Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 115

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 115
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 to the exercise of the redemption rights of Black Spade II Shareholders; •Each issued and outstanding BSII Class A Ordinary Share that is held by any person who has validly exercised and not effectively withdrawn or lost their right to dissent from the Merger in accordance with Section 238 of the Cayman Islands Companies Act (“BSII Dissenting Share”) will be cancelled and carry no right other than the right to receive the payment of the fair value of such BSII Dissenting Share determined in accordance with Section 238 of the Cayman Islands Companies Act; and •Each issued and outstanding warrant of Black Spade II exercisable for shares of Black Spade II will be exchanged for a corresponding warrant exercisable for TGE Class A Ordinary Shares (“TGE Warrants”). The unaudited pro forma condensed combined financial information has been prepared using the assumptions below: •Assuming No Redemptions: This presentation assumes that no Public Shareholders elect to have their Public Shares redeemed for cash in connection with the Transactions and there are no dissenting Shareholders. •Assuming 50% of the Maximum Redemptions: This presentation assumes a scenario where Public Shareholders exercise rights to redeem 7,650,000 Public Shares, which represents the medium level of redemptions. •Assuming Maximum Redemptions: This presentation assumes a scenario where Public Shareholders exercise rights to redeem Public Shares, which represents the maximum level of redemption that could occur without a failure to satisfy the condition to the obligation of TGE and Merger Sub to consummate the Business Combination, that Black Spade II has net tangible assets of at least $5,000,001 upon the consummation of Business Combination. Under the three scenarios of no redemptions, 50% of the maximum redemptions and maximum redemptions, the Business Combination will be accounted for as a recapitalization, with no goodwill or other intangible assets recorded, in accordance with IFRS. Anticipated Accounting Treatment Notwithstanding the legal form of the Business Combination pursuant to the Business Combination Agreement, the Business Combination will be accounted for as a reverse merger in accordance with IFRS as issued by the IASB. Under this method of accounting, Black Spade II will be treated as the “acquired” company and TGE will be treated as the acquirer for financial statement reporting purposes. The Business Combination, which is not within the scope of IFRS 3 since Black Spade II does not meet the definition of a business in accordance with I