Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 265

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 265
---
 “Against” the proposal. Accordingly, a Maiden shareholder’s failure to submit a proxy card or to vote in person at the Maiden special meeting, an abstention from voting, or the failure of a Maiden shareholder who holds his or her shares in “street name” through a broker or other nominee to give voting instructions to such broker or other nominee will have no effect on the outcome of any vote to approve the voting cutback proposal.

#### Board Recommendation
**THE MAIDEN BOARD (OTHER THAN MESSRS. ZYSKIND AND NEUBERGER, WHO RECUSED THEMSELVES FROM DETERMINATIONS RELATING TO THE TRANSACTIONS CONTEMPLATED BY THE COMBINATION AGREEMENT DUE TO THEIR FINANCIAL INTEREST IN AMTRUST) UNANIMOUSLY RECOMMENDS THAT MAIDEN SHAREHOLDERS VOTE “FOR” PROPOSAL 1.**

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PROPOSAL 2: FIRST MERGER APPROVAL BYE-LAW PROPOSAL

Bye-law 87 of the Maiden bye-laws provides that any resolution proposed for consideration at any general meeting to approve the amalgamation of Maiden with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such meeting and the quorum requirement for such meeting is the same requirement as set forth in the Maiden bye-laws for shareholder resolutions generally. The Maiden bye-laws do not currently specify the required approval threshold or quorum for a resolution at a general meeting to approve the merger of Maiden with any other company. Section 106 of the Bermuda Companies Act provides that, unless a company’s bye-laws provide otherwise, the resolution of the shareholders or class approving the merger or amalgamation of such company with any other company must be approved by a majority vote of three-fourths of those voting at such meeting and the quorum necessary for such meeting shall be two persons at least holding or representing by proxy more than one-third of the issued shares of the company or the class, as the case may be. The first merger approval bye-law proposal provides that a resolution at a general meeting to approve the merger, amalgamation, consolidation or business combination of Maiden with any other company will require the affirmative vote of a majority of votes cast by shareholders present and voting at such general meeting and that the quorum requirement for such meeting will be the same requirement as set forth in the Maiden bye-laws for shareholder resolutions generally.

This amendment is intended