Tetragon Financial Group Ltd Statement re: Monthly Report
November 25 2016 - 1:00AM
UK Regulatory
TIDMTFG
Tetragon Financial Group Limited (TFG) Monthly Update For October 2016
LONDON, Nov. 25, 2016 -- 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 (Fair Value basis) as of 31 October 2016
(Amounts provided are unaudited and subject to change)
(in millions except per share
data)
Estimated Fair Value of Investments: (2) $1,397.9
Cash and Cash Equivalents: (2) $531.2
Net Other Assets / (Liabilities): (2) ($4.4)
Estimated Fair Value Net Asset Value (2) $1,924.7
TFG Legal Shares Issued and Outstanding: 139.7
Fully Diluted Shares Outstanding: (3) 97.9
Fully Diluted Fair Value Net Asset Value per $19.66
Share: (4)(5)
Investment Composition:
As of the end of October 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) Fair Value Net Assets are determined by adjusting the U.S. GAAP Net Asset
Value ($1,813.3 million) to give effect to the de-consolidation of certain
TFG Asset Management businesses that are currently consolidated under U.S.
GAAP (-$32.5 million), and the inclusion of their fair values ($167.0
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
(-$23.2 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.
(3) Calculation is with reference to U.S. GAAP Shares outstanding
(approximately 91.6 million), which is determined by reducing TFG legal
shares issued and outstanding by approximately 39.0 million shares held in
treasury and 9.1 million shares held in aggregate in escrow accounts, all
subject to rounding. Pro Forma Fully Diluted Shares adjusts the U.S. GAAP
shares outstanding (91.6 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 (0.7 million) and
for the potential impact of share options issued (2.4 million). These
options represent the intrinsic value of shares available for the GreenOak
founders as at the end of October 2016 (1.0 million) plus potential impact
of options issued to TFG's Investment Manager at the time of TFG's IPO
(1.4 million), all subject to rounding.
(4) Calculation is with reference to Fair Value Net Assets ($1,924.7 million)
divided by Pro Forma Fully Diluted Shares outstanding (approximately 97.9
million), all subject to rounding.
(5) The NAV per Share calculation is after accruing for the dividend relating
to Q3 2016. Any adjustments to net assets or shares resulting from the
optional stock dividend program will be reflected next month upon the
transfer of the applicable shares.
Investment Composition (continued):
The geographical allocation of TFG's investments was determined to be 47.4%
U.S., 9.5% 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
39.7%. Interests in asset management businesses have been excluded from this
calculation.
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. The Company'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:
David Wishnow/Greg Wadsworth Prosek Partners
Investor Relations Andy Merrill and Ryan FitzGibbon
ir@tetragoninv.com +1 212 279 3115 ext. 216 and ext. 234
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.
END
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