Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 134

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 134
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 IAP did not express any view or opinion as to, the underlying business decision of the Maiden board to engage in the transaction or any other aspect of the transaction. The Opinion does not constitute a recommendation as to how any person should vote or act in connection with the transaction or any other matter.

In arriving at its Opinion, IAP, among other things:

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reviewed a draft, dated December 29, 2024, of the combination agreement (the “draft combination agreement”);

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reviewed certain non-public financial and operating information relating to the business, operations and prospects of Kestrel furnished to IAP by management of Kestrel, including certain internal analyses and financial forecasts and projections (including assumptions thereto) relating to Kestrel that were prepared by management of Kestrel (“Management Projections”), which Maiden directed IAP to utilize in its financial analyses for purposes of delivering its Opinion;

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compared certain financial information of Kestrel with similar information, to the extent available, for certain other companies that IAP deemed relevant whose equity securities are publicly traded;

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reviewed the reported prices and trading activity for the Maiden Shares;

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compared the financial terms of the transaction with the financial terms, to the extent publicly available, of certain other transactions that IAP deemed relevant;

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held discussions with certain members of senior management of Maiden and Kestrel regarding certain aspects of the transaction, as well as the business, past and current operations, financial projections, financial condition and future prospects of Kestrel; and

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performed such other analyses and examinations and considered such other factors and information that IAP deemed appropriate.

In connection with rendering its Opinion, IAP, with Maiden’s consent, assumed and relied upon, without independent verification, the accuracy and completeness in all material respects of all financial and other information publicly available, provided to, otherwise reviewed by or discussed with IAP and, with Maiden’s consent, further relied upon the assurances of management of Maiden that it was not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the financial forecasts and projections of Kestrel made available to IAP by Kestrel and approved for IAP’s use by Maiden for purposes of IAP’s financial analyses and opinion, IAP assumed, at Maiden’s direction and with Maiden’s consent, that such projections were reasonably prepared by Kestrel on bases and assumptions reflecting the best currently available estimates and good faith judgments