Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 97

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 97
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27,480 | ​ | ​ |
| Real Estate Asset No. 2 – GP | ​ | ​ | ​                                 | ​ |   2,561 | ​ | ​ |
| Private Equity Asset No. 1   | ​ | ​ | ​                                 | ​ |  14,666 | ​ | ​ |
| Real Estate Asset No. 3      | ​ | ​ | ​                                 | ​ |  45,000 | ​ | ​ |
| Alternative Asset No. 1      | ​ | ​ | ​                                 | ​ |   5,025 | ​ | ​ |
| Alternative Asset No. 2      | ​ | ​ | ​                                 | ​ |   3,182 | ​ | ​ |
| Alternative Asset No. 3      | ​ | ​ | ​                                 | ​ |  21,042 | ​ | ​ |
| Total                        | ​ | ​ | ​                                 | $ | 118,956 | ​ | ​ |

(h) Reflects a pro forma adjustment to record the right of use assets and lease liability at $2.0 million based on the estimated incremental borrowing rate as of acquisition date (See Note 6(g) below). (i) Reflects a pro forma adjustment for $12.8 million of Maiden estimated transaction costs to be incurred, consisting of advisory, legal, accounting and auditing fees and other professional fees. The adjustment has been recorded as an increase to the Accrued expenses and other liabilities and increase to the Accumulated deficit of $12.8 million (see Note 6(h) below).

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(j)

Reflects the pro forma adjustment to record the funds withheld receivable at the estimated fair value of $12.0 million.

(k)

Reflects a pro forma adjustment to eliminate the Maiden historical common shares of $1.5 million, treasury shares of $123.7 million, additional paid-in capital of $888.1 million, accumulated deficit of $700.7 million, and accumulated other comprehensive loss of $32.7 million.

(l)

Reflects a pro forma adjustment to record the gross consideration transferred in amount of $108.6 million to additional paid-in capital. The common shares issued to Maiden Reinsurance of $33.5 million are presented as treasury shares and are excluded from the net consideration transferred of $75.1 million.

(m)

Reflects a pro forma adjustment to record the recapitalization of Kestrel, pursuant to the combination agreement,