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Tetragon Financial Group nieuwe kanshebber

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  1. [verwijderd] 22 juli 2011 23:38
    LONDON, July 22, 2011 /PRNewswire/ --

    TFG today announces in furtherance of its share repurchase program announced on November 30, 2007, that for the period of July 18, 2011 through July 22, 2011 TFG purchased 108,228 of its shares for an average price of U.S. $7.88 per share.

    About Tetragon:

    Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG" that currently invests primarily through long-term funding vehicles such as collateralized loan obligations in selected securitized asset classes and aims to provide stable returns to investors across various interest rate and credit cycles.
  2. jrxs4all 23 juli 2011 11:30
    Ik heb mijn positie in Tetragon onlangs gehalveerd. De grootste koersstijging hebben we volgens mij nu wel gezien en relatief was het wel een erg groot deel van mijn porto geworden. Daarnaast vind ik vooral het dividend te laag.

    Omdat dollar assets een goede hedge zijn gebleken tegen ellende in de wereld, heb ik met de opbrengst de positie in REM vergroot. Ook verwacht ik dat de omstandigheden de komende tijd gunstig blijven voor mortgage REIT's,

    JR
  3. artware 29 juli 2011 08:23
    Dividend een cent omhoog, schiet nog steeds niet op! :-)

    -=-

    On July 28, 2011 the Board of Tetragon Financial Group Limited (TFG) declared a dividend of $0.10 per share in respect of Q2 2011.
    The TFG website (www.tetragoninv.com) includes an Optional Stock Dividend Plan for those shareholders electing to receive dividends in the form of TFG shares.

    -=-
  4. artware 29 oktober 2012 18:56
    Tetragon Buys Affiliated Hedge Fund Polygon for $99 Million
    By Jesse Westbrook - Oct 29, 2012 2:08 PM GMT+0100

    Tetragon Financial Group Ltd. (TFG) bought Polygon Management LP, a hedge-fund firm founded by the same management team, for about $99 million as the publicly traded investor in structured loans expands its business.

    Tetragon used 11.7 million of its non-voting shares to buy Polygon, a London hedge fund started by Reade Griffith and Paddy Dear, the Guernsey, Channel Islands-based company said in a statement today. The purchase price is based on the $8.43 closing price of Tetragon shares on Oct. 26.
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    Dear, 51, and Griffith, 47, are both principals and directors of Tetragon, which invests in assets including collateralized loan obligations, according to the firm’s website. Tetragon is adding the pair’s affiliated business based on a view that asset-management companies need to have as much capital, investment experience and infrastructure as possible to succeed following the 2008 financial crisis, Dear said.

    “By putting it together, we think it really provides the three pieces of the puzzle,” he said in an interview.

    Dear, formerly of UBS AG (UBSN), and Griffith, formerly of Citadel LLC, founded Polygon in 2002. It manages about $450 million in hedge funds, according to the statement. Polygon also owns a 13 percent stake in GreenOak Real Estate LP, an investment firm that oversees $1.9 billion, and LCM Asset Management LLC, an investor in syndicated loans that holds assets valued at about $4.5 billion, according to the statement.

    Tetragon also announced plans to buy back as much as $150 million of its non-voting Tetragon shares. The shares gained 10 cents, or 1.1 percent, to $8.41 at 1:35 p.m. in trading on the NYSE-Euronext in Amsterdam for a market value of $1.1 billion.

    The Polygon Global Opportunities Fund, which was once the firm’s biggest hedge fund with $8 billion of assets at its peak, suspended investor withdrawals after it lost money following the collapse of Lehman Brothers Holdings Inc. in 2008.

    www.bloomberg.com/news/2012-10-29/tet...
  5. sremmal1 29 oktober 2012 19:53
    De vraag is of dit een interessante deal is voor Tetragon.
    Ze hebben onafhankelijke deskundigen gevraagd de deal te beoordelen maar hoe onafhankelijk zijn ze?
    De koers ging 8% omhoog vandaag dus blijkbaar ziet de markt het wel zitten.
    Mijn geduld is dus beloond (zit er al een tijdje in).
  6. artware 29 oktober 2012 21:09
    Dat is inderdaad de vraag..

    Ik moet bekennen dat ik weinig vertrouwen heb in Paddy Dear en de zijnen. Ze hebben duidelijk laten zien dat hun voornaamste doel is om zichzelf te verrijken, eventueel ten koste van de aandeelhouders.

    Op basis van de spaarzame informatie over Polygon lijkt het me moeilijk de waarde in te schatten. Een koopje zal het niet zijn..

