Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 108

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 108
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 rules. 52 Controlled Company By virtue of being a controlled company under listing rules, The Generation Essentials Group may elect not to comply with certain corporate governance requirements, including that: •a majority of board of directors must be independent directors; •the compensation and nominating committees composed solely of independent directors; •the compensation of executive officers determined by a majority of the independent directors or a compensation committee composed solely of independent directors; and •director nominees selected or recommended to the board of directors for selection, either by a majority of the independent directors, or a nominating committee composed solely of independent directors. The Generation Essentials Group intends to rely on the exemption from the requirement that a majority of its board of directors must be independent directors available to a “controlled company.” As a result, its shareholders will not have the same protections afforded to shareholders of companies that are subject to all of corporate governance requirements. U.S. Federal Income Tax Considerations for Holders of BSII Class A Ordinary Share Exercising Redemption Rights A U.S. Holder (as defined in the section titled “ Tax Considerations — U.S. Federal Income Tax Considerations” below) of BSII Class A Ordinary Shares that exercises its redemption rights may be treated as selling BSII Class A Ordinary Shares, resulting in the recognition of gain or loss. However, there are certain circumstances in which the redemption may instead be treated as a distribution for U.S. federal income tax purposes depending on the amount of ordinary shares that a U.S. Holder owns or is deemed to own (including through the ownership of warrants) at the relevant time. As discussed in more detail below, Black Spade II anticipates that it will be treated as a passive foreign investment company (“PFIC”) with respect to its current taxable year. In that case, the U.S. federal income tax treatment of any income or gain recognized by a U.S. Holder that exercises its redemption rights will depend on the application of the PFIC rules discussed below and whether the U.S. Holder has made a QEF Election (as defined below) or mark -to -marketelection with respect to its BSII Class A Ordinary Shares. For a more complete discussion of the U.S. federal income tax considerations of an exercise of redemption rights by a U.S. Holder, see the sections titled “ Tax Considerations — U.S. Federal Income Tax Considerations — Effects to U.S. Holders of Exercising Redemption Rights” and “ Tax Considerations — U.S. Federal Income Tax Considerations — PFIC Considerations.”