Company: MHLA
Filing Date: 2025-04-04
Form Type: 8-K
Source: 0001412100-25-000029
Chunk: 1

Company: Maiden Holdings, Ltd.
Filing Date: 2025-04-04
Form: 8-K
Item: Item 3.01
Chunk 1
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, US NewCo, Merger Sub 1 and Bermuda NewCo, the “Parties”). On each of February 17, 2025 and March 24, 2025, the Parties entered into letter agreements amending the Combination Agreement. The Combination Agreement provides that, upon the terms and subject to the conditions set forth therein, Maiden and Kestrel will effect a transaction to combine their respective businesses through: (a) the contribution of all of the Class A units and Class B units of Kestrel owned by each Kestrel Equityholder to US NewCo, (b) the merger of Merger Sub 1 with and into Maiden (the “First Merger”), with Maiden surviving the First Merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub 2 with and into US NewCo (the “ Second Merger” and, together with the First Merger, the “Mergers”) with US NewCo surviving the Second Merger as a wholly owned subsidiary of Bermuda NewCo. Upon the consummation of the Mergers, Maiden and Kestrel will be wholly owned subsidiaries of Bermuda NewCo, which will be rebranded as Kestrel Group and renamed “ Kestrel Group Ltd” following the closing of the transactions contemplated by the Combination Agreement (the “ Transactions”).

Pursuant to the Combination Agreement, at the closing of the Transactions, (i) each issued and outstanding Maiden share, other than any Maiden share underlying outstanding options to purchase Maiden shares or that are unvested or subject to a risk of forfeiture, will be automatically canceled and converted into the right to receive one-twentieth (0.05) of a Bermuda NewCo common share, (ii) the Kestrel Equityholders will receive an aggregate of $40,000,000 in cash and 2,750,000 common shares of Bermuda NewCo and (iii) the Kestrel Equityholders will be entitled to receive in contingent consideration up to the lesser of (x) an aggregate number of Bermuda NewCo shares equal to $45,000,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBITDA milestones by the businesses that Kestrel conducted immediately prior to the closing and any extensions of such businesses or related or ancillary businesses existing thereafter, subject to other terms and conditions as set forth in the Combination Agreement and (y) 2,750,000 shares of Bermuda NewCo.