Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 43

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 43
---
 equityholders will have a majority of the voting rights of the combined company assuming the shares held by Maiden Re are treated as controlled by the Bermuda NewCo board of directors and former Kestrel equityholders will have the ability to nominate a majority of the members of the board of directors of the combined company.

Accordingly, for financial reporting purposes, the net assets of Kestrel will be stated at historical carrying values and its consolidated financial statements will be presented as the predecessor to the combined company in the historical financial statements following the consummation of the transaction. The assets and liabilities of Maiden will be recorded at their fair values measured as of the acquisition date. Any excess of the estimated fair values of the net assets acquired over the purchase price is recorded as a gain on bargain purchase. Based on the preliminary estimated fair values of the assets acquired and liabilities assumed, the bargain purchase gain will be recognized in this transaction. The results of Maiden will be presented within the consolidated results of Kestrel from the date of acquisition going forward.

#### Appraisal Rights (Page101)
Maiden shareholders who do not vote in favor of the first merger resolution and who are not satisfied that they have been offered fair value for their shares may, within one month of the giving of the notice to the Maiden shareholders of the Maiden special meeting to approve the first merger resolution, apply to the Bermuda Court to appraise the fair value of their shares. Persons owning beneficial interests in Maiden shares but who are not shareholders of record should note that only persons who are shareholders of record are entitled to make an application for appraisal. Any Maiden shareholder intending to exercise appraisal rights

#### MUST
file its application for appraisal of the fair value of its Maiden shares with the Bermuda Court within

### ONE MONTH
after the date the notice convening the Maiden special meeting is deemed to have been received. The notice delivered with this proxy statement/prospectus constitutes this notice of meeting. There are no court rules and limited domestic case law concerning the operation of the appraisal right contained in Section 106 of the Bermuda Companies Act, including in particular the Bermuda Court’s appraisal process. In any appraisal application under the Bermuda Companies Act, the Bermuda Court retains broad discretion as to the precise methodology it will adopt in determining the fair value of the subject shares.

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TABLE OF CONTENTS

Restrictions on Transfer or Resales of Bermuda NewCo Common Shares (Page 103)

In connection with the transaction, it is anticipated that Bermuda NewCo will enter into registration and investor rights