Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 256

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 256
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 As of close of business on March 18, 2025, there were issued and outstanding 100,756,263 Maiden shares (including 1,265,491 Maiden restricted shares) and there were issued and outstanding 145,506,941 Maiden shares when including the 44,750,678 Maiden shares held by Maiden Re, which are treated as treasury shares. Additionally, as of March 18, 2025, 1,291,729 Maiden shares were reserved for issuance under Maiden equity plans. Upon the exercise or settlement of all of Maiden’s outstanding equity awards that will settle in shares, there would be 148,614,657 issued and outstanding Maiden shares (when including the 44,750,678 Maiden shares held by Maiden Re). | ​ | ​ | Bermuda NewCo will have an authorized share capital of $425,000 consisting of 42,500,000 shares of par value $0.01 each.                                                                                                                                                                                                                                                                          
 At the closing, there will be issued and outstanding approximately 7,787,813 Bermuda NewCo common shares and 2,237,533 Bermuda NewCo common shares held by its affiliate Maiden Reinsurance Ltd., which are treated as treasury shares. Additionally, as of closing, it is expected that 1,205,000 Bermuda NewCo common shares will be reserved for issuance under the Bermuda NewCo equity plan. 
 The Bermuda NewCo board will have the same power to issue any unissued shares on such terms and conditions as it may determine.                                                                                                                                                                                                                                                                   | ​ |
| ​                  | ​ | ​ | Subject to the Maiden bye-laws and to any resolution of the Maiden shareholders to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Maiden board shall have the power to issue any unissued shares on                                                                                                                                                                                                                                                                                                                                                                                      | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                 | ​ |

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TABLE OF CONTENTS

| ​             | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                           | ​ |
| ​             | ​ | ​ | such terms and conditions as it may determine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ | ​ | ​                                                                                                                                                                                       | ​ |
| Voting Rights | ​ | ​ | Each Maiden shareholder is entitled to one vote per share, subject to the Maiden bye-laws and the voting restrictions set out below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 The Maiden bye-laws provide that,