Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 260

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 260
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.7% •Terminal Cap Rate: 3.7% •10 -YearDCF 155 •Year 1 revenue per available room: SGD 298 •5 -YearCAGR: 6.8% •Stabilized Growth Rate: 2.0% Based on the above, the enterprise value for the premium hospitality and property segment was $573million. Long Term Equity Investments The analysis for the long -termequity investments consisted of considering the current market value of shares outstanding, with adjustments for market dynamics, as appropriate. The number of shares owned by TGE for each of the three equity holdings were multiplied by their share price as of January23, 2025. With respect to AMTD Digital ADR, a 50% discount was applied to the market value to take into account the selling pressure that would occur upon the sale of all the shares held by TGE and the limited public float and average daily trading volume of AMTD Digital ADR’s common shares. The result was an equity value of $272million, based on the following: •62.3M shares x HK$1.57share price for Guangzhou Rural Commercial Bank •367.7M shares x HK$2.98share price for Bank of Qingdao •87.0M shares x $2.73share price for AMTD Digital ADR (discounted by 50%) Overall Summary Based on these analyses and with the assistance of Cohen & Company Capital Markets and Clear Street LLC and using their calculation, the Black Spade II Board noted that the implied enterprise value of TGE, arrived at by summing the values of the three segments together, was $914million. By deducting TGE’s net debt and non -controllinginterests from the implied enterprise value, an implied equity value of $569million was obtained. The Black Spade II Board compared the implied enterprise value of $914million and the implied equity value of $569million to the enterprise transaction value (at $10.00 per share) of $892million and the equity transaction value of $546million, and the Black Spade II Board noted that in each case the transaction values were lower than the implied values for TGE. The Black Spade II Board then compared the transaction value net of the $1.25 per share dividend to be paid to Black Spade II Public Shareholders in connection with the closing of the Business Combination, and noted that it further reduced the transaction values to $824million enterprise value and $478million