Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 33

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 33
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 opinion of IAP to the Maiden board, which describes, among other things, the assumptions made, procedures followed, factors considered and limitations and qualifications on the review undertaken, is attached as Annex C to this proxy statement/prospectus and is incorporated by reference herein in its entirety. IAP delivered its opinion for the benefit and use of the Maiden board (in its capacity as such) in connection with and for purposes of its evaluation of the Kestrel merger consideration from a financial point of view. IAP’s opinion did not address any other aspect of the transaction and no opinion or view was expressed by IAP as to the relative merits of the transaction in comparison to other strategies or transactions that might be available to Maiden or in which Maiden might engage or as to the underlying business decision of Maiden to proceed with or effect the transaction. IAP expressed no opinion or recommendation as to how any Maiden shareholder should vote or act in connection with the transaction or any other matter. It should be noted that IAP’s opinion speaks only as of the date rendered and not as of any subsequent date, including the date on which the transaction is completed. Although subsequent developments may affect its opinion, IAP does not have any obligation to update, revise or reaffirm its opinion.

In connection with IAP’s services as Maiden’s financial advisor, Maiden has agreed to pay IAP (a) a fee for its services equal to 1.00% of the enterprise value of Kestrel which, based on the information as of the date hereof, is estimated to be approximately $900,000 and is contingent upon consummation of the transaction, of which $350,000, which was payable upon the delivery by IAP of its Opinion, dated as of December 29, 2024, to the Maiden board and (b) an incentive fee of up to 0.50% of the enterprise value of

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Kestrel, with the actual amount, if any, to be determined by Maiden in its sole discretion, taking into account the quantity and quality of IAP’s work, payable immediately prior to or upon the consummation of the transaction. In addition, Maiden has agreed to reimburse IAP’s expenses and to indemnify IAP against certain liabilities and other items arising out of or related to IAP’s engagement.

For a description of the opinion that the Maiden board received from IAP, see “The Transaction — Opinion of Maiden’s Financial Advisor” beginning on