Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 257

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 257
---
 for its shares may within one month of the giving of the notice sent to each shareholder calling the meeting at which the amalgamation or merger was decided upon apply to the Bermuda Court to appraise the fair value of its shares.                                                                       
 Where the Bermuda Court has appraised any such shares and the amalgamation or merger has been consummated before the appraisal then, within one month of the Bermuda Court appraising the value of the shares, the amalgamated company or the surviving company shall be entitled to either: (i) pay to any shareholder an amount equal to the value of its shares as appraised by the Bermuda Court; or (ii) terminate the amalgamation or merger agreement in accordance with the Bermuda Companies Act. 
 Where the Bermuda Court has appraised the fair value of any shares and the amalgamation or merger has proceeded prior to the appraisal then, within one month of the Bermuda Court appraising the value of the shares, if the amount (if any) paid to the dissenting shareholder for his or her shares is less than that appraised by the Bermuda Court, the                                                                                                                                               | ​ | ​ | Bermuda NewCo is subject to the same appraisal rights under the Bermuda Companies Act. | ​ |

163

TABLE OF CONTENTS

| ​                                                            | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                      | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                                                          | ​ |
| ​                                                            | ​ | ​ | amalgamated or surviving company will pay to such shareholder the difference between the amount paid to such shareholder and the value appraised by the Bermuda Court.                                                                                      
 There shall be no right of appeal from an appraisal by the Bermuda Court. The costs of any application to the Bermuda Court to appraise the fair value of any shares shall be in the discretion of the Bermuda Court.                                       | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                      | ​ |
| Number and Election of Directors                             | ​ | ​ | The Maiden board shall consist of such number of directors being not less than 3 directors and not more than such maximum number of directors, not exceeding eleven 11 directors, as the Maiden board may from time to time determine.                      
 Directors shall hold office for such term as the Maiden shareholders may determine or, in the absence of such determination, until the next annual general meeting or until their successors are elected or appointed or their office is otherwise vacated. | ​ | ​ | The Bermuda NewCo board shall consist of such number of directors being not less than 3 directors and not more than a maximum