Tetragon Financial Group Limited Edison issues review on Tetragon Financial Group
29 November 2016 - 8:45PM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
29 November 2016
London, UK, 29 November 2016
Edison issues review on Tetragon Financial Group (TFG)
Tetragon Financial Group (TFG) reported fair value earnings of
US$49.7m for the third quarter of 2016, with positive contributions
made by all asset classes. NAV total return was 1.3% for the
quarter and 7.8% for the nine months to 30 September 2016. Having
completed a US$100m tender offer in June 2016, TFG commenced a
US$50m tender offer on 9 November 2016, which should be
meaningfully accretive to NAV per share given the current wide
share price discount to NAV. Consistent with previous years, the
third interim dividend was held in line with the second interim,
confirming TFG's 5.9% yield.
Since February 2016, TFG's share price discount to NAV has
narrowed from 56.3% to 43.1%. While below its 12-month average of
47.9%, the discount is significantly wider than its three-year low
of 30.3%, leaving scope for further narrowing of the discount to
strengthen future shareholder returns. TFG's 5.9% dividend yield
ranks as one of the highest in the Flexible Investment sector peer
group.
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