Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 18

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 18
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 Maiden and fair to the Maiden shareholders, (iv) determined

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**TABLE OF CONTENTS

that the consideration payable to the holders of Maiden shares in connection with the first merger constitutes fair value for each Maiden share in accordance with the Bermuda Companies Act and (v) resolved to recommend and submit to the Maiden shareholders for approval at the Maiden special meeting the first merger approval bye-law proposal and the first merger resolution.

The Maiden board unanimously recommends that Maiden shareholders vote:**

#### “FOR” the voting cutback proposal;

#### “FOR” the first merger approval bye-law proposal;

#### “FOR” the first merger resolution;

#### “FOR” the adjournment proposal;

#### “FOR” the Bermuda NewCo equity plan proposal; and
“FOR” the advisory vote on merger-related compensation proposal.

See “The Transaction — Maiden’s Reasons for the Transaction” beginning on page 82.

**Q:

When do you expect the transaction to be completed?

A:

Maiden and Kestrel are working to complete the transaction as quickly as possible, and we anticipate that it will be completed in the first half of 2025. However, the transaction is subject to various conditions which are described in more detail in this proxy statement/prospectus, and it is possible that factors outside the control of both companies could result in the transaction being completed at a later time, or not at all.

Q:

What are the United States federal income tax consequences of the transaction to holders of Maiden shares?**

Bermuda NewCo, Maiden, Kestrel and the Kestrel equityholders each intend that, subject to certain limitations and qualifications described in the section of this proxy statement/prospectus titled “Tax Consequences of the Combination” beginning on page 105, the Kestrel contribution and first merger, taken together, and the second merger will each qualify as a transaction described in Section 351 of the Code. If such treatment applies, U.S. Holders (as defined herein) of Maiden shares will generally not recognize gain or loss upon the exchange of their Maiden shares, or receipt of Bermuda NewCo common shares, in the combination (except with respect to cash received in lieu of any fractional shares). Upon consummation of the second merger, Bermuda NewCo expects to be treated as a domestic corporation for all U.S. federal tax purposes pursuant to Section 7874(b) of the Code.

For a more detailed summary of the tax consequences of the combination, see the section of this