LONDON, September 25, 2014 /PRNewswire/ --
Tetragon Financial Group Limited (TFG) is a Guernsey
closed-ended investment company traded on Euronext Amsterdam N.V.
under the ticker symbol "TFG".
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
August 2014:
(Amounts provided are unaudited and subject to
change)
(in millions except per share
data)
Estimated Fair Value of Investments: $1,389.3
Cash and Cash Equivalents: $337.7
Net Other Assets / (Liabilities): $66.7
Estimated Net Asset Value: $1,793.7
TFG Legal Shares Issued and Outstanding: 135.6
U.S. GAAP Net Asset Value per Share:[2] $18.99
Pro Forma Fully Diluted Net Asset Value per
Share:[3] $16.65
Investment Composition:
As of the end of August 2014, the
company held investments in the equity tranches of U.S. and
European CLOs, U.S. senior secured loans, asset management
businesses, hedge funds, real estate funds, equities and CLO
mezzanine tranches, with the remainder of the net assets held in
cash plus or minus certain net other assets or liabilities.
Derivative mark-to-market gains and losses are contained
within net other assets or liabilities.
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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. ) Calculation is with reference to U.S. GAAP
Shares outstanding (approximately 94.5 million), which is
determined by reducing TFG legal shares issued and outstanding by
approximately 12.8 million shares held in treasury, 16.6 million
shares held by a subsidiary and 11.8 million shares held in escrow,
all subject to rounding.
3. ) Calculation is with reference to Pro Forma
Fully Diluted Shares outstanding (approximately 107.7 million),
which is determined by adding to U.S. GAAP Shares outstanding,
shares held in escrow of 11.8 million and the number of shares
corresponding to the applicable intrinsic value of the options
issued to the Investment Manager at the time of the company's IPO
(1.5 million).
Investment Composition (continued):
The geographical allocation of TFG's CLO, direct loan, equity
and real estate fund investments was weighted primarily towards
the United States, at 77.8% of
such assets as of the end of August
2014. European exposure was approximately 20.1% and
Asia was approximately 2.1%.
TFG's ownership of asset managers, and investments in certain
hedge fund vehicles are excluded from the geographic allocation
above as they span more than one region.
Announcement Regarding Possible Acquisition:
TFG notes that it has been made aware of recent speculation
regarding a potential transaction and confirms that it is engaged
in exclusive discussions with Cabot Square Capital LLP which may or
may not lead to an acquisition by TFG of Equitix Holdings Limited,
a market-leading investor and fund manager of core infrastructure
assets. There can be no certainty that either the acquisition
will be effected or as to the final terms on which such an
acquisition may be made.
A further announcement will be made in due course, if
appropriate.
Calendar:
See the TFG website for the latest calendar:
http://www.tetragoninv.com/investor/calendar.aspx.
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 U.S. Securities Act of 1933 (the
"Securities Act"), as amended, and may not be offered or sold in
the United States or to U.S.
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 U.S. 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. This release
constitutes regulated information ("gereglementeerde informatie")
within the meaning of Section 1:1 of the FMSA.
For further information, please contact:
TFG:
David Wishnow/Greg Wadsworth
Investor Relations
ir@tetragoninv.com
Press Inquiries:
Sard Verbinnen & Co
+1-212-687-8080
tetragon-svc@sardverb.com
PRN NLD
SOURCE Tetragon Financial Group Limited
