Tetragon Financial Group Ltd Statement re Monthly Report
September 22 2016 - 2:00AM
UK Regulatory
TIDMTFG
Tetragon Financial Group Limited ("TFG") Monthly Update For August 2016
LONDON, Sept. 22, 2016 -- 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)
Estimated Fair Value of Investments: (2) $1,479.2
Cash and Cash Equivalents: (2) $398.4
Net Other Assets / (Liabilities): (2) $48.8
Estimated Fair Value Net Asset Value (2) $1,926.4
TFG Legal Shares Issued and Outstanding: 139.7
Fully diluted shares outstanding: (3) 97.3
Fully Diluted Fair Value Net Asset Value per $19.81
Share: (4)
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.
(2) 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.
(3) 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.
(4) 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.
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: 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 (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.
END
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