Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 143

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 143
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) a fee for its services equal to 1.00% of the enterprise value of Kestrel which, based on the information as of the date hereof, is estimated to be approximately $900,000 and is contingent upon consummation of the transaction, of which $350,000, which was payable upon the delivery by IAP of its Opinion, dated as of December 29, 2024, to the Maiden board and (b) an incentive fee of up to 0.50% of the enterprise value of Kestrel, with the actual amount, if any, to be determined by Maiden in its sole discretion, taking into account the quantity and quality of IAP’s work, payable immediately prior to or upon the consummation of the transaction. In addition, Maiden has agreed to reimburse IAP’s expenses and to indemnify IAP against certain liabilities and other items arising out of or related to IAP’s engagement.

### Unaudited Prospective Financial Information
Maiden does not, as a matter of course, publicly disclose long-term forecasts or internal projections as to future performance, revenues, earnings or other results due to, among other things, the uncertainty of related underlying assumptions and estimates. However, in connection with the Maiden board’s evaluation of the combination and the other transactions contemplated by the combination agreement, Kestrel management provided to representatives of Maiden management and IAP certain financial forecasts with respect to Kestrel (collectively, the “Projections”), which Projections were considered by the Maiden board in its evaluation of the combination and the other transactions contemplated by the combination agreement

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and, as described in the section entitled “The Transaction — Opinion of Maiden’s Financial Advisor,” by IAP in connection with its financial analyses and opinion to the Maiden board. Maiden does not endorse the Projections as an assurance or guarantee of future results of Kestrel’s business or the business of the combined company. The Projections are included in this proxy statement/ prospectus because they were provided to the Maiden board and IAP in connection with the evaluation of the combination and the other transactions contemplated by the combination agreement and not with a view toward public disclosure. The Projections are based on estimates and assumptions made by Kestrel at the time of preparation of the Projections and speak only as of such time. Such assumptions and estimates include, among others, that AmTrust will continue to act as a fronting carrier for Kestrel at