Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 96

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 96
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 Combination Agreement or that an adverse judgment granting permanent injunctive relief could delay or prevent consummation of the Business Combination. • No Fairness Opinion.The Black Spade II Board considered the fact that the parties to the Business Combination have not sought any fairness opinion in connection to the Business Combination. • Liquidation of Black Spade II.The risks and costs to Black Spade II if the merger is not completed, including the risk of diverting management focus and resources from other business combination opportunities, which could result in Black Spade II being unable to effect a business combination within the Completion Window. • Listing Risks.The securities of TGE after the Business Combination may not be able to list on a major U.S. stock exchange, which could limit investors’ ability to sell their securities. • Reduced Influence of Black Spade II Shareholders.The existing Black Spade II Shareholders will hold a minority position in TGE after the Business Combination. In addition, although the Sponsor may appoint up to two non -votingobservers to TGE’s board of directors for so long as the Sponsor and its affiliates maintain a minimum level of ownership in the TGE Class A Ordinary Shares, no incumbent director of Black Spade II will serve in TGE after the Business Combination as director and neither the Sponsor or its affiliates will have any right to appoint or nominate any directors to the TGE board. This may reduce the influence that Black Spade II’s current shareholders have on the management of the post -combinationcompany. • Fees and Expenses.The risk of the expected fees and expenses associated with the Business Combination, some of which would be payable regardless of whether the Business Combination Agreement is consummated. • Other Risks.Various other risks associated with the Proposed Transactions, the business of the TGE and the business of Black Spade II described under “ Risk Factors.” In addition to considering the factors described above, the Black Spade II Board also considered that the officers and some of the directors of Black Spade II may have interests in the Proposed Transactions as individuals that are different from, or in addition to, those of other shareholders and Warrant holders generally (see below “ Summary — Interests of Black Spade II Directors and Officers in the Business Combination”). Black Spade II’s independent directors reviewed and considered these interests during their evaluation of the Proposed Transactions and in unanimously approving, as members of the Black Spade II Board, the Business Combination Agreement and the transactions contemplated therein, including the Proposed Transactions. The Black Spade II Board concluded that the potential benefits