Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 259

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 259
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, any of its subsidiaries or any direct or indirect holder of shares or its affiliates.                                                                                                                                                                                                                                                | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ​ |
| Restrictions on Transfers | ​ | ​ | The Maiden board may refuse to recognize any instrument of transfer unless it is accompanied by the certificate in respect of the shares to which it relates and by such other evidence as the Maiden board may reasonably require to show the right of the transferor to make the transfer.                                                                                                                                                                                                                                                                                                                                  
 Shares may also be transferred without a written instrument if transferred by an appointed agent or otherwise in accordance with the Bermuda Companies Act. Notwithstanding anything to the contrary in the Maiden bye-laws, shares that are listed or admitted to trading on an appointed stock exchange may be transferred in accordance with the rules and regulations of such exchange.                                                                                                                                                                                                                                   
 The Maiden board may in its absolute discretion and without assigning any reason therefor refuse to register the transfer of a share which is not fully paid up. The Maiden board shall refuse to register a transfer (x) unless all applicable consents, authorizations and permissions of any governmental body or agency in Bermuda have been obtained or (y) if such transfer is not made in accordance with the provisions of Regulation S under the United States Securities Act, pursuant to registration under such Securities Act or pursuant to an available exemption from registration under such Securities Act. 
 The Maiden board may decline to approve or register or permit the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | ​ | ​ | The Bermuda NewCo bye-laws contain substantially identical provisions as the Maiden bye-laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 However, additional restrictions on transfer are contemplated by the Bermuda NewCo for the purposes of reducing the risk that any “ownership change” ​(as defined in Section 382 of the Tax Code) with respect to the U.S. federal income tax consolidated group of which Maiden Holdings North America, Ltd. is the common parent (the “Company U.S. Consolidated Group”) may limit the Company U.S. Consolidated Group’s ability to utilize any net operating loss carryovers, capital loss carryovers, excess interest deduction carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382 of the Tax Code, of the Company U.S. Consolidated Group or any member thereof. | ​ |

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