LONDON, July 31, 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 30
June 2014
(Amounts provided are unaudited and subject to
change)
(in millions except per share data)
Estimated Fair Value of Investments: $1,445.4
Cash and Cash Equivalents: $258.9
Net Other Assets / (Liabilities): $104.2
Estimated Net Asset Value: $1,808.5
TFG Legal Shares Issued and Outstanding: 135.3
U.S. GAAP Net Asset Value per Share: [2] $19.19
Pro Forma Fully Diluted Net Asset Value per Share: [3] $17.08
Investment Composition:
As of the end of June 2014, the
majority of the net assets of the company were invested in the
equity tranches of U.S. CLOs. Investments are also held in U.S.
senior secured loans, equity tranches of European CLOs, 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 94.2 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 11.6 million shares held in escrow,
all subject to rounding.
3) Calculation is with reference to Pro Forma Fully Diluted
Shares outstanding (approximately 105.9 million), which is
determined by adding to U.S. GAAP Shares outstanding, shares held
in escrow of 11.6 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 (0.0
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 77.7% of
such assets as of the end of June
2014. European exposure was approximately 20.3% and
Asia was approximately 2.0%.
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.
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
