Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 130

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 130
---
), (iii) approving and declaring advisable the Ledbetter Employment Agreements, (iv) authorizing the execution of the combination agreement, the statutory merger agreement and the Ledbetter Employment Agreements by certain members of Maiden management and (v) resolving to recommend and submit to the Maiden shareholders for approval at the Maiden shareholders meeting the voting cutback proposal, the first merger approval bye-law proposal and the first merger resolution.

Later on December 29, 2024, the parties executed the combination agreement, voting agreements and Ledbetter Employment Agreements.

On December 30, 2024, Maiden and Kestrel issued a joint press release that publicly announced the execution of the combination agreement and described the terms of the transaction. The press release also disclosed that, while no final determination had been made, Maiden anticipated that it would incur charges of up to $150 million in the fourth quarter of 2024, including approximately $25 million in charges related to the resolution of certain related party transactions anticipated to be entered into effective December 31, 2024, along with adverse development of loss reserves not covered by the Enstar LPT/ADC agreement, pending final determination of revised best estimates along with potential impairment of certain deferred acquisition costs and related charges.

#### Recommendation of the Maiden Board
The Maiden board, with two directors having declared their interest in the transaction and recused themselves from voting, has unanimously (i) approved the combination agreement, each ancillary agreement to which Maiden is or will be a party and the transaction, (ii) approved the voting cutback proposal and

<div align='center'>81</div>

TABLE OF CONTENTS

the first merger approval bye-law proposal, (iii) determined that the transaction (including the first merger) is in the best interests of Maiden and fair to the Maiden shareholders, (iv) determined that the consideration payable to the holders of Maiden shares in connection with the first merger constitutes fair value for each Maiden share in accordance with the Bermuda Companies Act and (v) resolved to recommend and submit to the Maiden shareholders for approval at the Maiden special meeting the first merger approval bye-law proposal and the first merger resolution.

The Maiden board unanimously recommends that Maiden shareholders vote:

“FOR” the voting cutback proposal;

“FOR” the first merger approval bye-law proposal;

“FOR” the first merger resolution;

“FOR” the adjournment proposal;

“FOR” the Bermuda NewCo equity plan proposal; and

“FOR” the advisory vote on merger-related compensation proposal.

#### Maiden’s Reasons for the Transaction