Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 89

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 89
---
 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | $ |     -67,913 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ |
| Basic and diluted income (loss) per share attributable to commonshareholders        | ​ | ​ | ​          | $ |  0.32 | ​ | ​ | ​ | ​      | $ |      -2.01 | ​ | ​ | ​ | ​                      | ​ |       ​ | ​ | ​ | ​ | ​              | ​ |        ​ | ​ | ​ | ​ | ​                                | ​ |        ​ | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | $ |       -0.44 | ​ | ​ | ​ | ​ | ​ | 6(l) | ​ | ​ |
| Weighted average number of commonshares – basic and diluted                         | ​ | ​ | ​          | ​ | 1,000 | ​ | ​ | ​ | ​      | ​ | 99,902,695 | ​ | ​ | ​ | ​                      | ​ |       ​ | ​ | ​ | ​ | ​              | ​ |        ​ | ​ | ​ | ​ | ​                                | ​ |        ​ | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | ​ | 154,039,253 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ |

56

TABLE OF CONTENTS

### NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATEDCOMBINED FINANCIAL STATEMENTS

#### 1.   Description of the Transaction
On December 29, 2024, Maiden Holdings, Ltd., a Bermuda exempted company limited by shares, entered into a combination agreement with Kestrel Group, LLC, a Delaware limited liability company, the Kestrel equityholders, Ranger U.S. Newco LLC, a Delaware limited liability company, Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned subsidiary of US NewCo, Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares, and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Bermuda NewCo.

In accordance with the combination agreement, Maiden and Kestrel