Maiden Completes Conversion Of Shares
Maiden Holdings Ltd has announced that it has completed “the previously announced conversion of its outstanding 8.25% Non-Cumulative Preference Shares, Series A, 7.125% Non-Cumulative Preference Shares, Series C and 6.700% Non-Cumulative Preference Shares, Series D for its common shares, $0.01 par value per share, on December 27, 2022.”
A spokesperson said, “Maiden Holdings, Ltd., a Bermuda-based holding company announced that it has completed the previously announced conversion of its outstanding 8.25% Non-Cumulative Preference Shares, Series A [Series A Preference Shares], 7.125% Non-Cumulative Preference Shares, Series C [Series C Preference Shares] and 6.700% Non-Cumulative Preference Shares, Series D [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 [Common Shares], on December 27, 2022 [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.”
