Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 96

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 96
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 Spade II                                            |     |         |   (5,560 | ) |
|                                                                                     |     |         |   21,194 |   |

| (e) | Reflects the payment of deferred underwriting commission upon the completion of the Transactions. |

| (f) | Reflect the payment of non-redeeming public shareholders of Black Spade II that are eligible to receive 
 US$1.25 per share.                                                                                      |

| (g) | Reflects the transaction costs of approximately US$10.0 million payable by The Generation Essentials 
 Group in connection with the Transactions.                                                           |

| (h) | Reflects the reclassification of US$155.3 million of Black Spade II’s Class A ordinary 
 shares to permanent equity after being converted into Class A ordinary share.          |

| (i) | Reflects the share consideration of US$60,041,000 from the issuance of 6,004,126 Class A ordinary 
 shares at US$10 per share.                                                                        |

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| (j) | Represents pro forma adjustments to reserves to reflect in the Transactions the following: |

|                                                       |     | US$’000 |         |   |
| Share consideration of Class A ordinary shares        |     |         | (60,041 | ) |
| Net identifiable assets of Black Spade II             |     |         |  17,448 |   |
| Difference – being IFRS 2 charge for listing expenses |     |         | (42,593 | ) |
| Reversal of net liabilities of Black Spade II         |     |         |   9,306 |   |
| Transaction costs incurred                            |     |         | (10,000 | ) |
| Transaction bonus incurred to Black Spade II          |     |         |  (5,560 | ) |
| Reduction in reserves                                 |     |         | (48,847 | ) |

| 4. | Earnings per Share |

Earnings per share was calculated
using the historical weighted average number of shares outstanding, the Share Consolidation and the issuance of additional shares in connection
with the Transactions, assuming the shares were outstanding since January 1, 2024. As the Transactions are being reflected as if
they had occurred at the beginning of the period presented, the calculation of weighted average number of shares outstanding for basic
and diluted earnings per share assumes that the shares issuable relating to the Transactions have been outstanding