Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 620

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 620
---
, in our opinion, the Consideration to be received by the Company Equityholders in the Transaction pursuant to the Combination Agreement is fair, from a financial point of view, to Parent and its shareholders.

In arriving at our opinion, we have, among other things:

(i)

reviewed a draft, dated December 29, 2024, of the Combination Agreement (the “Draft Combination Agreement”);

(ii)

reviewed certain non-public financial and operating information relating to the business, operations and prospects of the Company furnished to us by management of the Company, including certain internal analyses and financial forecasts and projections (including assumptions thereto) relating to the Company that were prepared by management of the Company, which we have been directed by you to utilize in our financial analyses for purposes of delivering our opinion;

(iii)

compared certain financial information of the Company with similar information, to the extent available, for certain other companies that we deemed relevant whose equity securities are publicly traded;

(iv)

reviewed the reported prices and trading activity for the Parent Shares;

(v)

compared the financial terms of the Transaction with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant;

(vi)

held discussions with certain members of senior management of Parent and the Company regarding certain aspects of the Transaction, as well as the business, past and current operations, financial projections, financial condition and future prospects of the Company; and

(vii)

performed such other analyses and examinations and considered such other factors and information that we deemed appropriate.

In connection with rendering our opinion, we have, with your consent, assumed and relied upon, without independent verification, the accuracy and completeness in all material respects of all financial and other information publicly available, provided to, otherwise reviewed by or discussed with us and have, with your consent, further relied upon the assurances of management of Parent that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the financial forecasts and projections of the Company made available to us by the Company and approved for our use by you for purposes of our financial analyses and opinion, we have assumed, at your direction and with your consent, that such projections have been reasonably prepared by the Company on bases and assumptions reflecting the best currently available estimates and good faith judgments of the management of the Company. We express no view as to the reasonableness, completeness, or accuracy of any such financial projections or the assumptions on which they are based.

For purposes of rendering our opinion, we have, with