    Wellicht is de koersreactie meer een gevolg van de aangekondigde aandeleninkoop.
  7. sremmal1 29 oktober 2012 22:18
    @artware, helemaal mee eens. Zowel de stelling over Paddy Dear als de koersreactie op de aandeleninkoop. En 100 miljoen dollar betalen voor een vermogensbeheerder klinkt als extreem veel.
    Intrinsieke waarde (NAV = $14,29) is nog steeds ruim boven de koers dus we hebben wel wat speling. Het dividend rendement en het opwaarts potentieel blijf ik voortdurend afwegen ten opzichte van bovengenoemde nadelen.
    Het blijft echter een precaire balancing act.
  8. artware 30 oktober 2012 10:00
    quote:

    Stapelaar schreef op 29 oktober 2012 21:33:

    Wellicht is de winstdelingsstructuur van Tetragon aantrekkelijker dan die van Polygon's activiteiten?
    Dat zou op zich een goede verklaring zijn. Maar voor zover ik weet is Polygon geheel eigendom van Paddy en de zijnen, dus de winst die daar wordt gemaakt hoeft sowieso niet gedeeld te worden met andere aandeelhouders..?
  9. artware 30 oktober 2012 10:21
    Hier staat nog een artikel met wat interessante info:

    online.wsj.com/article/BT-CO-20121029...

    Zo staat er:

    "He and Polygon co-founder Paddy Dear have agreed not to cash out any Tetragon shares for at least two years and can't sell in full for five years."

    Dat zou betekenen dat Paddy cs er belang bij heeft dat de koers van het aandeel de komende jaren stijgt, en/of dat er flink wat dividend wordt uitgekeerd.
    Dat is wellicht ook de reden dat ze nu eindelijk die berg van cash gaan aanwenden om een flinke aandeleninkoop te doen.

    en:

    "Analysts at Liberum Capital said they estimate Tetragon will gain around $20 million to $25 million in annual fee income from the purchase."

    Dat is natuurlijk (zeker) niet hetzelfde als winst. Bij het onderdeel LCM is de winst grofweg de helft van de 'fee income'.

    en:

    "that it will consider moving its listing to the U.S. from Amsterdam, a shift that would require the company to release more information to shareholders and give them a greater say over corporate decisions."

    Dit is eerder het tegenovergestelde van wat we tot nu toe van Tetragon hebben gezien..

    Al met al klinkt dit allemaal niet zo slecht voor de Tetragon aandeelhouders. Daarom vermoed ik, dat ik iets helemaal mis. Want ik kan maar moeilijk geloven dat Paddy opeens bekeerd is tot iemand die graag waarde voor de aandeelhouders creëert! :-)
  10. [verwijderd] 30 oktober 2012 11:21
    Listed vehicle acquires Polygon
    Harriet Agnew
    29 Oct 2012
    Alternatives investment manager Polygon Management announced this morning that it has been acquired by a listed asset manager that it set up in 2005.

    Tetragon Financial Group, which is listed on the NYSE Euronext exchange in Amsterdam, said this morning that it had acquired Polygon's asset management businesses and infrastructure platform.

    Polygon's asset management business is made up of three strands. It runs $450m across three hedge funds: European event-driven, convertibles and mining strategies.

    It owns a 13% stake in GreenOak, a $1.9bn real estate manager in which Tetragon owns a 10% stake. Polygon also owns a 25% stake in LCM, a $4.5bn collateralised loan obligation manager.

    The plan, following the acquisition, is to simplify the legal structure of the two firms, according to a person familiar with the situation. The source added that the firms have similar strategies of building a multi-strategy asset management platform.

    Tetragon hopes to grow in the mould of alternatives specialists Apollo Global Management and the Blackstone Group and ultimately may look to list in the US, the person said.

    Polygon set up Tetragon in 2005 to make credit investments, originally under the name Polygon Credit Managment. Tetragon was floated on Euronext Amsterdam in May 2007. Tetragon's shares were trading at 8.51p, up 2.28%, at 10.14 GMT.

    This morning’s statement said that as part of the deal, Tetragon had also acquired Polygon's interests in LCM Asset Management and GreenOak Real Estate. The entire transaction was done for 11,695,940 Tetragon non-voting shares, the majority of which will vest over between three and five years, the statement said.

    Polygon co-founders Reade Griffith and Paddy Dear are both already principals of Tetragon. In January last year another Polygon co-founder, Alexander Jackson, left Tetragon's board after a disagreement over the company's investment in GreenOak.

    Griffith said in a statement: "This is a continuation of TFG's strategy to expand its asset management platform and diversify and strengthen its income streams.”

    Polygon began life managing a multi-strategy hedge fund, the Polygon Opportunities Fund, and grew to manage $7.5bn. However, after losing almost half its value in 2008, the fund was forced to close, with many investors finding themselves unable to exit the fund.

    There is still about $600m in the "recovery" vehicle, which will be returned to investors when the assets are sold, according to a person familiar with the situation. This morning’s statement said that Polygon has about $25m of contracted management fee income due over the next three years associated with the recovery fund, which is included in the transaction.

    Following its 2008 problems, Polygon reinvented itself from a multi-strategy fund to a multi-fund boutique.

    --Write to harriet.agnew@dowjones.com
  11. [verwijderd] 30 oktober 2012 11:21


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