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

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 25
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 the merger of Merger Sub I with and into Maiden, with Maiden surviving the first merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub II with and into US NewCo with US NewCo surviving the second merger as a direct wholly owned subsidiary of Bermuda NewCo. Upon the consummation of the mergers, Maiden and Kestrel will be indirect wholly owned subsidiaries of Bermuda NewCo, which will be rebranded as Kestrel Group following the closing of the transaction.

The organization of Kestrel, Maiden and Bermuda NewCo before and after the transaction is illustrated below and on the following page.

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TABLE OF CONTENTS

#### Prior to the Transaction

#### The Transaction
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TABLE OF CONTENTS

#### Following the Transaction
Merger Consideration to Maiden Shareholders (Page 111)

In connection with the transaction, each issued and outstanding Maiden share, other than any Maiden share that is subject to any Maiden restricted shares or Maiden options, will be automatically canceled and converted into and, upon the completion of the mergers, at the closing of the transaction will thereafter represent the right to receive one duly authorized, validly issued, fully paid and nonassessable share of Bermuda NewCo.

Immediately following the closing of the transaction, former Maiden shareholders are expected to own approximately 64.8% of the issued and outstanding Bermuda NewCo common shares, and former Kestrel equityholders are expected to own approximately 35.2% of the issued and outstanding Bermuda NewCo common shares, in each case excluding (i) the potential contingent consideration that may become payable to the former Kestrel equityholders and (ii) the 44,750,678 Bermuda NewCo common shares that will be held by Maiden Re. A description of the Bermuda NewCo common shares to be issued in connection with the transaction is set forth under the section entitled “Description of Bermuda NewCo Common Shares” beginning on page 146.

Merger Consideration to the Kestrel Equityholders (Page 111)

As consideration for the Kestrel contribution, the Kestrel equityholders, at the closing, will receive an aggregate of $40,000,000 in cash and 55,000,000 shares of Bermuda NewCo. In addition, the Kestrel equityholders will be entitled to receive in contingent consideration up to the lesser of (x) an aggregate number of Bermuda NewCo shares