Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 25

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 25
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 shares of Bermuda NewCo. Immediately following the closing of the transaction, former Kestrel equityholders are expected to own approximately 35.2% of the issued and outstanding Bermuda NewCo common shares, excluding (i) the

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TABLE OF CONTENTS

potential contingent consideration that may become payable to the former Kestrel equityholders and (ii) the 2,237,533 Bermuda NewCo common shares that will be held by Maiden Re. A description of the Bermuda NewCo common shares to be issued in connection with the mergers is set forth under the section entitled “Description of Bermuda NewCo Common Shares” beginning on page 147.

Conversion and Exchange of Maiden Shares (Page 113)

At the first merger effective time, by virtue of the occurrence of the first merger, each Maiden share issued and outstanding immediately prior to the first merger effective time, other than any such share that is subject to a Maiden restricted share or Maiden option, will be converted into the right to receive one duly authorized, validly issued, fully paid and nonassessable common limited liability company interest of US NewCo. All of the Maiden shares converted into US NewCo limited liability company interests pursuant to the first merger will no longer be issued and outstanding and will be automatically canceled and cease to exist.

At the second merger effective time, by virtue of the occurrence of the second merger, each limited liability company interest of US NewCo issued and outstanding immediately prior to the second merger effective time, other than any such interest that is subject to a US NewCo restricted share or US NewCo option, will be converted into the right to receive one-twentieth (0.05) of a duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo common share. All of the US NewCo limited liability company interests converted into Bermuda NewCo common shares pursuant to the second merger will no longer be issued and outstanding and will be automatically canceled and cease to exist.

As soon as reasonably practicable after the second merger effective time, Bermuda NewCo will cause the paying agent to mail to each holder of record of a certificate that immediately prior to the first merger effective time evidenced one or more Maiden shares, a letter of transmittal. The letter of transmittal will specify that delivery will be effected, and risk of loss and title to the certificates will pass, only upon delivery of the certificates to the exchange agent. The letter of transmittal will be accompanied by instructions setting forth, among other