Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 134

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 134
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 recommendation includes the principal factors considered by the Maiden board but is not intended to be exhaustive and may not include all factors considered by the Maiden board. In view of the wide variety of factors considered in connection with its evaluation of the transaction, and the complexity of these matters, the Maiden board did not find it useful and did not attempt to quantify, rank or assign any relative or specific weights to the various factors that it considered in reaching its determination to approve the combination agreement and the mergers, and to make its recommendation to Maiden shareholders. Rather, the Maiden board viewed its decisions as being based on the totality of the information presented to it and the factors it considered, including its review with members of Maiden’s management and outside legal and financial advisors. In addition, individual members of the Maiden board may have assigned different weights to different factors.

### Opinion of Maiden’s Financial Advisor
Pursuant to a letter agreement, dated March 25, 2024, between Maiden and IAP (the “IAP Engagement Letter”), Maiden retained IAP to act as a financial advisor to Maiden in connection with the transaction. On December 29, 2024, IAP rendered its oral opinion to the Maiden board, which was subsequently confirmed in writing by delivery of its opinion, dated December 29, 2024 (the “Opinion”), that, as of such date, and based upon and subject to the assumptions, qualifications and limitations set forth therein, the Kestrel merger consideration to be received in the transaction by the Kestrel equityholders pursuant to the combination agreement was fair, from a financial point of view, to Maiden and Maiden shareholders.

The full text of the Opinion, which sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken by IAP in connection with rendering its Opinion, is attached as Annex C to this proxy statement/prospectus. The description of the Opinion set forth below is qualified in its entirety by reference to the full text of the Opinion.

The Opinion speaks only as of the date of the Opinion. The Opinion was delivered for the information of the Maiden board (in its capacity as such) in connection with its evaluation of the transaction. The Opinion addresses only the fairness, from a financial perspective, 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. The Opinion does not address, and IAP did not express any view or opinion as to,