Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 253

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 253
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 the differences between the respective governing corporate documents of Maiden and Bermuda NewCo. Each of Maiden and Bermuda NewCo is a Bermuda exempt limited liability company subject to the Bermuda Companies Act. Maiden shareholders’ rights are currently governed by Maiden’s memorandum of association and the Maiden bye-laws. Bermuda NewCo shareholders’ rights are to be governed by the Bermuda NewCo memorandum of association and the Bermuda NewCo bye-laws. The following description summarizes the material differences that may affect the rights of Maiden shareholders and Bermuda NewCo shareholders, but does not purport to be a complete summary of all those differences, or a complete description of the specific provisions referred to in this summary. The following description is qualified, except where otherwise provided, by reference to the Maiden memorandum of association and the Maiden bye-laws and the Bermuda NewCo memorandum of association and the Bermuda NewCo bye-laws. The identification of specific differences is not intended to indicate that other equally significant or more significant differences do not exist. Shareholders should read carefully the relevant portions of the Bermuda Companies Act and Maiden’s and Bermuda NewCo’s respective memorandum of association and bye-laws. Copies of the documents referred to in this summary may be obtained as described in the section of this proxy statement/prospectus entitled “Where You Can Find More Information” beginning on page 189.

| ​                  | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                           | ​ |
| Authorized Capital | ​ | ​ | Maiden has an authorized share capital of $2,000,000 consisting of 200,000,000 shares of par value $0.01 each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 As of close of business on March 3, 2025, there were issued and outstanding 101,074,887 Maiden shares (including 2,035,634 Maiden restricted shares) and there were issued and outstanding 145,825,565 Maiden shares when including the 44,750,678 Maiden shares held by Maiden Re, which are treated as treasury shares. Additionally, as of March 3 2025, 1,291,729 Maiden shares were reserved for issuance under Maiden equity plans. Upon the exercise or settlement of all of Maiden’s outstanding equity awards that will settle in shares, there would be 148,933,281 issued and outstanding Maiden shares (when including the 44,750,678 Maiden shares held by Maiden Re). | ​ | ​ | Bermuda NewCo will have an authorized share