Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 166

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 166
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 Business Combination and does not consider potential impacts of future market conditions on revenues or expenses. The pro forma financial information included in the section entitled “Unaudited Pro Forma Condensed Combined Financial Information” has been derived from Black Spade II’s and TGE’ historical financial statements and certain adjustments and assumptions have been made regarding TGE after giving effect to the Business Combination. There may be differences between preliminary estimates in the pro forma financial information and the final acquisition accounting, which could result in material differences from the pro forma information presented in this proxy statement/prospectus in respect of the estimated financial position and results of operations of TGE. In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate and other factors may affect TGE’ financial condition or results of operations following the Closing. Any potential decline in TGE’s financial condition or results of operations may cause significant variations in the share price of TGE. The Black Spade II Board did not obtain a fairness opinion in determining whether or not to proceed with the Proposed Transactions, and the only material financial and valuation analyses undertaken as part of the Proposed Transaction were prepared by the Black Spade II Board. As a result, the terms of the Proposed Transaction may not be fair from a financial point of view to the Black Spade II Public Shareholders. In analyzing the Proposed Transactions, the Black Spade II Board conducted due diligence on TGE. 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. Accordingly, the only material financial and valuation analyses undertaken as part of the Proposed Transaction were prepared by the Black Spade II Board. 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