Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 240

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 240
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 they have been offered fair value for their shares may, within one (1) month of the giving of the notice of the meeting for such merger, amalgamation, consolidation or similar transaction, apply to the Bermuda Court to appraise the fair value of their shares.

Under Delaware law, with certain exceptions, a merger, consolidation, or sale of all or substantially all the assets of a corporation must be approved by the board of directors and the holders of a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which the shareholder may receive cash in the amount of the fair value of the shares held by that shareholder (as determined by a court) in lieu of the consideration that the shareholder would otherwise receive in the transaction. Delaware law does not provide shareholders of a corporation with voting or appraisal rights when the corporation acquires another business through the issuance of its stock or other consideration (i) in exchange for the assets of the business to be acquired; (ii) in exchange for the outstanding stock of the corporation to be acquired; (iii) in a merger of the corporation to be acquired with a subsidiary of the acquiring corporation; or (iv) in a merger in which the corporation’s certificate of incorporation is not amended and the corporation issues less than 20% of its common shares outstanding prior to the merger.

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TABLE OF CONTENTS

#### Takeovers
Bermuda does not have any specific takeover regulations applicable to shareholders of Bermuda companies. Under the Bermuda Companies Act, a purchaser is generally able to compulsorily acquire the shares of minority holders in any of the following ways:

(a) By a court approved scheme of arrangement under the Bermuda Companies Act. While dissenting shareholders do not have express statutory appraisal rights, Bermuda courts will only sanction a scheme where: (a) the statutory majority, whose vote is required to approve the scheme, fairly represents the class and acts bona fide to promote the interests of the class; and (b) the Court concludes that an intelligent and honest member of the class, acting in their own interest, might reasonably approve the scheme. Any scheme must be approved by a majority in number being no less than three-fourths in value of the shareholders present and voting either in person or by proxy at the requisite special general meeting. If there are dissenting shareholders who hold more than 10% of the shares, Bermuda courts might be persuaded not