Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 202

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 202
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 estimates, in each case in and of itself or (iv) any change in applicable law, GAAP (or interpretation or enforcement thereof) or in applicable statutory accounting principles prescribed or permitted by an applicable insurance regulator (or interpretation or enforcement thereof), including accounting and financial reporting pronouncements by the SEC, the National Association of Insurance Commissioners, any insurance regulator and the FASB.

Maiden, the Maiden board and its committees are not prohibited from (i) taking and disclosing to the Maiden shareholders a position or communication contemplated by Rule 14e-2(a), Rule 14d-9 (including a customary “stop, look and listen” communication pursuant to Rule 14d-9(f)) or Item 1012(a) of Regulation M-A promulgated under the Exchange Act or (ii) making any factually accurate disclosure to the Maiden Shareholders not in violation of the combination agreement if the Maiden board determines in good faith, after consultation with its outside legal counsel, that the failure to make such disclosure would be inconsistent with the directors’ fiduciary duties under applicable law, provided that if such disclosure does not reaffirm the Maiden board recommendation or has the substantive effect of withdrawing, suspending or adversely amending or modifying the Maiden board recommendation, such disclosure will be deemed to be an Adverse Recommendation Change (it being understood that any factually accurate public statement by Maiden that merely describes Maiden’s receipt of a Takeover Proposal and the operation of the combination agreement with respect thereto and contains a “stop, look and listen” communication that contains only the information set forth in Rule 14d-9(f) will not be deemed to be an Adverse Recommendation Change so long as the Maiden board expressly publicly reaffirms the Maiden board recommendation in a subsequent disclosure on or before the earlier of (i) the last day of the ten business day period under Rule 14d-9(f) under the Exchange Act and (ii) three business days before the Maiden shareholders meeting).

#### Shareholders Meetings and Duty to Recommend
The combination agreement requires Maiden to duly call, give notice of, convene and hold a special meeting of its shareholders as promptly as practicable for the purpose of obtaining approval of the voting cutback proposal, the first merger approval bye-law proposal, the first merger resolution and the Bermuda

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NewCo equity plan proposal, and in any event within forty-five days following the date the SEC confirms that it has no further comments on this proxy statement