Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 112

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 112
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% of the maximum redemptions and maximum redemptions, the Business Combination will be 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 will be accounted for as a reverse merger in accordance with IFRS as issued by the IASB. Under this method of accounting, Black Spade II will be treated as the “acquired” company and TGE will be 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 IFRS3, is accounted for as a share -basedpayment transaction within the scope of IFRS 2. The net assets of TGE will be stated at their pre -combinationcarrying 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. 64

Consideration The following represents the aggregate merger consideration under the no redemptions, 50% of the maximum redemptions and maximum redemptions scenarios, assuming no TGE warrants issued to Black Spade II warrant holders in accordance with the Business Combination Agreement have been exercised:

|                                       |     |      Assuming 
 No Redemption |     |             |     | Assuming 50% of the 
 Maximum Redemptions |     |             |     |            Assuming 
 Maximum Redemptions |     |             |
|                                       |     |      Purchase 
         price |     | Share issue |     |            Purchase 
               price |     | Share issue |     |            Purchase 
               price |     | Share issue |
|                                       |     |       US$’000 |     |             |     |             US$’000 |     |             |     |             US$’000 |     |             |
| Share Consideration to Black Spade II |     |       191,250 |     |  19,125,000 |     |             114,750 |     |  11,475,000 |     |              43,153 |     |   4,315,286 |

The value