Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 76

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 76
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.20 |     | $                 |  1.50 |     | $                 |  1.80 |
| Net tangible book value at or above which the potential dilution results in pro forma net tangible book value per share, as adjusted being at least $10.00 per share (in millions) |     | $                 | 81.90 |     | $                 | 90.20 |     | $                 | 95.60 |

____________ Notes: (1)Calculation of pro forma net tangible book value is set out below.

|                                                                                  |     | Assuming No 
 Redemptions |             |     | Assuming    
 50% of the  
 Maximum     
 Redemptions |             |     | Assuming    
 Maximum     
 Redemptions |             |
|:---------------------------------------------------------------------------------|:----|:------------|------------:|:----|:------------|------------:|:----|:------------|------------:|
| Pro forma net tangible book value of TGE as of December 31, 2024(*)              |     | $           | 761,103,000 |     | $           | 692,993,000 |     | $           | 628,252,000 |
| Pro forma outstanding shares of TGE                                              |     |             |  67,925,000 |     |             |  60,275,000 |     |             |  53,115,286 |
| Pro forma net tangible book value per share as of December 31, 2024, as adjusted |     |             |       11.20 |     |             |       11.50 |     |             |       11.80 |

____________ (*)For more information, please see the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information.” Potential Sources of Dilution The sensitivity table below sets forth the potential additional dilutive impact of each additional source of dilution to the Black Spade II Public Shareholders’ ownership of TGE, namely (a) 16,220,000 TGE Ordinary Shares that would be issuable in aggregate upon the exercise of 11,120,000 Private Placement Warrants and 5,100,000 Public Warrants (b) TGE Class A Ordinary Shares representing Earnout Shares that will be issuable if the relevant triggering events described herein occur; (c) TGE Class A Ordinary Shares that will be available for issuance under TGE’s incentive award plan immediately following the completion of the Business Combination