Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 15

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 15
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 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) 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. Because
individual circumstances may differ, each holder is strongly recommended to consult its tax advisor to fully understand the tax considerations of the Acquisition and the Liquidation to such U.S. Holder in light of its particular circumstances. See
“U.S. Federal Income Tax Considerations of the Transactions” beginning on page 94 for a more detailed explanation.

Q: When will Intelsat’s shareholders receive the Acquisition Consideration in connection with the Liquidation?

A:It is expected that a significant portion of the Acquisition Consideration (including all of the CVRs) will be
distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs) promptly following the Closing as part of the Liquidation. The Closing Cash Consideration distributable to Intelsat’s

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shareholders (including holders of Intelsat’s vested RSUs and PSUs) will be reduced by the $500 million distribution out of Intelsat’s share premium to Intelsat shareholders on
September 27, 2024, and amounts payable in respect of Intelsat’s outstanding warrants, which will expire, terminate and become void at the Closing and represent only the right to receive the “Black-Scholes” value of the outstanding
Intelsat warrants, which value will be determined by a third-party valuation firm in accordance with the applicable warrant agreements and paid to the holders of Intelsat warrants in cash. In addition, a portion of the Closing Cash Consideration
will be held back for the duration of the Liquidation to satisfy any remaining liabilities of Intelsat and to cover the costs of winding up the affairs of Intelsat. Once the Liquidation has been completed, any remaining Closing Cash
Consideration held by Intelsat will be distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs).

Q: Who can help answer my questions?

A: If you are an Intelsat shareholder and would like a copy of this prospectus, or if you have questions about the Acquisition