Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 256

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 256
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spectus, have been duly adopted and approved by each of Bermuda NewCo’s board of directors and sole shareholder. | ​ |

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| ​                                 | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | BERMUDA NEWCO                                            | ​ |
| ​                                 | ​ | ​ | knowledge that it is the direct or indirect holder of controlled shares of 9.5% or more of the voting power of all issued shares of Maiden.                                                                                                                                                                                                                                                                                                  | ​ | ​ | ​                                                        | ​ |
| Dividend and Other Payment Rights | ​ | ​ | Under Bermuda law, a company may pay dividends on its issued and outstanding shares in accordance with the company’s bye-laws and the rights attaching to the company’s shares. Dividends may be declared by a company’s board of directors, out of any funds of the company legally available for the payment of such dividends, subject to any preferred dividend right of any holders of any preference shares from time to time.         
 Under the Bermuda Companies Act, a company shall not declare or pay a dividend or make a distribution out of contributed surplus if there are reasonable grounds for believing that: (i) the company is or would, after the payment be, unable to pay its liabilities as they become due; or (ii) the realizable value of the company’s assets would thereby be less than its liabilities.                                                   
 Subject to the Maiden bye-laws and in accordance with the Bermuda Companies Act, the Maiden board may declare a dividend to be paid to the Maiden shareholders, in proportion to the number of shares held by them, and such dividend may be paid in cash or wholly or partly in specie in which case the Maiden board may fix the value for distribution in specie of any assets. No unpaid dividend shall bear interest as against Maiden. 
 The Maiden board may fix any date as the record date for determining the Maiden shareholders entitled to receive any dividend.                                                                                                                                                                                                                                                                                                               
 Maiden may pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.                                                                                                                                                                                                                                                                                                   
 The Maiden board may declare and make such other distributions (in cash                                                                                                                                                                                                                                                                                                                                                                      | ​ | ​ | The Bermuda NewCo bye-laws contain identical provisions. | ​ |

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| ​                             | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | ​ | ​ | BERMUDA NEWCO                                                                                   | ​ |
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