Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 264

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 264
---
 Form S-4 is being incorporated by reference into this proxy statement/prospectus from Maiden’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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TABLE OF CONTENTS

<div align='center'>**PROPOSALS TO BE SUBMITTED TO THE MAIDEN SHAREHOLDERS; VOTING REQUIREMENTS AND RECOMMENDATIONS**</div>

#### PROPOSAL 1:   VOTING CUTBACK PROPOSAL
Bye-law 33 of the Maiden bye-laws contains voting cutback provisions that limit any U.S. shareholder from exercising voting power with respect to Maiden shares constituting 9.5% or more of the voting power of all issued shares of Maiden, which has the effect of reducing the voting rights of certain Maiden shareholders to less than one vote per share. Maiden Re is currently subject to such limitation and will therefore only be able to vote 13,823,159 of its Maiden shares in favor of the voting cutback proposal. Maiden shareholders are being asked to approve at the Maiden special meeting the following amendments to the Maiden bye-laws, effective immediately upon approval, to remove such voting cutback provisions, provided, that if the first merger resolution is not approved by the Maiden shareholders, the amendments to the Maiden bye-laws contemplated by the voting cutback proposal shall not take effect:

The Maiden bye-laws shall be amended as follows:

1. Amendment of Bye-law 1.1. The definitions of “Attribution Percentage”, “Controlled Shares”, “9.5% US Member” and “Tentative 9.5% US Member” are deleted in their entirety and all conforming changes to the Maiden bye-laws necessary or appropriate to reflect the deletion of such definitions are hereby deemed made and the Maiden bye-laws shall be construed accordingly.

2. Amendment of Bye-law 33 . Bye-law 33 of the Maiden bye-laws is deleted in its entirety and all conforming changes to the Maiden bye-laws necessary or appropriate to reflect the deletions of Bye-law 33 is hereby deemed made and the Maiden bye-laws shall be construed accordingly.

If approved, the voting cutback proposal will allow Maiden Re to vote all of its 44,750,678 Maiden shares in favor of the proposals described below.

#### Vote Required
Approving the voting cutback proposal requires the affirmative vote (in person or by proxy) of a majority of the votes cast “For” or