Business
Maiden Announces the Successful Completion of the Conversion of its Preferences Shares, Series A, Series C and Series D for Common Shares
PEMBROKE, Bermuda--(BUSINESS WIRE)-- Maiden Holdings, Ltd., a Bermuda-based holding company (NASDAQ: MHLD) (“Maiden” or the “Company”), announced today that
About this update from Kestrel Group, Ltd.
[{"type":"text","content":" PEMBROKE, Bermuda--(BUSINESS WIRE)--\n\nMaiden Holdings, Ltd., a Bermuda-based holding company (NASDAQ: MHLD) (“Maiden” or the “Company”), announced today that it has completed the previously announced conversion of its outstanding 8.25% Non-Cumulative Preference Shares, Series A (the “Series A Preference Shares”), 7.125% Non-Cumulative Preference Shares, Series C (the “Series C Preference Shares”) and 6.700% Non-Cumulative Preference Shares, Series D (the “Series D Preference Shares” and, together with the Series A Preference Shares and the Series C Preference Shares, the “Preference Shares”) for its common shares, $0.01 par value per share (the “Common Shares”), on December 27, 2022 (the “Exchange Date”). Holders of Preference Shares of each series received, for each Preference Share held, three Common Shares with the value of each Preference Share so exchanged being equal to three times the price that is the lower of: (i) the closing price of the Common Shares (as reflected on Nasdaq.com) immediately preceding the Exchange Date; or (ii) the average closing price of the Common Shares (as reflected on Nasdaq.com) for the five trading days immediately preceding the Exchange Date (the “Exchange”). Such Common Shares are listed for trading on the NASDAQ Capital Market under the symbol “MHLD.”\n\nAs a result of the Exchange, the Preference Shares were delisted from the New York Stock Exchange on the Exchange Date. No Preference Shares are issued or outstanding, and the Preference Shares were deregistered under the Securities Exchange Act of 1934, as amended. In addition, all rights of the former holders related to ownership of the Preference Shares terminated.\n\nThe Preference Shares were and the Common Shares are held in book-entry through the Depository Trust Company (“DTC”). The Exchange occurred in accordance with the procedures of DTC. Questions relating to the Exchange should be directed to the American Stock Transfer & Trust Company, LLC, the Company’s transfer agent, at 6201 15th Ave., Brooklyn, New York 11219, 1-(800) 937-5449.\n\nTHIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES.\n\nAbout Maiden Holdings, Ltd.\nMaiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Maiden creates shareholder value by actively managing and allocating our ass...