TETRAGON FINANCIAL GROUP LIMITED
Tetragon Financial Group Limited (TFG) Monthly Update For December 2016
LONDON, Jan. 31, 2017 -- 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: $20.01
(3)
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
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.
SOURCE: Tetragon Financial Group Limited
Tetragon Financial Group Ltd - Statement re: Monthly Report
January 31, 2017 at 02:01 am
Share
Share
© PRNewswire - 2017
