Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 18

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 18
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; and
“FOR” the advisory vote on merger-related compensation proposal.

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

**Q:

When do you expect the transaction to be completed?

A:

Maiden and Kestrel are working to complete the transaction as quickly as possible, and we anticipate that it will be completed in the first half of 2025. However, the transaction is subject to various conditions which are described in more detail in this proxy statement/prospectus, and it is possible that factors outside the control of both companies could result in the transaction being completed at a later time, or not at all.

Q:

What are the United States federal income tax consequences of the transaction to holders of Maiden shares?**

Bermuda NewCo, Maiden, Kestrel and the Kestrel equityholders each intend that, subject to certain limitations and qualifications described in the section of this proxy statement/prospectus titled “Tax Consequences of the Combination” beginning on page 104, the Kestrel contribution and first merger, taken together, and the second merger will each qualify as a transaction described in Section 351 of the Code. If such treatment applies, U.S. Holders (as defined herein) of Maiden shares will generally not recognize gain or loss upon the exchange of their Maiden shares, or receipt of Bermuda NewCo common shares, in the combination. Upon consummation of the second merger, Bermuda NewCo expects to be treated as a domestic corporation for all U.S. federal tax purposes pursuant to Section 7874(b) of the Code.

For a more detailed summary of the tax consequences of the combination, see the section of this proxy statement/prospectus titled “Tax Consequences of the Combination” beginning on page 104.

Q:

Are Maiden shareholders entitled to appraisal rights?

A:

Yes. Under Bermuda law, Maiden shareholders who do not wish to vote in favor of the first merger resolution and who are not satisfied that they have been offered fair value for their Maiden shares, may, within one month of the notice of the meeting being given, apply to the Bermuda Court to appraise the fair value of their Maiden shares.

Q:

If the transaction is completed, when can I expect to receive the merger consideration for my Maiden shares?

A:

Certificated Shares : As soon as reasonably practicable after the second merger effective time, the paying agent will mail to each holder of certificated Maiden shares a form of letter of transmittal and instructions for