TETRAGON FINANCIAL GROUP LIMITED LONDON, Jan. 31, 2017 /PRNewswire/ -- TFG is a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V. under the ticker symbol "TFG.NA" and on the Specialist Fund Segment of the main market of the London Stock Exchange plc under the symbol "TFG.LN".
In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.(1)
Net Asset Value Estimates as of 31 December 2016
(Amounts provided are unaudited and subject to change)
(in millions except per
share data)
------------------------
Estimated Fair Value of
Investments: $1,486.4
----------------------- --------
Cash and Cash Equivalents: $423.3
-------------------------- ------
Net Other Assets / (Liabilities): $25.2
--------------------------------- -----
Estimated Net Asset Value $1,934.9
------------------------- --------
TFG Legal Shares Issued and
Outstanding: 139.7
--------------------------- -----
Fully Diluted Shares Outstanding:
(2) 96.7
--------------------------------- ----
Fully Diluted Net Asset Value per
Share: (3) $20.01
--------------------------------- ------
Investment Composition:
As of the end of December 2016, the company's investment portfolio comprised a broad range of assets, including a diversified alternative asset management business, TFG Asset Management, and covered bank loans (including equity tranches of U.S. and European CLOs, U.S. CLO mezzanine tranches and U.S. senior secured loans), real estate, equities, credit, convertible bonds and infrastructure, as well as cash. Derivative mark-to-market gains and losses are contained within net other assets or liabilities.
(1) TFG invests
substantially all
its capital
through a master
fund, Tetragon
Financial Group
Master Fund
Limited (TFGMF)
in which it holds
a 100% share.
(2) Fully Diluted
Shares adjusts
the IFRS shares
outstanding (87.1
million) for the
impact of certain
escrow shares
used as
consideration in
the Polygon
transaction and
associated stock
dividends
(together, 3.2
million), equity-
based awards (0.9
million),
estimated
deferred
incentive fees
payable in shares
(2.0 million) and
for the potential
impact of share
options issued
(3.4 million),
all subject to
rounding. These
options represent
the intrinsic
value of shares
available for the
GreenOak founders
as at the end of
December 2016
(1.1 million)
plus potential
impact of options
issued to TFG's
Investment
Manager at the
time of TFG's IPO
(the "Investment
Manager Options")
(2.3 million).
The Investment
Manager Options,
if exercised,
will be settled
by TFG on a
cashless basis by
issuing to the
Investment
Manager the net
shares (based on
then current
share price)
resulting from
such exercise.
IFRS Shares
outstanding
(approximately
87.1 million),
are determined by
reducing TFG
Legal Shares
issued and
Outstanding
(139.7 million)
by approximately
43.3 million
shares held in
treasury and 9.3
million shares
held in aggregate
in escrow
accounts, all
subject to
rounding.
(3) Calculation is
with reference to
Estimated Net
Assets Value
($1,934.9
million) divided
by Fully Diluted
Shares
Outstanding
(approximately
96.7 million),
all subject to
rounding.
Investment Composition (continued):
The geographical allocation of TFG's investments was determined to be 51.6% North America, 40.8% Europe, 5.0% Asia and 2.7% Latin America at month-end. Investments in hedge funds, private equity funds and other investment vehicles are based on the jurisdiction of the underlying investments. Where such underlying investments span more than one geographic region the amounts are allocated based on the percentage of long market value in each jurisdiction relative to the aggregate long market value of the fund or vehicle, as the case may be. Interests in asset management businesses are included in this calculation and are generally based on the jurisdiction in which the business resides. For investments in asset management businesses with offices that span multiple geographic areas, the geographic allocation is based upon an estimate of resources employed between such offices.
Calendar:
Please see the TFG website for the latest calendar:
http://www.tetragoninv.com/investors/calendar-and-events
About TFG:
TFG is a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V. under the ticker symbol "TFG.NA" and on the Specialist Fund Segment of the main market of the London Stock Exchange under ticker symbol "TFG.LN". TFG's investment objective is to generate distributable income and capital appreciation. It aims to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. TFG's investment portfolio comprises a broad range of assets, including a diversified alternative asset management business, TFG Asset Management, and covers bank loans, real estate, equities, credit, convertible bonds and infrastructure.
For further
information, please
contact:
TFG: Press Inquiries:
Prosek Partners
David Wishnow/Greg
Wadsworth Andy Merrill and Ryan FitzGibbon
Investor Relations +1 212 279 3115 ext. 216 and ext. 234
ir@tetragoninv.com Pro-tetragon@prosek.com
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This release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.
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SOURCE Tetragon Financial Group Limited
