Company: TGE
Filing Date: 2025-02-19
Form Type: DRS
Source: 0001213900-25-015012
Chunk: 95

Company: Generation Essentials Group
Filing Date: 2025-02-19
Form: DRS
Chunk 95
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 the most attractive opportunity for Black Spade II’s management to accelerate its business plan based upon the process utilized to evaluate and assess other potential combination targets, and the Black Spade II Board’s belief that such process has not presented a better alternative; and • Negotiated Transaction.The financial and other terms of the Business Combination Agreement and the fact that such terms and conditions are reasonable and were the product of arm’s -lengthnegotiations between Black Spade II and aWME. The Black Spade II Board also considered a variety of uncertainties and risks and other potentially negative factors concerning the Proposed Transactions, including, but not limited to, the following: • Business Risks.The Black Spade II Board considered that there were risks associated with the successful implementation of aWME’s business plans and uncertainties regarding whether aWME would be able to realize the anticipated benefits of the Business Combination on the expected timeline or at all, including due to factors outside the parties’ control. The Black Spade II Board considered the failure of any of these activities to be completed successfully may decrease the actual benefits of the Business Combination and that Black Spade II Shareholders may not fully realize these benefits to the extent that they expected to retain the BSII Public Shares following the completion of the Business Combination. • Industry Risks.The Black Spade II Board considered the risks that the media and entertainment market may not fully develop its growth potential. The media and entertainment market are rapidly evolving and highly competitive, which subjects aWME’s business to uncertainties and challenges relating to the growth and profitability of the media and entertainment market as a whole and the uncertainty inherent in the production of motion pictures. The Black Spade II Board also considered the risks that the hospitality industry is a cyclical business affected by supply and demand from time to time, and that the value of aWME’s long -termequity investment portfolio may be subject to volatility inherent in the stock market and the instability of future dividend payouts. • Discontinuation of Support from the AMTD Entities.Since its establishment, aWME has relied on the backing of the AMTD Entities and their affiliates without which the operations of aWME may be adversely affected. 47 • Limited Operating History.The recent acquisitions by aWME of L’Officiel magazine, The Art Newspaper and the Dao hotel, as well as aWME’s strategic growth plan makes evaluating its business and future prospects difficult. • Macroeconomic Risks.Macroeconomic uncertainty and the effects it could have on the revenues of aWME after