Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 234

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 234
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 as Exhibit 3.2 to the registration statement of which this proxy statement/prospectus is a part and are incorporated herein by reference, (2) Bermuda NewCo’s amended and restated bye-laws, which we refer to as the Bermuda NewCo bye-laws, are included as Exhibit 3.3 to the registration statement of which this proxy statement/prospectus is a part and is incorporated herein by reference and (3) the applicable provisions of the Bermuda Companies Act . The following summary should be read in conjunction with the section entitled “Comparison of Shareholder Rights” beginning on page 158.

#### Dividends
Holders of Bermuda NewCo common shares are entitled to receive dividends when, as and if declared by the Bermuda NewCo board out of funds legally available for the payment of such dividends, subject to any applicable contractual restrictions or any preferred dividend rights on the payment of dividends and to any restrictions on the payment of dividends that Bermuda NewCo may be subject to imposed by the terms of any issued and outstanding preference shares or debt securities. Bermuda law does not permit payment of dividends, or distributions of contributed surplus by a company if there are reasonable grounds for believing that:

•

the company is, or would be, after the payment is made, unable to pay its liabilities as they become due; or

•

the realizable value of the company’s assets would be less than its liabilities.

Under the Bermuda NewCo bye-laws, the Bermuda NewCo board has the power to declare dividends or distributions out of contributed surplus, and to determine that any dividend shall be paid in cash or wholly or partly in specie, in which case the Bermuda NewCo board may fix the value for distribution in specie of any assets.

#### Common Shares
Bermuda NewCo’s authorized share capital consists of 850,000,000 shares. Holders of Bermuda NewCo common shares will have no pre-emptive, redemption, conversion or sinking fund rights. Holders of Bermuda NewCo common shares are entitled to one vote per share on all matters submitted to a vote of holders of Bermuda NewCo common shares. Most matters to be approved by holders of Bermuda NewCo common shares require approval by a simple majority vote. Under the Bermuda NewCo bye-laws, the holders of at least a majority of the Bermuda NewCo common shares voting in person or by proxy at a meeting must approve any merger, amalgamation, business combination or similar transaction with another company.

The Bermuda Companies Act provides that a resolution to remove Bermuda NewCo’s