Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 238

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 238
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 varied with the consent in writing of the holders of at least a majority of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class.

In the event of Bermuda NewCo’s liquidation, dissolution or winding-up, the holders of shares are entitled to share equally and ratably in Bermuda NewCo’s assets, if any, remaining after the payment of all its debts and liabilities and the liquidation preference of any issued and outstanding preferred shares. The

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Bermuda NewCo common shares to be issued in connection with the combination will be validly issued, fully paid and non-assessable. Subject to the listing rules and requirements of Nasdaq, authorized but unissued shares may, subject to any rights attaching to existing shares, be issued at any time and at the discretion of the Bermuda NewCo board without the approval of Bermuda NewCo’s shareholders, with such rights, preferences and limitations as the board may determine.

#### Limitation on Voting Rights
In general, and except as provided under the Bermuda NewCo bye-laws and as provided below, the common shareholders have one vote for each common share held by them and are entitled to vote, on a non-cumulative basis, at all meetings of shareholders. Unlike the current Maiden bye-laws (as described in the section entitled “Comparison of Shareholder Rights” beginning on page 159), the Bermuda NewCo bye-laws do not limit the voting power of any holder of Bermuda NewCo common shares to 9.5% of the votes conferred by Bermuda NewCo’s issued common shares. The Bermuda NewCo bye-laws, as of the date of this proxy statement/prospectus, have been duly adopted and approved by each of Bermuda NewCo’s board of directors and sole shareholder.

#### Restrictions on Transfer, Issuance and Repurchase
Bermuda NewCo’s directors may decline to register the transfer of any shares if they have reason to believe that such transfer may expose Bermuda NewCo or any direct or indirect shareholder or its affiliates to non-de minimis adverse tax, legal or regulatory consequences in any jurisdiction. Similarly, Bermuda NewCo could be restricted from issuing or repurchasing shares if its directors believe that such issuance or repurchase may result in a non-de minimis adverse tax, legal or regulatory consequence to Bermuda NewCo or any direct or indirect shareholder or its affiliates.