Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 179

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 179
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The combination agreement provides that, upon the terms and subject to the conditions set forth therein, Maiden and Kestrel will effect a transaction to combine their respective businesses through: (a) the contribution of all of the Kestrel units owned by each Kestrel equityholder to US NewCo, (b) the merger of Merger Sub I with and into Maiden with Maiden surviving the first merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub II with and into US NewCo with US NewCo surviving the second merger as a direct wholly owned subsidiary of Bermuda NewCo. Upon the consummation of the mergers, Maiden and Kestrel will be indirect wholly owned subsidiaries of Bermuda NewCo, which will be rebranded as Kestrel Group following the closing and whose shares are expected to be listed for trading on Nasdaq.

Closing of the Kestrel Contribution and the Mergers

Unless another time is agreed to by Kestrel and Maiden, the closing will occur on the third business day following the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of the conditions set forth in the combination agreement (other than those conditions that by their nature are to be satisfied on the closing, but subject to the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of those conditions at such time). For a description of the conditions to the closing of the mergers, see the section entitled “— Conditions to the Completion of the Transaction” beginning on page 130.

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TABLE OF CONTENTS

#### Effective Times
Upon the terms and subject to the conditions set forth in the combination agreement, all Kestrel equityholders will, on the closing date, make the Kestrel contribution. The Kestrel contribution will become effective when completed, which time will be prior to the first merger effective time.

The mergers will become effective at the time at which the applicable certificate of merger has been duly filed with the Secretary of State of the State of Delaware or has been issued by the Registrar of Companies in Bermuda, as the case may be. The application for registration for the first merger and the certificate of merger for the first merger will be filed on the closing date, and the combination agreement provides that the filing of the certificate of merger for the second merger will occur immediately following the first merger effective time.

#### Merger Consideration to Maiden Shareholders
In connection with