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Tetragon Financial Group nieuwe kanshebber

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  1. forum rang 10 DeZwarteRidder 13 november 2014 13:36
    quote:

    RT 76 schreef op 13 november 2014 12:40:

    Tetragon Financial Group (TGONF) Q3 2014 Results - Earnings Call Transcript

    seekingalpha.com/article/2677185-tetr...
    On Slide 5 here shows a schematic of what I’ve just described. And you will see that we’ve recently expanded this with two new businesses on the asset management side, albeit, in very different asset classes and a very different stages of evolution.

    First, in September, the company announced that it would be forming a new business, focused on mining finance, and we discussed this at the company’s Investor Day. The slides that we used on that day are available at the TFG website, so I don’t plan to go through that again today.

    However, I would note that this is a start-up business. We’re planning to long-term rewards, and now we do not expect any material profitability or fee income in the near future from this business to TFG Asset Management. Obviously as we make investments, we will expect returns on those investments.

    Second, TFG announced recently the entry into definitive agreements for the acquisition of Equitix Holdings Limited, a U.K. infrastructure asset management business. We’re excited about this acquisition, and I think now is an appropriate moment to go into more details of the company and the deal itself.
    Source: Tetragon Financial Group (TGONF) Q3 2014 Results - Earnings Call Transcript
  2. forum rang 4 shaai 13 november 2014 22:01
    ja, en helaas waarschijnlijk geen buybacks meer dit jaar:

    Paddy Dear
    The question is as follows. Cash levels keep rising, “let’s assume further U.S. CLO rundown” Equitix may use further a $100 million of cash in the first quarter of 2015, but what is the plan for excess cash? Either further fund management acquisitions or share buyback?

    And the reason I wanted to keep this slide up is, I think that I see our cash slightly differently. As we said earlier in the presentation, we’ve put out – at the end of quarter we had about $309 million of free cash. And obviously, if we have to fund the full amount of Equitix of the balance sheet, which would be $240 million give or take, that would actually leave relatively short amount, probably $60 million, $70 million of cash available on the balance sheet.

    What is more likely we believe is we need to fund $140 million. And so that does give some freedom, but actually if you then start looking through the opportunities that we would like to invest in – obviously, we have some commitments already to real estate, but the likely commitment that we want to make to new issue CLOs and indeed to mining finance, not to mention the other pieces that I’ve run through here, you can see that we don’t consider ourselves to have excess cash. We have some freedom, but much less than we’ve had previously. And so I think that’s how I would describe our cash situation at the moment.
  3. Stapelaar 13 november 2014 23:48
    Het is dudelijk dat de lage marktwaardering ze niets doet, terwijl ze imo via buybacks meer waarde kunnen creeren dan met hun wilde investeringsplannen. Komt allemaal wat megalomaan op mij over.
    Pas als hun aandelenpakketten vrij ter beschikking staan en ze beginnen te denken over cashen wordt het ook leuk voor de aandeelhouders.
    Eigenlijk had ik toch wel gehoopt op nog eens 50 mln buyback begin volgend jaar.
  4. forum rang 4 shaai 14 november 2014 14:34
    grotendeel eens: ik denk niet dat het ze niets doet, maar misschien is onderwaardering vooral vervelend voor hun ego. Ik denk wel dat ze af en toe kansen grijpen qua tender, omdat dat NAV accretive is, maar ze zijn ook bang dat de free float dan wel heel klein wordt. Ik denk dat ze het liefst een US listing willen, en dat ze denken dat dat de onderwaardering sowieso wel oplost. En op de lange termijn ook het groei dividend. Ik ben met je eens dat een tender wel de snelste en beste waarcreatie kunnen zorgen, maar dat hun grootse plannen nu even voorgaan. Then again, wat ze hebben gekocht groeit wel snel in AuM en doet het niet snelcht, dus misschien is dat ook beter voor de LT dan een one-off qua tender. Nu zijn die boetieks ook te koop, omdat banken uit die business moeten. EN ze zoeken wellicht ook nu, omdat de 'oude'CLO 1.0 business afloopt/aflost, en zie die cash ook goed moeten inzetten. Ik sluit een buyback nog niet uit, maar voorlopig bouwen ze liever aan de asset management business
  5. [verwijderd] 26 november 2014 11:59
    LONDON, Nov. 26, 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 October 2014
    (Amounts provided are unaudited and subject to change)

    (in millions except per share data)
    Estimated Fair Value of Investments:

    $1,335.2
    Cash and Cash Equivalents:

    $404.8
    Net Other Assets / (Liabilities):

    $44.2
    Estimated Net Asset Value:

    $1,784.2
    TFG Legal Shares Issued and Outstanding:

    135.6
    U.S. GAAP Net Asset Value per Share: (2)(4)

    $18.65
    Pro Forma Fully Diluted Net Asset Value per Share: (3)(4)

    $16.72
    Investment Composition:

    As of the end of October 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.

