Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 256

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 256
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 paid up. The Maiden board shall refuse to register a transfer (x) unless all applicable consents, authorizations and permissions of any governmental body or agency in Bermuda have been obtained or (y) if such transfer is not made in accordance with the provisions of Regulation S under the United States Securities Act, pursuant to registration under such Securities Act or pursuant to an available exemption from registration under such Securities Act. 
 The Maiden board may decline to approve or register or permit the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | ​ | ​ | The Bermuda NewCo bye-laws contain substantially identical provisions as the Maiden bye-laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 However, additional restrictions on transfer are contemplated by the Bermuda NewCo for the purposes of reducing the risk that any “ownership change” ​(as defined in Section 382 of the Tax Code) with respect to the U.S. federal income tax consolidated group of which Maiden Holdings North America, Ltd. is the common parent (the “Company U.S. Consolidated Group”) may limit the Company U.S. Consolidated Group’s ability to utilize any net operating loss carryovers, capital loss carryovers, excess interest deduction carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382 of the Tax Code, of the Company U.S. Consolidated Group or any member thereof. | ​ |

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TABLE OF CONTENTS

| ​                              | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ​ | ​ | BERMUDA NEWCO                                                                          | ​ |
| ​                              | ​ | ​ | registration of any transfer of shares if it appears to the Maiden board that any non de minimis adverse tax, regulatory or legal consequences to Maiden, any subsidiary of Maiden, or any direct or indirect holder of shares or its affiliates would result from such transfer.                                                                                                                                                                                                                          
 If the Maiden board refuses to register a transfer of any share the secretary shall, within three months after the date on which the transfer was lodged with Maiden, send to the transferor and transferee notice of the refusal.                                                                                                                                                                                                                                                                         | ​ | ​ | ​                                                                                      | ​ |
| Appraisal / Dissenters’ Rights | ​ | ​ | Under Bermuda law, a dissenting shareholder of an amalgamating or merging company who did not vote in favor of the amalgamation or merger and does not believe it has been offered fair value