Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 53

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 53
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 the Sponsor’s affiliates own approximately 20% of the issued and outstanding BSII Shares. The existence of financial and personal interests of Black Spade II’s directors and officers may result in a conflict of interest on part of one or more of them between what they may believe is best for Black Spade II and what they may believe is best for themselves in determining whether or not to make their recommendation to vote in favor of the approval of the Business Combination Proposal and the other Proposals described in this proxy statement/prospectus. See “Summary of the Proxy Statement/Prospectus — Interests of Black Spade II Directors and Officers in the Business Combination.” Under Cayman Islands law, directors and officers owe certain fiduciary duties, including, among others, a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole and a duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose. Directors also owe a duty of care, which is not fiduciary in nature. Accordingly, directors and officers have a duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interest, and this includes a duty not to engage in self -dealing, or to otherwise benefit as a result of their position. Black Spade II’s directors and officers considered their fiduciary duty and the conflicts of interests, among other matters, in evaluating the Business Combination and in recommending to shareholders that they approve the Business Combination. Q:What are the U.S. federal income tax consequences of the merger to U.S. Holders of BSII Class A Ordinary Shares and warrants? A:As discussed in more detail below under the section titled “Tax Considerations — U.S. Federal Income Tax Considerations — Effects of the Business Combination — Characterization of the Business Combination” Black Spade II and TGE intend to treat the merger as a taxable exchange of BSII Class A Ordinary Shares and warrants (collectively, the “BSII Securities”) for TGE ordinary shares, TGE warrants (collectively, the “TGE Securities”) and the Non -RedemptionPayment Amount, although the merger potentially could qualify as a “reorganization” within the meaning of Section 368(a) of the Code (a “reorganization”). As discussed in more detail below, there are significant factual and legal uncertainties as to whether the merger might qualify as a reorganization, and there can be no assurance that