Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 257

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 257
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 if, and so long as, the shares of a shareholder are treated as “controlled shares” ​(as determined pursuant to sections 957 and 958 of the Code and the Treasury Regulations promulgated thereunder) of any U.S. Person (that owns shares directly, indirectly or constructively) and such controlled shares constitute 9.5% or more of the votes conferred by Maiden’s issued shares (each such person, a “9.5% U.S. Shareholder”), the voting rights with respect to the controlled shares owned by such U.S. Person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in the Maiden bye-laws. The formula is applied repeatedly until the voting power of all 9.5% U.S. Shareholders has been reduced to less than 9.5%. 
 The Maiden board may limit a shareholder’s voting rights when it deems it appropriate to do so to (i) avoid the existence of any 9.5% U.S. Shareholder; and (ii) avoid certain adverse tax, legal or regulatory consequences to Maiden, any of its subsidiaries or any direct or indirect shareholder or its affiliates. The amount of any reduction of votes that occurs by operation of the above limitations will generally be reallocated proportionately among other shareholders whose shares were not “controlled shares” of the 9.5% U.S. Shareholder so long as such reallocation does not cause any person to become a 9.5% U.S. Shareholder.                                                                                                                                                       
 In addition, the Maiden bye-laws provide that any direct or indirect holder of shares shall give notice to Maiden within 10 days following the date that such holder acquires actual                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ​ | ​ | Each Bermuda NewCo shareholder is entitled to one vote per share, subject to the Bermuda NewCo bye-laws.                                                                                
 The Bermuda NewCo bye-laws do not limit voting power to 9.5% of the votes conferred by Bermuda NewCo’s issued shares.                                                                   
 The Bermuda NewCo bye-laws, as of the date of this proxy statement/​prospectus, have been duly adopted and approved by each of Bermuda NewCo’s board of directors and sole shareholder. | ​ |

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| ​                                 | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | BERMUDA NEWCO                                            | ​ |
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