companies of the Cayman Islands (the Registrar);

 

(b)the amended and restated memorandum and articles of association of the Company adopted by special resolutions of the Company passed on 8 January 2024 (respectively, the Memorandum and the Articles);

 

(c)a certificate of incumbency in respect of the Company dated 9 December 2024 issued by the registered office service provider of the Company (the Certificate of Incumbency);

 

(d)a certificate of good standing dated 25 April 2024 (the Good Standing Certificate) issued by the Registrar in respect of the Company;

 

(e)a copy of the register of directors and officers of the Company dated 16 November 2023 (the ROD);

 

(f)a copy of the shareholder list of the Company as at 8 January 2025 provided to us by the Company on 8 January 2025 (the ROM, and together with the ROD, the Registers);

 

(g)the Registration Statement; and

 

(h)a copy of the written resolutions of all of the directors of the Company dated 9 January 2025 (the Board Resolutions).

 

2Assumptions

 

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

 

(a)all original documents examined by us are authentic and complete;

 

(b)all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete;

 

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(c)all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

 

(d)each of the Certificate of Incumbency, the Good Standing Certificate and the Registers is accurate and complete as of the date of this opinion;

 

(e)the Memorandum and Articles provided to us are in full force and effect and have not been amended, varied, supplemented or revoked in any respect;

 

(f)all copies of the Registration Statement are true and correct copies and the Registration Statement conform in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

 

(g)the Board Resolutions remain in full force and effect and have not been, and will not be, rescinded or amended, and each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her in approving the transactions set out in the Board Resolutions and no director has a financial interest in or other relationship to a party of the transactions contemplated therein which has not been properly disclosed in the Board Resolutions;

 

(h)neither the directors and shareholders of the Company have taken any steps to wind up the Company or to appoint a liquidator, trustee in bankruptcy or restructuring officer of the Company and no receiver has been appointed over any of the Company’s property or assets;

 

(i)the Company will issue the Securities in furtherance of its objects as set out in its Memorandum;

 

(j)the Company will have sufficient authorized but unissued share capital to effect the issue of any of the Ordinary Shares at the time of issuance, whether as a principal issue or on the conversion, exchange or exercise of any Securities;

 

(k)the form and terms of any and all Securities, the issuance and sale thereof by the Company, and the Company’s incurrence and performance of its obligations thereunder or in respect thereof (including, without limitation, its obligations under any related agreement, indenture or supplement thereto) in accordance with the terms thereof will not violate the Memorandum and Articles of Association nor any applicable law, regulation, order or decree in the Cayman Islands;

 

(l)no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any Security and none of the Securities have been offered or issued to residents of the Cayman Islands;

 

(m)all necessary corporate action will be taken to authorize and approve any issuance of Securities and the terms of the offering of such Securities thereof and any other related matters and that the applicable definitive purchase, underwriting or similar agreement will be duly approved, executed and delivered by or on behalf of the Company and all other parties thereto;

 

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(n)upon the issue of any Ordinary Shares, the Company will receive consideration for the full issue price thereof which shall be equal to at least the par value thereof;

 

(o)the capacity, power and authority of all parties other than the Company to enter into and perform their obligations under any and all documents entered into by such parties in connection with the issuance of the Securities, and the due execution and delivery thereof by each party thereto;

 

(p)the Company is, and after the allotment (where applicable) and issuance of any Security will be, able to pay its liabilities as they fall due; and

 

(q)there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the opinions expressed herein.

 

3Opinions

 

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

 

Corporate status

 

(a)The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar under the laws of the Cayman Islands. The Company is a separate legal entity and is subject to suit in its own name.

 

Authorized Share capital

 

(b)The authorized share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares with a par value of US$0.0001 each.

 

Valid Issuance of Ordinary Shares

 

(c)With respect to the Ordinary Shares, when

 

(i)the board of directors of the Company (the Board) has taken all necessary corporate actions to approve the issuance and allotment of the Ordinary Shares, the terms of the offering of the Ordinary Shares and any other related matters;

 

(ii)the provisions of the memorandum and articles of association of the Company then in effect and the applicable definitive purchase, underwriting or similar agreement approved by the Board have been satisfied and payment of the consideration specified therein (being not less than the par value of the Ordinary Shares) has been made; and

 

(iii)valid entry has been made in the register of members of the Company reflecting such issuance of Ordinary Shares as fully paid shares,

 

the Ordinary Shares will be recognised as having been duly authorized and validly issued, fully paid and non-assessable.

