Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 25

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 25
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estrel and Maiden have entered into the combination agreement, providing for the combination of Kestrel and Maiden under a new holding company, Bermuda NewCo. As a result of the transactions contemplated by the combination agreement, former Kestrel equityholders and former Maiden shareholders will own shares in Bermuda NewCo, whose shares are expected to be listed for trading on Nasdaq. Pursuant to the combination agreement, 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 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.

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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 112)

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-twentieth (0.05) of a duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo common share. In lieu of the issuance of any such fractional share, Bermuda NewCo shall pay, or cause to be paid, to any holder of US NewCo interests who would otherwise have been entitled to a fraction of a Bermuda NewCo common share, cash in an amount equal to (i) the fractional Bermuda NewCo common shares that would otherwise be issued to such holder, multiplied by (ii) the volume weighted average price of Maiden shares on the Nasdaq, as