LONDON, Nov. 25, 2016
/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 (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 Share: (4)(5)
|
|
$19.66
|
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tetragon-financial-group-limited-tfg-monthly-update-for-october-2016-300368471.html
SOURCE Tetragon Financial Group Limited