Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 146

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 146
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 preparing the Projections and no such reconciliation was provided to, or relied on by, the Maiden board or IAP in connection with their respective evaluations of the transaction. Accordingly, no reconciliation of the non-GAAP financial measures included in such forecast is provided in this proxy statement/prospectus.

None of Maiden, Kestrel nor any of their respective affiliates, directors, officers, advisors or other representatives has made or makes any representation to any Maiden shareholder or other person regarding the ultimate performance of the Maiden businesses, Kestrel businesses or combined company compared to the information contained in the Projections, or any representation that the Projections will be achieved.

In light of the foregoing factors and the uncertainties inherent in the foregoing, Maiden’s shareholders are cautioned not to place undue, if any, reliance on the Projections in making a decision regarding the transaction, as the Projections may be materially different from actual results.

Interests of Certain Maiden Persons in the Transaction

Interests of Maiden Executive Officers and Directors in the Transaction

In considering the recommendation of the Maiden board that you vote in favor of the first merger resolution, you should be aware that Maiden’s executive officers and directors may have interests in the transaction that are different from, or in addition to, the interests of Maiden’s shareholders generally. The Maiden board was aware of these potentially differing interests and considered them, among other matters, in reaching its decision to approve the combination agreement and the transaction, including the mergers, and to recommend that you vote in favor of the first merger resolution.

Treatment of Maiden Equity Awards

As of March 3, 2025 Maiden executive officers and continuing non-employee directors held 4,686,933 issued and outstanding restricted Maiden shares and 36,000 Maiden options. 3,173,769 of the 4,686,933 restricted shares are performance based restricted shares that only vest upon the achievement of certain metrics. At the second merger effective time, each issued and outstanding restricted Maiden share and Maiden option held by the Maiden executive officers and directors will be converted into restricted Bermuda NewCo common shares and Bermuda NewCo options, in each case on substantially the same terms and conditions, including vesting schedule, as applied before such conversions and adjusted as described in the section titled “Treatment of Maiden Equity Awards” in this proxy statement/prospectus.

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TABLE OF CONTENTS

The following tables summarize the number of issued and/or outstanding Maiden options and restricted Maiden shares held by Maiden’s executive officers and continuing non-employee director