Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 51

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 51
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 derived from Kestrel’s financial statements, and the combined Maiden/Kestrel unaudited pro forma per share/unit data, for the year ended December 31, 2024. This information should be read together with Maiden’s consolidated financial statements and condensed consolidated financial statements and related notes that are incorporated by reference in this document, Kestrel’s consolidated financial statements and related notes included in this document and with the unaudited pro forma combined financial data and related notes included under the “Maiden and Kestrel Unaudited Pro Forma Condensed Combined Financial Information” section of this document. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the transaction had been completed as of the beginning of the periods presented, nor is it necessarily indicative of the future operating results or financial position of the combined company. The historical net book value per share or unit, a non-GAAP financial measure, is computed by dividing total shareholders’ equity or unitholders’ equity by the number of common shares or units outstanding at the end of the period, as applicable. The pro forma loss per share of the combined company is computed by dividing the pro forma net loss by the pro forma weighted average number of shares outstanding. The pro forma net book value per share of the combined company is computed by dividing total pro forma shareholders’ equity by the pro forma number of common shares outstanding at the end of the period. The historical earnings and dividend per share and unit information of Maiden and Kestrel and the unaudited combined pro forma per share information are as follows:

| ​                                       | ​ | ​ | As of and for theYear EndedDecember 31, 2024 |   |       |   | ​ |
|:----------------------------------------|:--|:--|---------------------------------------------:|:--|------:|:--|:--|
| Historical Data – Maiden                | ​ | ​ |                                            ​ | ​ |     ​ | ​ | ​ |
| Net loss per common share               | ​ | ​ |                                            ​ | $ | -2.01 | ​ | ​ |
| Diluted loss per common share           | ​ | ​ |                                            ​ | ​ | -2.01 | ​ | ​ |
| Cash dividend per common share          | ​ | ​ |                                            ​ | ​ |     — | ​ | ​ |
| Net book value per share(1)             | ​ | ​ |