Company: TGE
Filing Date: 2025-02-19
Form Type: DRS
Source: 0001213900-25-015012
Chunk: 256

Company: Generation Essentials Group
Filing Date: 2025-02-19
Form: DRS
Chunk 256
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 Officers in the Business Combination”). Black Spade II’s independent directors reviewed and considered these interests during their evaluation of the Proposed Transactions and in unanimously approving, as members of the Black Spade II Board, the Business Combination Agreement and the transactions contemplated therein, including the Proposed Transactions. The Black Spade II Board concluded that the potential benefits that it expected Black Spade II and its shareholders to achieve as a result of the Proposed Transactions outweighed the potentially negative factors associated with the Proposed Transactions. Accordingly, the Black Spade II Board unanimously determined that the Business Combination Agreement and the transactions contemplated thereby, including the Proposed Transactions, were advisable and fair to, and in the best interests of, Black Spade II and its shareholders. Financial Analysis The following is a summary of the material financial and valuation analyses reviewed by the Black Spade II Board in connection with its valuation of aWME in the Business Combination. As is customary for a transaction of this nature that is on arm’s length commercial terms and given the Black Spade II Board’s prior experience with de -SPACtransactions and its experience in investing, the Black Spade II Board did not seek or receive a fairness opinion from a third -partyinvestment bank in connection with the Business Combination. The Black Spade II Board’s financial analysis of the financial terms of the Business Combination primarily relied on, among other items, the following: (i) property valuation and audit reports from property valuer and aWME’s auditor, Assentsure PAC; (ii) the assistance of Clear Street LLC and Cohen & Company Capital Markets, financial advisors to Black Spade II, (iii) due diligence on aWME’s business operations and financials; (iv) public information and data related to the peer companies and relevant markets globally; and (v) the collective experience of Black Spade II’s management in public market transactions in constructing and evaluating financial models and conducting valuations of businesses. During negotiation of the terms of the Business Combination Agreement, the Black Spade II Board received information from its financial advisors, Clear Street LLC and Cohen & Company Capital Markets, and researched publicly available information, in order to assess the value that public markets would potentially ascribe to aWME following a business combination with Black Spade II. 154 The Black Spade II Board used a sum -of-the-partsmethodology with three (3) unique segments: (i) media and entertainment, (ii) premium hospitality and properties, and (iii) long -termequity investments. Media and Entertainment The