Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 60

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 60
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 of the transaction, former Maiden shareholders are expected to own approximately 64.8% of the issued and outstanding Bermuda NewCo common shares, and former Kestrel equityholders

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are expected to own approximately 35.2% of the issued and outstanding Bermuda NewCo common shares, in each case excluding (i) the potential contingent consideration that may become payable to the former Kestrel equityholders and (ii) the 2,237,533 Bermuda NewCo common shares that will be held by Maiden Re. Consequently, Maiden shareholders, as a group, will have reduced ownership and voting power in Bermuda NewCo compared to their ownership and voting power in Maiden and thus will exercise less influence over management of the combined company.

Failure to complete the transaction could negatively impact the share price, businesses and financial results of Maiden.

If the transaction is not completed, the ongoing business of Maiden may be adversely affected, and Maiden will be subject to several risks and consequences, including the following:

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Maiden may be required, under certain specified circumstances, to pay Kestrel a termination fee of up to $7 million. See “The Combination Agreement — Termination Fees; Expenses”;

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Maiden is subject to certain restrictions on the conduct of its business prior to completing the transaction, which may adversely affect its ability to execute certain of its business strategies;

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Maiden is no longer writing new business and therefore will not have an operating business if the transaction is not completed; and

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matters relating to the transaction may require substantial commitments of time and resources by Maiden management, which could otherwise have been devoted to other opportunities that may have been beneficial to Maiden as an independent company.

In addition, if the transaction is not completed, Maiden may experience negative reactions from the financial markets and from its employees, customers, insureds, cedants, policyholders, brokers, agents, business partners, service providers or reinsurance providers. Maiden also could be subject to litigation related to a failure to complete the transaction or to enforce its obligations under the combination agreement. If the transaction is not consummated, Maiden cannot assure its shareholders that the risks described will not materially affect the business, financial results and share price of Maiden.

Maiden and Kestrel will incur significant transaction and transaction-related transition costs in connection with the transaction.

Maiden and Kestrel expect that they will incur significant, non-recurring costs in connection with consummating the transaction and integrating