Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 262

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 262
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 Bermuda law is applicable to Bermuda NewCo. | ​ |

167

TABLE OF CONTENTS

| ​                                                               | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ​ |
| ​                                                               | ​ | ​ | made on behalf of persons entitled to make the application by one or more of their number as they may appoint in writing for the purpose. No application may be made by shareholders voting in favor of the amendment.                                                                                                                                                                                                                                | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ​ |
| Amendments to Bye-laws                                          | ​ | ​ | The Maiden bye-laws provide that no bye-law may be rescinded, altered or amended and no new bye-law may be made until the same has been approved by a resolution of the Maiden board and by a resolution of the Maiden shareholders.                                                                                                                                                                                                                  | ​ | ​ | The Bermuda NewCo bye-laws contain an identical provision.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ​ |
| Classified Board                                                | ​ | ​ | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ​ | ​ | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ​ |
| Cumulative Voting                                               | ​ | ​ | The Maiden shareholders are not entitled to vote on a cumulative basis.                                                                                                                                                                                                                                                                                                                                                                               | ​ | ​ | The Bermuda NewCo shareholders are not entitled to vote on a cumulative basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ​ |
| Ability to Call Special General Meetings of Shareholders        | ​ | ​ | The president or the chairman (if any) or the Maiden board may convene a special general meeting whenever in their judgment such a meeting is necessary.                                                                                                                                                                                                                                                                                              
 The Maiden board shall, on the requisition of Maiden shareholders holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up share capital of Maiden as at the date of the deposit carries the right to vote at general meetings, forthwith proceed to convene a special general meeting.                                                                                                                   | ​ | ​ | The chief executive officer or the chairman (if any) or the Bermuda NewCo board may convene a special general meeting whenever in their judgment such a meeting is necessary.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 The Bermuda NewCo board shall not be required to convene a special general meeting upon the requisition of Bermuda NewCo shareholders, except to the extent required by applicable law, including the Bermuda Companies Act. Under the Bermuda Companies Act, there is a statutory right that the directors of a company,