Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 130

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 130
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) 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.

#### Maiden’s Reasons for the Transaction
In evaluating the combination agreement and the transactions contemplated thereby, including the mergers, the Maiden board consulted with members of Maiden management and Maiden’s financial and legal advisors. The Maiden board evaluated, among other things, the strategic, financial and operational effects of the transaction from the perspective of Maiden and Maiden shareholders as well as how the benefits of the transaction compared to Maiden’s standalone prospects.

In recommending that Maiden shareholders vote in favor of the first merger resolution, the Maiden board considered a number of factors, including (not listed in order of relative importance):

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that the combined company is expected to deliver greater long-term value to current Maiden shareholders than Maiden would as an independent, standalone company, based on the fact that:

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Maiden is no longer writing new business;

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consistent with its stated objectives, the combination will add a balance sheet light, fee-revenue-focused insurance group, which will allow the combined company to reorient toward a fee-based insurance platform that can selectively deploy underwriting capacity to optimize returns for shareholders;

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Maiden’s balance sheet can be leveraged to accelerate Kestrel’s growth prospects; and

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Maiden faces significant risks continuing to operate as an independent, standalone company, including the risks and uncertainties in the U.S. and global economy generally, the property and casualty insurance and reinsurance industry and the “Risk Factors” set forth in Maiden’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the SEC;

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that Maiden shareholders will hold approximately 64.8% of the shares of the combined company (excluding shares held by Maiden Re), which will provide them with significant participation in any