Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 170

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 170
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a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States or any state thereof or the District of Columbia;

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an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

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a trust, if it (1) is subject to the primary supervision of a U.S. court and one or more United States persons have the authority to control all substantial decisions of the trust, or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a United States person for U.S. federal income tax purposes.

Also, for purposes of this discussion, a “Non-U.S. Holder” is any beneficial owner of Maiden shares who or that is neither a U.S. Holder nor an entity classified as a partnership for U.S. federal income tax purposes.

YOU SHOULD CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. TAX CONSEQUENCES OF THE COMBINATION TO YOU BASED ON YOUR OWN PARTICULAR CIRCUMSTANCES.

The following discussion assumes that the combination will be consummated as described in the combination agreement and as described in the proxy statement/prospectus. Bermuda NewCo, US NewCo, Maiden, Kestrel and the Kestrel equityholders each intend to take the position that the Kestrel Contribution and First Merger, taken together, and the Second Merger, each qualify as a transaction described in Section 351 of the Code.

U.S. Federal Income Tax Consequences of the Combination Generally

Tax Treatment of the Combination

Bermuda NewCo, US NewCo, Maiden, Kestrel and Kestrel equityholders each intend that the Kestrel contribution and the first merger, taken together, will qualify as a transaction described in Section 351 of the Code, and that the second merger will also qualify as a transaction described in Section 351 of the Code. None of these positions will be binding on the IRS or the courts, and none of Maiden, Kestrel or Kestrel equityholders have requested, and none intends to request, any ruling from the IRS as to the U.S. federal income tax consequences of the combination. Consequently, no assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of those set forth below. Accordingly, each Maiden shareholder should consult its tax