Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 262

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 262
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 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 TGE 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) third -partyproperty valuation reports previously commissioned by TGE and audit reports from TGE’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 TGE’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 TGE following a business combination with Black Spade II. 155 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 analysis of the media and entertainment segment focused on an analysis of competitors in the media and publishing space. These comparable companies were: •Future Plc •Gannett Co. •Lee Enterprises •News Corp. •The New York Times •Ziff Davis Key metrics of comparable companies reviewed were enterprise value (defined as the equity value of comparable companies as of January20, 2025 plus outstanding debt and non -controllinginterests, minus cash), projected revenue compounded annual growth rate for 2024, 2025 and 2026, revenue growth percentage for each of 2024 and projected for 2025, gross profit margin for each of 2024,