Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 32

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 32
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 by proxy) of a majority of the votes cast “For” or “Against” the proposal. Accordingly, a Maiden shareholder’s failure to submit a proxy card or to vote in person at the Maiden special**

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meeting, an abstention from voting, or the failure of a Maiden shareholder who holds his or her shares in “street name” through a broker or other nominee to give voting instructions to such broker or other nominee will have no effect on the outcome of any vote to approve the advisory vote on merger-related compensation proposal.

#### Recommendation of Maiden’s Board (Page66)
**The Maiden board, with two directors having declared their interest in the transaction and recused themselves from voting, has unanimously (i) approved the combination agreement, each ancillary agreement to which Maiden is or will be a party and the transaction, (ii) approved the voting cutback proposal and the first merger approval bye-law proposal, (iii) determined that the transaction (including the first merger) is in the best interests of Maiden and fair to the Maiden shareholders, (iv) determined that the consideration payable to the holders of Maiden shares in connection with the first merger constitutes fair value for each Maiden share in accordance with the Bermuda Companies Act and (v) resolved to recommend and submit to the Maiden shareholders for approval at the Maiden special meeting the first merger approval bye-law proposal and the first merger resolution.

The Maiden board unanimously recommends that Maiden shareholders vote:**

•

#### “FOR” the voting cutback proposal;
•

#### “FOR” the first merger approval bye-law proposal;
•

#### “FOR” the first merger resolution;
•

#### “FOR” the adjournment proposal;
•

#### “FOR” the Bermuda NewCo equity plan proposal; and
**•

“FOR” the advisory vote on merger-related compensation proposal.**

See “The Transaction — Maiden’s Reasons for the Transaction” beginning on page 82.

### Opinion of Maiden’s Financial Advisor (Page85)
On December 29, 2024, IAP, Maiden’s financial advisor, rendered to the Maiden board an oral opinion, which was confirmed by delivery of a written opinion, dated December 29, 2024, to the effect that, as of that date and based on and subject to the assumptions made, procedures followed, factors considered and limitations and qualifications described in the written opinion, the Kestrel merger consideration was fair, from a financial point of view, to Maiden and Maiden shareholders.

The full text of the written