Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 102

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 102
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 of the Company and ultimately might affect the market price of our ordinary shares.

In addition, if dividends on our Preference Shares have not been declared or paid for the equivalent of six dividend periods, whether or not for consecutive dividend periods, holders of our issued Preference Shares, and in turn, the Depositary Shares, voting together as a single class, will be entitled to appoint two additional directors to the Board subject to the terms and to the limited extent described under “Description of Share Capital—Outstanding Series of Preference Shares—Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares,” “—5.625% Perpetual Non-Cumulative Preference Shares,” “—5.625% Perpetual Non-Cumulative Preference Shares Represented by AHL PRE Depositary Shares” and “—7.00% Perpetual Non-Cumulative Preference Shares Represented by AHL PRF Depositary Shares.” Any changes to the composition of the Board may affect our strategy and operations and the appointment of additional directors to the Board by holders of our Preference Shares could

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prevent a change of control of the Company or other actions the result of which could impair the prevailing market price of our ordinary shares.

Additionally, our Preference Shares rank senior to our ordinary shares with respect to the payment of dividends. As a result, unless the full dividends for the most recently ended dividend period on all outstanding Preference Shares have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside), we cannot declare or pay a dividend on our ordinary shares. If we are unable to pay a cash dividend to holders of our ordinary shares, or the Board determines not to pay a cash dividend on our ordinary shares, your ability to achieve a return on your investment will depend on the appreciation in the price of our ordinary shares, which may never occur.

There are provisions in our bye-laws which may restrict the ability to transfer ordinary shares and which may require shareholders to sell their ordinary shares.

The Board may decline to register a transfer of any ordinary shares if it appears to the Board, in its sole discretion, after taking into account the limitations on voting rights contained in our bye-laws, that any non-de minimis adverse tax, regulatory or legal consequences to us, any of our subsidiaries, any of our shareholders or their affiliates or any direct or indirect investor in, or beneficial owner of an interest in, a shareholder of ours would result from such transfer.

Under our bye