Welcome!

News Feed Item

Tetragon Financial Group Limited (TFG) Monthly Update For October 2012

LONDON, November 20, 2012 /PRNewswire/ --

Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on the NYSE Euronext in Amsterdam 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 October 31 2012

(Amounts provided are unaudited and subject to change)

                                                  (in millions except per
                                                  share data)
    Estimated Fair Value of Investments:          $1,324.7
    Cash and Cash Equivalents:                    $352.1
    Net Other Assets / (Liabilities):             $13.2
    Estimated Net Asset Value:                    $1,690.0
    TFG Shares Outstanding:                       133.0
    Net Asset Value per Share:[2][3]              $14.88
 


    Expected Upcoming Events           Date
    November 2012 Monthly Report       December 20, 2012 (approx)


--------------------------------------------------

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.) Excludes 6.5 million shares held in treasury, 1.2 million shares held by a subsidiary and 11.7 million shares held in escrow.

3.) NAV per share was reduced by $0.115 in October 2012 to reflect the approval of the quarterly dividend relating to Q3 2012.

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. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.

Tetragon Financial Group Limited (TFG)

Monthly Update For October 2012

Investment Composition:

As of the end of October 2012, the majority of the net assets of the company were invested in the equity tranches of U.S. CLOs. The remainder of net assets was invested in cash or equivalents less certain net liabilities, U.S. senior secured loans, equity tranches of European CLOs, asset management businesses, real estate funds, and CLO mezzanine tranches.

The geographical allocation of TFG's CLO equity, direct loan, and real estate fund investments was weighted primarily towards the United States, at 90.9% of such assets as of the end of October 2012.  European exposure was approximately 8.9% and Asia was approximately 0.2%. TFG's ownership of asset managers is excluded from the geographic allocation above as such managers are global in nature.

Additional Information:

Net Asset Value per Share for TFG as at October 31, 2012 was $14.88, up from $14.29 as at September 30, 2012.[4]

As announced on October 29, 2012, TFG acquired Polygon Management L.P. and certain of its affiliates (collectively, "Polygon"), an alternative asset manager, for approximately 11.7 million TFG non-voting shares (the "Escrow Shares) in an all share deal on October 28, 2012 (the "Polygon Transaction").  For further information on the transaction, please see the applicable press release and investor presentation on the company's website (http://www.tetragoninv.com).

TFG financial reporting is based on U.S. generally accepted accounting principles ("US GAAP").  With respect to the Polygon Transaction, certain US GAAP rules applicable to the acquisition of management contracts and investments, the purchase of minority interests, and the use of deferred shares in business combinations, resulted in, among other things, the recognition of the value of certain of the acquired Polygon assets on the company's balance sheet as at October 31, 2012 and the Escrow Shares not being recognized as issued in terms of the calculation of NAV per Share until such shares fully vest.

--------------------------------------------------

4.) Excludes 6.5 million shares held in treasury, 1.2 million shares held by a subsidiary and 11.7 million shares held in escrow.

Accordingly, the acquisition of Polygon had the effect of increasing NAV per Share by $0.482 as at October 31, 2012.  No incentive fees were earned or paid as a result of the Polygon Transaction as the transaction was treated as a capital adjustment for the applicable calculations.

The table below shows the main elements of the movement in the NAV per Share in October 2012:

                                             $ per Share
    NAV per share as at September 30, 2012     14.292
    Add: EPS per Share for October 2012         0.217
    Less: Payment of Q3 2012 dividend          (0.115)
    NAV per Share before Polygon Transaction   14.394
    Increase due to Polygon Transaction         0.482
    NAV per Share as at October 31, 2012       14.876


 

    For further information, please contact:
    TFG:
    David Wishnow/Yuko Thomas
    Investor Relations
    [email protected] 
 
    Press Inquiries:
    Brunswick Group
    Andrew Garfield/Gill Ackers/Brian Buckley
    +44-20-7404-5959
    [email protected] 


SOURCE Tetragon Financial Group Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In their Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, and Mark Lav...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.