Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 257

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 257
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 minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382 of the Tax Code, of the Company U.S. Consolidated Group or any member thereof. | ​ |

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TABLE OF CONTENTS

| ​                              | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ​ | ​ | BERMUDA NEWCO                                                                          | ​ |
| ​                              | ​ | ​ | registration of any transfer of shares if it appears to the Maiden board that any non de minimis adverse tax, regulatory or legal consequences to Maiden, any subsidiary of Maiden, or any direct or indirect holder of shares or its affiliates would result from such transfer.                                                                                                                                                                                                                          
 If the Maiden board refuses to register a transfer of any share the secretary shall, within three months after the date on which the transfer was lodged with Maiden, send to the transferor and transferee notice of the refusal.                                                                                                                                                                                                                                                                         | ​ | ​ | ​                                                                                      | ​ |
| Appraisal / Dissenters’ Rights | ​ | ​ | Under Bermuda law, a dissenting shareholder of an amalgamating or merging company who did not vote in favor of the amalgamation or merger and does not believe it has been offered fair value 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. | ​