Maiden Announces its Intention to Convert its Preferences Shares, Series A, Series C and Series D into Common Shares
Maiden Holdings, Ltd., a Bermuda-based holding company (NASDAQ:MHLD) (Maiden or the Company) announced today its intention to exchange all of the Companys 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 shares of Maidens common shares, $0.01 par value per share (the Common Shares), subject to the terms of the certificate of designations for each of the Preference Shares, as amended (the Exchange).
- Maiden Holdings, Ltd., a Bermuda-based holding company (NASDAQ:MHLD) (Maiden or the Company) announced today its intention to exchange all of the Companys 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 shares of Maidens common shares, $0.01 par value per share (the Common Shares), subject to the terms of the certificate of designations for each of the Preference Shares, as amended (the Exchange).
- Maiden Reinsurance Ltd. (Maiden Reinsurance), which currently owns more than 73% of each series of the Preference Shares, has indicated it will consent to the variations for each of the series of Preference Shares in order to effectuate the Exchange.
- Advised by its own financial and legal advisors, the Special Committee unanimously approved an exchange ratio of three Common Shares per Preference Share of each series for record holders of the Preference Shares.
- The Board has also approved the amendments to the certificates of designations for each series of Preference Shares, and the Exchange.