Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 145

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 145
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, a distribution of cash and CVRs in complete liquidation of Intelsat as full payment in exchange for such U.S. Holder’s Intelsat common shares. A U.S. Holder generally will recognize capital gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the difference, if any, between (i) the amount of cash received plus the fair market value (determined as of the time at which the Liquidation is effective (the “Effective Time”)) of any CVRs received and (ii) such U.S. Holder’s adjusted tax basis in the Intelsat common shares deemed exchanged in the complete liquidation. Any capital gain or loss recognized generally will be long-term capital gain or loss if the exchanging U.S. Holder’s holding period for such equity securities exceeds one year. The deductibility of capital losses is subject to limitations. Gain or loss generally will be determined separately for each block of equity securities (that is, Intelsat common shares acquired at the same cost in a single transaction) exchanged pursuant to the Liquidation. 95

A U.S. Holder’s initial tax basis in a CVR received in the Liquidation will be equal
the fair market value of such CVR at the Effective Time as determined for U.S. federal income tax purposes. The holding period for a CVR will begin on the day following the date of the Effective Time.

This discussion assumes that the receipt of cash and CVRs by a U.S. Holder in the Liquidation is treated as a “closed transaction”
for U.S. federal income tax purposes, meaning that a U.S. Holder will measure its gain or loss upon its exchange of Intelsat common shares in the Liquidation based on the amount of cash received plus the fair market value of the CVRs at the
Effective Time. However, the U.S. federal income tax treatment of the receipt of the CVRs is unclear. There is no legal authority directly addressing the U.S. federal income tax treatment of the receipt of the CVRs, and there can be no assurance
that the IRS would not assert, or that a court would not sustain, a contrary position.

U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs

Receipt of CVR Payments

There is no authority directly addressing the U.S. federal income tax treatment of receiving payments on the CVRs and, therefore, the amount,
timing and character of any gain