Maiden Announces the Successful Completion of the Conversion of its Preferences Shares, Series A, Series C and Series D for Common Shares

Rhea-AI Summary

Maiden Holdings, Ltd. (NASDAQ: MHLD) has successfully completed the conversion of its Non-Cumulative Preference Shares into common shares on December 27, 2022. Each holder of Preference Shares received three Common Shares for each Preference Share they held, with the exchange value tied to the common stock's market price. Following this exchange, the Preference Shares were delisted from the New York Stock Exchange, and no Preference Shares are now outstanding, as they were deregistered under the Securities Exchange Act of 1934.

Positive

• Completed conversion of Preference Shares to Common Shares, enhancing share liquidity.
• Delisting of Preference Shares may simplify the capital structure.

Negative

• Delisting of Preference Shares could indicate a lack of investor interest in preferred equity.
• No Preference Shares remain, potentially limiting investment options for existing shareholders.

PEMBROKE, Bermuda--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221227005185/en/

FGS Global

Maiden@fgsglobal.com

Source: Maiden Holdings, Ltd.

FAQ

What does Maiden Holdings' recent press release about MHLD entail?

The press release announces the successful conversion of Maiden Holdings' Preference Shares into Common Shares.

When was the exchange of Preference Shares completed for MHLD?

The exchange was completed on December 27, 2022.

What was the exchange ratio for Maiden Holdings' Preference Shares?

Holders received three Common Shares for each Preference Share they held.

What happened to Maiden Holdings' Preference Shares after the exchange?

The Preference Shares were delisted from the New York Stock Exchange and are no longer outstanding.