LONDON, Feb. 23, 2017 /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 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.
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SOURCE Tetragon Financial Group Limited