Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 255

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 255
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 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.                                                                         
 Pursuant to the voting cutback proposal, the Bermuda NewCo bye-laws as contemplated will not limit voting power to 9.5% of the votes conferred by Bermuda NewCo’s issued shares. | ​ |

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TABLE OF CONTENTS

| ​                                 | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | BERMUDA NEWCO                                            | ​ |
| ​                                 | ​ | ​ | knowledge that it is the direct or indirect holder of controlled shares of 9.5% or more of the voting power of all issued shares of Maiden.                                                                                                                                                                                                                                                                                                  | ​ | ​ | ​                                                        | ​ |
| Dividend and Other Payment Rights | ​ | ​ | Under Bermuda law, a company may pay dividends on its issued and outstanding shares in accordance with the company’s bye-laws and the rights attaching to the company’s shares. Dividends may be declared by a company’s board of directors, out of any funds of the company legally available for the payment of such dividends, subject to any preferred dividend right of any holders of any preference shares from time to time.         
 Under the Bermuda Companies Act, a company shall not declare or pay a dividend or make a distribution out of contributed surplus if there are reasonable grounds for believing that: (i) the company is or would, after the payment be, unable to pay its liabilities as they become due; or (ii