Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 90

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 90
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 amount payable with respect to the exercise of the redemption rights of Black 
 Spade II Shareholders;                                                                                                                   |

| ● | Each issued and outstanding BSII Class A Ordinary Share that was held by any person who had validly exercised                     
 and not effectively withdrawn or lost their right to dissent from the Merger in accordance with Section 238 of the Cayman Islands 
 Companies Act (“BSII Dissenting Share”) was cancelled and carried no right other than the right to receive the payment of         
 the fair value of such BSII Dissenting Share determined in accordance with Section 238 of the Cayman Islands Companies Act; and   |

| ● | Each issued and outstanding warrant of Black Spade II exercisable for shares of Black Spade II was exchanged 
 for a corresponding warrant exercisable for Class A Ordinary Shares (“Warrants”).                            |

The unaudited pro forma condensed
combined financial information has been prepared to reflect the actual redemption of 13,120,874 shares of Class A ordinary shares in Black
Spade II’s initial public offering by the Black Spade II Public Shareholders prior to the consummation of the Business Combination.

The Business Combination is
accounted for as a recapitalization, with no goodwill or other intangible assets recorded, in accordance with IFRS.

Anticipated Accounting
Treatment

Notwithstanding the legal
form of the Business Combination pursuant to the Business Combination Agreement, the Business Combination is accounted for as a reverse
merger in accordance with IFRS as issued by the IASB. Under this method of accounting, Black Spade II is treated as the “acquired”
company and The Generation Essentials Group is treated as the acquirer for financial statement reporting purposes.

The Business Combination,
which is not within the scope of IFRS 3 since Black Spade II does not meet the definition of a business in accordance with IFRS 3,
is accounted for as a share-based payment transaction within the scope of IFRS 2. The net assets of The Generation Essentials Group will
be stated at their pre-combination carrying amounts, with no goodwill or other intangible assets recorded. Any excess of the fair value
of consideration transferred to Black Spade II shareholders over the fair value of Black Spade II’s identifiable net assets
acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.

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Consideration

The following represents the
aggregate consideration from the Transactions, assuming