Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 99

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 99
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the “Term Loan Agreements”) with customary default provisions. Additionally, the Apollo Shareholders may from time to time engage in additional financing transactions involving our ordinary shares whereby our ordinary shares are pledged as security. We are unable to influence the timing or terms of financing transactions (including the ability to pledge as collateral any of our ordinary shares they hold) by the Apollo Shareholders involving our ordinary shares.

In the event of a default under the Private Facility, the lenders and the collateral agent may foreclose upon any and all ordinary shares pledged to them and also may seek recourse against AP Highlands Co-Invest and/or AP Highlands Holdings. The foreclosure on our ordinary shares that are initially pledged as collateral under the Private Facility (or any similar future financing arrangement that may be entered into by the Apollo Shareholders) could, subject to obtaining required regulatory approvals (if applicable), cause a change of control of us that could trigger a default under, or acceleration of, the obligations under one or more of our financing arrangements, including, but not limited to, our 2026 Term Loan and our revolving credit facility. If such ordinary shares are sold, such sales could cause the trading price of our ordinary shares to decline. Sales of our ordinary shares in connection with the Private Facility and any other such financing arrangement, whether by the Apollo Shareholders or upon enforcement against collateral, could have a material and adverse effect on our business, results of operations, access to equity capital and the trading price of our ordinary shares. In addition, the lenders might carry out hedging transactions in order to cover financial risk relating to the pledged ordinary shares.

There are provisions in our bye-laws which may reduce or increase the voting rights of our ordinary shares.

In general, and except as provided below, shareholders have one vote for each ordinary share held by them and are entitled to vote at all meetings of shareholders. However, if, and so long as, the ordinary shares of a shareholder in the Company are treated as “controlled shares” (as defined in our bye-laws by reference to Sections 957 and 958 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)) of any U.S. person (as that term is defined in the Code) and such “controlled shares” constitute 9.5% or more of the voting power of all the ordinary shares of the Company and such person would be generally required to recognize income with respect to the Company under Section 951(a)(1) of the Code, if the Company were a controlled