Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 98

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 98
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 No. 3      | ​ | ​ | ​                                 | ​ |  21,042 | ​ | ​ |
| Total                        | ​ | ​ | ​                                 | $ | 118,956 | ​ | ​ |

(h) Reflects a pro forma adjustment to record the right of use assets and lease liability at $2.0 million based on the estimated incremental borrowing rate as of acquisition date (See Note 6(g) below). (i) Reflects a pro forma adjustment for $12.8 million of Maiden estimated transaction costs to be incurred, consisting of advisory, legal, accounting and auditing fees and other professional fees. The adjustment has been recorded as an increase to the Accrued expenses and other liabilities and increase to the Accumulated deficit of $12.8 million (see Note 6(h) below).

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(j)

Reflects the pro forma adjustment to record the funds withheld receivable at the estimated fair value of $12.0 million.

(k)

Reflects a pro forma adjustment to eliminate the Maiden historical common shares of $1.5 million, treasury shares of $123.7 million, additional paid-in capital of $888.1 million, accumulated deficit of $700.7 million, and accumulated other comprehensive loss of $32.7 million.

(l)

Reflects a pro forma adjustment to record the gross consideration transferred in amount of $108.6 million to additional paid-in capital. The common shares issued to Maiden Reinsurance of $33.5 million are presented as treasury shares and are excluded from the net consideration transferred of $75.1 million.

(m)

Reflects a pro forma adjustment to record the recapitalization of Kestrel, pursuant to the combination agreement, through the issuance of 2,750,000 shares of Bermuda NewCo, cash payments of $40.0 million and assumed liabilities of $19.3 million related to the fair value of earnout consideration and to present the recast of the Kestrel’s historical equity of $10.1 million to reflect the capital structure of Bermuda NewCo.

(n)

Reflects a pro forma adjustment to record the acceleration of Kestrel’ stock compensation cost of $0.2 million, as measured at the original grant dates, due to the repurchase of Kestrel stock-based compensation awards (see Note 6(i) above).

(o)

Based on the preliminary estimated fair values of the assets acquired and liabilities assumed, a bargain purchase gain of $153.9 million will be recognized