Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 244

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 244
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 of the notice objecting to the transfer. In the absence of special circumstances, the Court will only interfere with a squeeze-out on the application of a dissenting shareholder where it is affirmatively established that, notwithstanding the views of a very large majority of shareholders, the offer is unfair to the body of shareholders as a whole. As 90% of shareholders will have already accepted the offer, the Court will, prima facie, regard the offer as a fair one. A dissenting shareholder’s application for relief must therefore demonstrate substantial unfairness and will not be granted only on the basis that: (i) there are valid criticisms of the offer, or (ii) a better or fairer offer might have been made.

(c) By the holders of 95% or more of the Bermuda company’s shares or any class of such company’s shares serving a notice on the remaining shareholders or class of shareholders under the Bermuda Companies Act.

Delaware law provides that a parent corporation, by resolution of its board of directors and without any shareholder vote, may merge with any subsidiary of which it owns at least 90% of the outstanding shares of each class of stock that is entitled to vote on the transaction. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.

#### Interested Directors
Bermuda law and the Bermuda NewCo bye-laws provide that if a director has an interest in a material contract or proposed material contract with Bermuda NewCo or any of Bermuda NewCo’s subsidiaries or has a material interest in any person that is a party to such a contract, the director must disclose the nature of that interest at the first opportunity either at a meeting of directors or in writing to the directors. The Bermuda NewCo bye-laws provide that, after a director has made such a declaration of interest, he is allowed to be counted for purposes of determining whether a quorum is present and to vote on a transaction in which he has an interest, unless disqualified from doing so by the chairman of the relevant board meeting. Under Delaware law such transaction would not be voidable if (i) the material facts as to such interested director’s relationship or interests are disclosed to or are known by the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, (ii) such material facts are disclosed to or are known by the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the majority of shares entitled to vote thereon or (