    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 80.0% of such assets as of the end of October 2014. European exposure was approximately 18.2% and Asia was approximately 1.8%. 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 - www.tetragoninv.com/investor/calendar...

    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
    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.

    (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 95.7 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 10.5 million shares held in escrow, all subject to rounding.
    (3) Calculation is with reference to Pro Forma Fully Diluted Shares outstanding (approximately 106.7 million), which is determined by adding to U.S. GAAP Shares outstanding, shares held in escrow of 10.5 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 (0.5 million).
    (4) The NAV per Share calculation is after accruing for the dividend relating to Q3 2014. Any adjustments to net assets or shares resulting from the optional stock dividend program will be reflected next month upon the issuance of the applicable shares.

    SOURCE Tetragon Financial Group Limited
  6. [verwijderd] 26 november 2014 12:04
    quote:

    RT 76 schreef op 26 november 2014 12:01:

    Huidige koers $ 10,23 ..... NAV $ 16,72
    Ruim $ 6,- verschil....genoeg ruimte om te stijgen!!!
    Ja klopt, die ruimte lijkt er wel te zijn,
    maar waarom komt die stijging dan maar niet?
  7. forum rang 10 DeZwarteRidder 26 november 2014 12:22

    Tetragon Financial Group Limited (TFG) Monthly Update For October 2014
    PR Newswire
    Tetragon Financial Group Limited 4 hours ago

    LONDON, Nov. 26, 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 October 2014
    (Amounts provided are unaudited and subject to change)

    (in millions except per share data)

    Estimated Fair Value of Investments:


    $1,335.2

    Cash and Cash Equivalents:

    $404.8

    Net Other Assets / (Liabilities):

    $44.2

    Estimated Net Asset Value:


    $1,784.2

    TFG Legal Shares Issued and Outstanding:


    135.6

    U.S. GAAP Net Asset Value per Share: (2)(4)

    $18.65

    Pro Forma Fully Diluted Net Asset Value per Share: (3)(4)

    $16.72

    Investment Composition:

    As of the end of October 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.

    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 80.0% of such assets as of the end of October 2014. European exposure was approximately 18.2% and Asia was approximately 1.8%. 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.
  8. [verwijderd] 26 november 2014 12:28
    quote:

    Jan Pal schreef op 26 november 2014 12:04:

    [...]

    Ja klopt, die ruimte lijkt er wel te zijn,
    maar waarom komt die stijging dan maar niet?
    Ik weet het helaas niet, maar het kan in ieder geval genoeg stijgen.
    Het lijkt mij zeker interessant voor andere investeringsmaatschappijen om Tetragon bij deze koers over te nemen.
  9. forum rang 8 objectief 8 december 2014 16:45
    Waarom kopen ze hun aandelen niet in op een koers van 10 bij een NAV van 16?
    Lijkt me de beste keuze om het rendement op het eigen vermogen te verhogen.
  10. [verwijderd] 12 december 2014 13:09
    quote:

    RT 76 schreef op 12 december 2014 12:53:

    Met de huidige koers worden we steeds aantrekkelijker om overgenomen te worden.
    Ben ik helemaal voor!
    Ik lees er echter zelfs nog geen gerucht over
  11. [verwijderd] 15 december 2014 12:37
    Ja, ik zie het,
    zal wel gemanipuleer zijn van deze of gene.
    ik kan het niet verklaren.
    Gelukkig heb ik er niet zo heel veel meer. (en hebben we het geluk van een stijgende dollar )
    het is al lang geen vrolijk makende chart meer....
  12. jrxs4all 15 december 2014 12:41
    Ach, de koers stuitert al 2 jaar heen en weer tussen 9,50 en 11,50.

    Het zou pas bijzonder worden als we daar nu hard onder zouden zakken.
  13. forum rang 4 shaai 17 december 2014 21:41
    quote:

    jrxs4all schreef op 15 december 2014 12:41:

    Ach, de koers stuitert al 2 jaar heen en weer tussen 9,50 en 11,50.

    Het zou pas bijzonder worden als we daar nu hard onder zouden zakken.
    maar in die 2 jaar is de NAV welaardig hoger geworden, en ook het divd behoorlijk verhoogd
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