Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 167

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 167
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 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 in constructing and evaluating financial models and conducting valuations of businesses. For a complete discussion of the factors utilized by the Black Spade II Board in approving the Proposed Transactions, see the section titled, “Proposal One — The Business Combination Proposal — The Black Spade II Board’s Reasons for Approval of the Proposed Transaction.” The Black Spade II Board believes, because of the financial skills and background of its directors, it was qualified to prepare the financial and valuation analyses of the Proposed Transactions and to conclude that the Proposed Transactions were fair from a financial perspective to its shareholders and that TGE’s fair market value was at least 80% of Black Spade II’s net assets (excluding deferred underwriting discounts and commissions Black Spade II would otherwise pay to the underwriters, unless subsequently waived). Investors will be relying solely on the judgment of the Black Spade II Board in valuing TGE’s business. There may be risks in placing reliance on the Black Spade II Board’s financial and valuation analyses because, among other things, the members of the 99 Black Spade II Board may have interests in the completion of the Business Combination that are different from, or in conflict with, the interests of the Black Spade II Public Shareholders. See also “Summary of the Proxy Statement/Prospectus — Interests of Black Spade II Directors and Officers in the Business Combination.” The Black Spade II Board may be incorrect in its assessment of the