Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 143

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 143
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 13.0x, to a terminal year estimate of EBITDA to be generated by Kestrel as reflected in the Management Projections. The range of terminal year exit EV/LTM EBITDA multiples was estimated by IAP utilizing its professional judgment and experience. IAP derived ranges of illustrative enterprise values for Kestrel by adding the ranges of present values that it derived above. The discounted cash flow analysis indicated an enterprise value range of Kestrel on a standalone basis of $242 million to $295 million.

General . IAP prepared these analyses for purposes of rendering its Opinion to the Maiden board as to the fairness, from a financial point of view, to Maiden and Maiden shareholders of the Kestrel merger consideration to be received in the transaction by the Kestrel equityholders pursuant to the combination agreement. These analyses do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities may be sold. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses. These analyses are inherently subject to uncertainty and are based upon numerous factors or events beyond the control of the parties or their respective advisors. As such, none of Kestrel, IAP or any other person assumes responsibility for future results being materially different from those forecast.

As described above, the Opinion to the Maiden board was one of many factors taken into consideration by the Maiden board in making its determination to approve the combination agreement. The foregoing summary does not purport to be a complete description of the analyses performed by IAP in connection with rendering its Opinion and is qualified in its entirety by reference to the Opinion attached as Annex C.

IAP and its affiliates are engaged in advisory, securities and financing and other financial and non-financial activities and services for various persons and entities. During the two-year period prior to the date of the Opinion, IAP and its affiliates did not provide any services to, and did not receive any compensation from, Kestrel. IAP has, in the past, provided financial advisory services to Maiden and/or its affiliates for which IAP has received customary compensation. IAP may, in the future, provide investment banking, placement agent and other services to Kestrel and/or its affiliates from time to time for which IAP or its affiliates may receive compensation. IAP and its affiliates may, in the future, provide investment banking, placement agent and other services to Maiden and/or its affiliates from time