Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 163

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 163
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 value of the dissenting shares is later appraised by the Bermuda Court to be greater than the amount paid to the dissenting shareholder, such dissenting shareholder will be paid the difference between the amount paid to them and the value appraised by the Bermuda Court within one month of the Bermuda Court’s appraisal.

In any case where the value of the dissenting shares held by a dissenting shareholder is appraised by the Bermuda Court before the combination has been made effective under Bermuda law, then Maiden will be

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required to pay the dissenting shareholder, within one month of the Bermuda Court’s appraisal, an amount equal to the value of the dissenting shares appraised by the Bermuda Court, unless the combination is terminated pursuant to the terms of the combination agreement, in which case no payment will be made.

A Maiden shareholder who has exercised appraisal rights has no right of appeal from an appraisal made by the Bermuda Court. The responsibility for costs of any application to the Bermuda Court under Section 106 of the Bermuda Companies Act will be in the Bermuda Court’s discretion.

Under the combination agreement, Maiden is required to give Kestrel (i) written notice of any demands for appraisal (or withdrawals thereof) and, to the extent Maiden has knowledge thereof, any applications to the Bermuda Court for appraisal of the fair value of the dissenting shares and (ii) to the extent permitted by applicable law, the opportunity to participate with Maiden in any settlement negotiations and proceedings with respect to any demands for appraisal under the Bermuda Companies Act. Maiden is not permitted to, without the prior written consent of Kestrel, such consent not to be unreasonably withheld, conditioned or delayed, voluntarily make any payment with respect to, offer to settle or settle any such demands or applications. Payment of any amount payable to holders of the dissenting shares shall solely be the obligation of the first surviving company.

The relevant portions of Section 106 of the Bermuda Companies Act are as follows:

“(6) Any shareholder who did not vote in favor of the amalgamation or merger and who is not satisfied that he has been offered fair value for his shares may within one month of the giving of the notice referred to in subsection (2) apply to the Court to appraise the fair value of his shares.

(6A) Subject to subsection (6B), within one month of the Court appraising the fair value of any shares under subsection (6) the company will be entitled either —

(a) to pay to the