Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 262

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 262
---
 agreement, and the quorum for such meeting must be two or more persons holding or representing more than one-third of the issued shares of the | ​ | ​ | The same Bermuda Companies Act provisions on the approval of certain transactions are applicable to Bermuda NewCo.                                                                                                                                                                                                                                                                                             
 The Bermuda NewCo bye-laws provide that any resolution proposed for consideration at any general meeting to approve any merger, amalgamation, consolidation, business combination or similar transaction of Bermuda NewCo with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such meeting and the quorum in which the required quorum is present. | ​ |

171

TABLE OF CONTENTS

| ​ | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ​ | ​ | BERMUDA NEWCO                                                                                                                                                   | ​ |
| ​ | ​ | ​ | company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 The Maiden bye-laws provide that any resolution proposed for consideration at any general meeting to approve the amalgamation (but not a merger) of Maiden with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such meeting in which the required quorum is present.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 Sale of Assets: The Bermuda Companies Act is silent on whether a company’s shareholders are required to approve a sale, lease or exchange of all or substantially all of a company’s property and assets. Bermuda law does require, however, that shareholders approve certain forms of mergers and reconstructions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 The Maiden bye-laws provide that with respect to a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets of Maiden or of any entity directly or indirectly wholly-owned or majority-owned by Maiden to an interested shareholder (within a period of three years following the time of the transaction in which the Maiden shareholder becomes an interested shareholder) having an aggregate market value equal to 10% or more of either the aggregate market value of all of the assets of Maiden determined on a consolidated basis or the aggregate market value of all the issued and outstanding shares of Maiden requires the affirmative vote of at least 66 and 2/3% of the issued and outstanding voting shares of Maiden that are not owned by the interested shareholder, subject to certain exceptions as described in the Maiden bye-laws. 
 Takeover: Bermuda does not have any takeover regulations applicable to shareholders of Bermuda companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ​ | ​ | The Bermuda NewCo bye-laws are