Tetragon Financial
Group Limited (TFG) Monthly Update For January 2017
LONDON, Feb. 23, 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
January 2017
(Amounts provided are unaudited and subject to change)
|
|
(in millions except per share data) |
Estimated Fair Value of Investments: |
|
$1,440.0 |
Cash and Cash Equivalents: |
|
$481.3 |
Net Other Assets / (Liabilities): |
|
$24.4 |
Estimated Net Asset Value |
|
$1,945.7 |
TFG Legal Shares Issued and Outstanding: |
|
139.7 |
Fully Diluted Shares Outstanding:
(2) |
|
97.1 |
Fully Diluted Net Asset Value per Share:
(3) |
|
$20.05 |
Investment Composition:
As of the end of January 2017, 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.
Investment Composition
(continued):
The geographical allocation of TFG's investments was determined
to be 49.9% North America, 42.9%
Europe, 4.7% Asia and 2.5% 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 |
Greg Wadsworth/Yuko Thomas |
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.
(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 (87.3 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 (1.0
million), estimated deferred incentive fees payable in shares (2.0
million) and for the potential impact of share options issued (3.6
million), all subject to rounding. These options represent the
intrinsic value of shares available for the GreenOak founders as at
the end of January 2017 (0.9 million)
plus potential impact of options issued to TFG's Investment Manager
at the time of TFG's IPO (the "Investment Manager Options") (2.7
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 87.3 million), are determined by reducing TFG Legal
Shares issued and Outstanding (139.7 million) by approximately 43.1
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 ($1,945.7 million)
divided by Fully Diluted Shares Outstanding (approximately 97.1
million), all subject to rounding.