LONDON, Sept. 22, 2016 /PRNewswire/ -- TFG is a Guernsey
closed-ended company traded on Euronext Amsterdam N.V. under the
ticker symbol "TFG.NA" and on the Specialist Fund Segment 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 (Fair Value basis) as of
31 August
2016
(Amounts provided
are unaudited and subject to change)
|
|
(in
millions except per share data)
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Estimated Fair Value of
Investments: (2)
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|
$1,479.2
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Cash and Cash
Equivalents: (2)
|
|
$398.4
|
Net Other Assets /
(Liabilities): (2)
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|
$48.8
|
Estimated Fair Value
Net Asset Value (2)
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|
$1,926.4
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TFG Legal Shares Issued
and Outstanding:
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|
139.7
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Fully diluted
shares outstanding: (3)
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|
97.3
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Fully Diluted Fair
Value Net Asset Value per Share: (4)
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|
$19.81
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Investment Composition:
As of the end of August 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.
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(2)
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Fair Value Net Assets
are determined by adjusting the U.S. GAAP Net Asset Value ($1,819.3
million) to give effect to the de-consolidation of certain TFG
Asset Management businesses that are currently consolidated under
U.S. GAAP (-$33.2 million), and the inclusion of their fair values
($166.9 million). The fair values used are as determined by TFG's
Audit Committee based on information provided by an independent
valuation specialist. The Fair Value Net Assets are also adjusted
to reflect imputed incentive fees (-$26.7 million) that would
otherwise have arisen if these Fair Values were actually reflected
in the U.S. GAAP accounting for TFG's financial statements, all
subject to rounding.
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(3)
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Calculation is with
reference to U.S. GAAP Shares outstanding (approximately 87.8
million), which is determined by reducing TFG legal shares issued
and outstanding by approximately 12.0 million shares held in
treasury, 27.0 million shares held by a subsidiary and 12.9 million
shares held in aggregate in escrow accounts, all subject to
rounding. Pro Forma Fully Diluted Shares adjusts the U.S. GAAP
shares outstanding (87.8 million) for the impact of certain escrow
shares used as consideration in the Polygon transaction and
associated stock dividends (together, 6.9 million), equity-based
awards (0.6 million) and for the potential impact of share options
issued (1.9 million). These options represent the intrinsic
value of shares available for the GreenOak founders as at the end
of August 2016 (1.0 million) plus potential impact of options
issued to TFG's Investment Manager at the time of TFG's IPO (1.0
million), all subject to rounding.
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(4)
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Calculation is with
reference to Fair Value Net Assets ($1,926.4 million) divided by
Pro Forma Fully Diluted Shares outstanding (approximately 97.3
million), all subject to rounding.
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Investment Composition (continued):
The geographical allocation of TFG's investments was determined
to be 49.6% U.S., 10.1% Europe and
3.4% Asia at month-end.
Investments in certain hedge funds and other investment vehicles
which have underlying investments that span more than one
geographic region are considered to be "global" and represent
36.8%. Interests in asset management businesses have been excluded
from this calculation.
Calendar:
See the TFG website for the latest calendar -
http://www.tetragoninv.com/investor/calendar.aspx
About Tetragon:
Tetragon Financial Group Limited ("TFG") is a Guernsey
closed-ended company traded on Euronext Amsterdam N.V. under the
ticker symbol "TFG.NA" and on the Specialist Fund Segment of the
London Stock Exchange plc under the symbol "TFG.LN". TFG 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 an
asset-management business (TFG Asset Management), and covers bank
loans, real estate, equities, credit, convertible bonds and
infrastructure.
For further information, please contact:
TFG:
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Press
Inquiries:
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David Wishnow/Greg
Wadsworth
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Prosek
Partners
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Investor
Relations
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Andy Merrill
and Ryan FitzGibbon
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ir@tetragoninv.com
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+1 212 279 3115 ext.
216 and ext. 234
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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 (the "Securities Act"), 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 ("FMSA") as a collective
investment scheme from a designated country.
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SOURCE Tetragon Financial Group Limited