 

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Valid issuance of Debt Securities

 

(d)With respect to the Debt Securities to be issued, when

 

(i)the Board has taken all necessary corporate action to authorise and approve the creation and terms of the Debt Securities and to approve the issue thereof, the terms of the offering thereof and related matters;

 

(ii)an indenture relating to the Debt Securities shall have been duly authorised and validly executed and unconditionally delivered by the Company and all the relevant parties thereunder; and

 

(iii)the Debt Securities issued thereunder have been duly executed and delivered on behalf of the Company and authenticated in the manner set forth in the applicable indenture relating to such issue of Debt Securities and delivered against due payment therefor pursuant to, and in accordance with, the terms of the Registration Statement and any relevant prospectus supplement,

 

the Debt Securities issued pursuant to the applicable indenture will have been duly executed issued and delivered.

 

Valid issuance of Warrants

 

(e)With respect to the Warrants to be issued, when:

 

(i)the Board has taken all necessary corporate actions to authorise and approve the creation and terms of the Warrants and to approve the issue thereof, the terms of the offering thereof and related matters;

 

(ii)a warrant agreement relating to the Warrants shall have been duly authorised and validly executed and unconditionally delivered by the Company and the warrant agent thereunder; and

 

(iii)the certificates representing the Warrants have been duly executed, countersigned, registered and delivered in accordance with the applicable warrant agreement relating to the Warrants and the applicable definitive purchase, underwriting or similar agreement approved by the Board upon payment of the consideration therefor provided therein,

 

the Warrants will be duly authorised and validly issued and will constitute legal, valid and binding obligations of the Company.

 

Valid issuance of Rights

 

(f)With respect to the Rights to be issued, when:

 

(i)the Board has taken all necessary corporate actions to authorise and approve the creation and terms of the Rights and to approve the issue thereof, the terms of the offering thereof and related matters;

 

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(ii)an underwriting agreement relating to the Rights shall have been duly authorised and validly executed and unconditionally delivered by the Company and the underwriter(s) thereunder; and

 

(iii)the certificates representing the Rights have been duly executed, countersigned, registered and delivered in accordance with the applicable underwriting agreement relating to the Rights and the applicable definitive purchase, underwriting or similar agreement approved by the Board upon payment of the consideration therefor provided therein,

 

the Rights will be duly authorised and validly issued and will constitute legal, valid and binding obligations of the Company.

 

Valid issuance of Units

 

(g)With respect to each issue of Units, when:

 

(i)the Board has taken all necessary corporate actions to authorise and approve the creation and terms of the Units and to approve the issue of the Securities which are components thereof, the terms of the offering thereof and related matters;

 

(ii)a unit agreement relating to the Units shall have been duly authorised and validly executed and unconditionally delivered by the Company and the unit agent thereunder;

 

(iii)in respect of any Debt Securities which are components of the Units, an indenture shall have been duly authorised and validly executed and unconditionally delivered by the Company and all relevant parties thereunder;

 

(iv)in respect of any Warrants which are components of the Units, a warrant agreement shall have been duly authorised and validly executed and unconditionally delivered by the Company and the warrant agent thereunder, if any, in respect of any Warrants which are components of the Units;

 

(v)in respect of any Rights which are components of the Units, an underwriting agreement shall have been duly authorised and validly executed and unconditionally delivered by the Company and the underwriter(s) thereunder, if any, in respect of any Rights which are components of the Units; and

 

(vi)the Units and any Securities which are components of the Units shall have been duly executed, countersigned, authenticated, issued, registered and delivered (in each case, as and when applicable), in accordance with the provisions of (A) the applicable unit agreements relating to the Units, (B) the applicable warrant agreements relating to any Warrants which are components of the Units, (C) the applicable underwriting agreements relating to any Rights which are components of the Units and (D) the applicable definitive purchase, underwriting or similar agreement approved by the Board, and upon payment of the consideration therefor provided therein,

 

the Units will be duly authorised and validly issued and will constitute legal, valid and binding obligations of the Company.

 

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4Limitations and Qualifications

 

4.1We offer no opinion:

 

(a)as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references in the Registration Statement to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;

 

(b)except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration Statement and any other agreements into which the Company may have entered or any other documents; or

 

(c)as to whether the acceptance execution or performance of the Company’s obligations under the Registration Statement or Definitive Agreements will result in the breach of or infringe any other agreement, deed or document (other than the Company’s Memorandum and Articles) entered into by or binding on the Company.

 

4.2Under the Companies Act (Revised) (the Companies Act) of the Cayman Islands annual returns in respect of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands.

 

4.3In good standing means only that as of the date of the Good Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company’s good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act.

 

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5 Governing law of this opinion

 

5.1This opinion is:

 

(a)governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

 

(b)limited to the matters expressly stated in it; and

 

(c)confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion.

 

5.2Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to, and as in force at, the date of this opinion.

 

6Consent

 

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and also consent to the reference to our firm under the headings “Enforceability of Civil Liabilities” and “Legal Matters” of the Registration Statement.

 

This opinion may be used only in connection with the offer and sale of the Securities and while the Registration Statement is effective.

 

Yours faithfully

 

 

Ogier

 

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