Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 162

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 162
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 to approve the first merger resolution, apply to the Bermuda Court to appraise the fair value of their shares. Persons owning beneficial interests in Maiden shares but who are not shareholders of record should note that only persons who are shareholders of record are entitled to make an application for appraisal. Any Maiden shareholder intending to exercise appraisal rights

#### MUST
file its application for appraisal of the fair value of its Maiden shares with the Bermuda Court within

### ONE MONTH
after the date the notice convening the Maiden special meeting is deemed to have been received. The notice delivered with this proxy statement/prospectus constitutes this notice of meeting. There are no court rules and limited domestic case law concerning the operation of the appraisal right contained in Section 106 of the Bermuda Companies Act, including in particular the Bermuda Court’s appraisal process. In any appraisal application under the Bermuda Companies Act, the Bermuda Court retains broad discretion as to the precise methodology it will adopt in determining the fair value of the subject shares.

If a Maiden shareholder votes in favor of the first merger resolution at the Maiden special meeting, such shareholder will have no right to apply to the Bermuda Court to appraise the fair value of its shares, and instead, if the transaction is completed, and as discussed in the section of this proxy statement/prospectus titled “The Transaction — Merger Consideration to Maiden Shareholders” beginning on page 112, each Maiden share held by such shareholder will be converted into the right to receive the merger consideration. Voting against the first merger resolution, or not voting, will not in itself satisfy the requirements for exercise of a Maiden shareholder’s right to apply for appraisal of the fair value of its Maiden shares under Bermuda law.

Under Bermuda law, in the event of a merger of a Bermuda company with another company or corporation, any shareholder of the Bermuda company is entitled to receive fair value for its shares. The Maiden board (with two directors having recused themselves due to an interest in the transaction) considers the fair value for each Maiden share to be the right to receive one (1) duly authorized, validly issued, fully paid and nonassessable US NewCo interest.

In any case where a registered Maiden shareholder has made an appraisal application, which shareholder is referred to as a “dissenting shareholder,” in respect of the Maiden shares held by such dissenting shareholder, which are referred to as “dissenting shares,” and the combination has been made effective under Bermuda law before the Bermuda Court’s appraisal of the fair value of such dissenting shares then, if the fair