Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 14

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 14
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 equal to $45,000,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBITDA milestones by the Kestrel Business and (y) 55,000,000 common shares of Bermuda NewCo.

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TABLE OF CONTENTS

**Q:

Should I send in my share certificates now for the exchange?

A:

No. Maiden shareholders should keep any share certificates they hold at this time. After the mergers are completed, Maiden shareholders holding Maiden share certificates will receive from the paying agent (to be jointly designated by Maiden and Kestrel) a letter of transmittal and instructions on how to obtain the merger consideration.

Q:

What equity stake will former Maiden shareholders and the former Kestrel equityholders hold in Bermuda NewCo?

A:

Immediately following the closing of the transaction, former Maiden shareholders are expected to own approximately 64.8% of the issued and outstanding Bermuda NewCo common shares, and former Kestrel equityholders are expected to own approximately 35.2% of the issued and outstanding Bermuda NewCo common shares, in each case excluding (i) the potential contingent consideration that may become payable to the former Kestrel equityholders and (ii) the 44,750,678 Bermuda NewCo common shares that will be held by Maiden Reinsurance Ltd. (“Maiden Re”).

Q:

What conditions must be satisfied to complete the transaction?**

Consummation of the transaction is subject to certain conditions, including approval of the first merger by Maiden shareholders; the expiration or termination of the waiting period under the HSR Act; receipt of certain required regulatory approvals or non-disapprovals pursuant to insurance laws and regulations; the absence of any injunction or order restraining the transaction or the Kestrel contribution; the absence of the imposition by a governmental authority of any Burdensome Condition (as defined in the combination agreement); the declaration of effectiveness of this registration statement, pursuant to which Bermuda NewCo common shares will be issued to Maiden shareholders; the approval of listing of the Bermuda NewCo common shares on Nasdaq (subject to official notice of issuance); and other customary conditions to closing. The obligation of Maiden, on the one hand, and Kestrel and the Kestrel equityholders, on the other hand, to consummate the transaction is also conditioned on, among other things, the accuracy of the representations and warranties made by the other party as of the closing date (subject to certain “materiality”