Maiden Announces the Successful Completion of the Conversion of its Preferences Shares, Series A, Series C and Series D for Common Shares
27 Diciembre 2022 - 3:00PM
Business Wire
Maiden 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.”
As 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.
The 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.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS
NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in
2007. Maiden creates shareholder value by actively managing and
allocating our assets and capital, including through ownership and
management of businesses and assets mostly in the insurance and
related financial services industries where we can leverage our
deep knowledge of those markets. Maiden also provides a full range
of legacy services to small insurance companies, particularly those
in run-off or with blocks of reserves that are no longer core,
working with clients to develop and implement finality solutions
including acquiring entire companies that enable our clients to
meet their capital and risk management objectives.
Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements include general statements both with
respect to us and the insurance industry and generally are
identified with the words “anticipate,” “believe,” “expect,”
“predict,” “estimate,” “intend,” “plan,” “project,” “seek,”
“potential,” “possible,” “could,” “might,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result” and
similar expressions. In light of the risks and uncertainties
inherent in all forward-looking statements, the inclusion of such
statements contained or incorporated by reference herein should not
be considered as a representation by us or any other person that
our objectives or plans or other matters described in any
forward-looking statement will be achieved. These statements are
based on current plans, estimates, assumptions and expectations.
Actual results may differ materially from those projected in such
forward-looking statements and therefore, you should not place
undue reliance on them.
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FGS Global Maiden@fgsglobal.com
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