Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 264

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 264
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 any general meeting to approve any merger, amalgamation, consolidation, business combination or similar transaction of Bermuda NewCo with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such meeting and the quorum in which the required quorum is present. | ​ |

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| ​ | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ​ | ​ | BERMUDA NEWCO                                                                                                                                                   | ​ |
| ​ | ​ | ​ | company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 The Maiden bye-laws provide that any resolution proposed for consideration at any general meeting to approve the amalgamation (but not a merger) of Maiden with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such meeting in which the required quorum is present.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 Sale of Assets: The Bermuda Companies Act is silent on whether a company’s shareholders are required to approve a sale, lease or exchange of all or substantially all of a company’s property and assets. Bermuda law does require, however, that shareholders approve certain forms of mergers and reconstructions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 The Maiden bye-laws provide that with respect to a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets of Maiden or of any entity directly or indirectly wholly-owned or majority-owned by Maiden to an interested shareholder (within a period of three years following the time of the transaction in which the Maiden shareholder becomes an interested shareholder) having an aggregate market value equal to 10% or more of either the aggregate market value of all of the assets of Maiden determined on a consolidated basis or the aggregate market value of all the issued and outstanding shares of Maiden requires the affirmative vote of at least 66 and 2/3% of the issued and outstanding voting shares of Maiden that are not owned by the interested shareholder, subject to certain exceptions as described in the Maiden bye-laws. 
 Takeover: Bermuda does not have any takeover regulations applicable to shareholders of Bermuda companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ​ | ​ | The Bermuda NewCo bye-laws are silent on whether shareholder approval is required for a sale, lease or transfer of substantially all of Bermuda NewCo’s assets. | ​ |

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### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Maiden reviews all relationships and transactions in which it, its control persons and its directors and executive officers or