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Home  /   Forum   /   Koffiekamer   /   Tetragon Financial Group nieuwe kanshebber

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Tetragon Financial Group nieuwe kanshebber

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949 Posts
Pagina: «« 1 ... 20 21 22 23 24 ... 48 »» | Laatste | Omlaag ↓
  6. forum rang 10 DeZwarteRidder 6 december 2012 18:17
    quote:

    Stapelaar schreef op 4 december 2012 14:09:

    Vandaag plotselinge koersstijging, riekt naar voorwetenschap over de aanmeldingen?
    Natuurlijk niet, dat kan helemaal niet.

    De recente koersstijging komt waarschijnlijk vanwege het schaarste-effect en de verwachting dat de koers gaat stijgen na de veiling.

    Het aanbieden van de aandelen zou wel eens een grote fout kunnen blijken te zijn voor degenen die meegedaan hebben en een toewijzing krijgen.
  8. artware 7 december 2012 17:56
    Daar is 'ie dan. Het is 9.75 geworden..

    In accordance with the terms of the Offer, the Master Fund has accepted for purchase 15,384,615 TFG non-voting shares at a purchase price of $9.75 per share. The aggregate cost of this purchase is $149,999,996.25, excluding fees and expenses relating to the Offer. A total of 18,143,697 TFG non-voting shares were properly tendered and not withdrawn at or below the purchase price of $9.75 per share. Because more than $150,000,000 in value of TFG non-voting shares was properly tendered and not properly withdrawn, the Offer was subject to proration pursuant to the terms of the Offer, with appropriate adjustments to avoid purchases of fractional shares. The final proration factor for the Offer is 84.8%, rounded to the first decimal place.1
  9. forum rang 10 DeZwarteRidder 7 december 2012 18:01
    quote:

    artware schreef op 7 december 2012 17:56:

    Daar is 'ie dan. Het is 9.75 geworden..
    In accordance with the terms of the Offer, the Master Fund has accepted for purchase 15,384,615 TFG non-voting shares at a purchase price of $9.75 per share. The aggregate cost of this purchase is $149,999,996.25, excluding fees and expenses relating to the Offer. A total of 18,143,697 TFG non-voting shares were properly tendered and not withdrawn at or below the purchase price of $9.75 per share. Because more than $150,000,000 in value of TFG non-voting shares was properly tendered and not properly withdrawn, the Offer was subject to proration pursuant to the terms of the Offer, with appropriate adjustments to avoid purchases of fractional shares. The final proration factor for the Offer is 84.8%, rounded to the first decimal place.1
    Dan ben ik blij dat mijn inschrijfkoers te hoog was.....!!
  10. artware 7 december 2012 18:33
    Volgens het laatste rapport (31 oktober), was de total NAV van Tetragon 1690 miljoen. NAV per aandeel was 14.88 (113.6 miljoen aandelen die meetellen).

    Nu gaat Tetragon voor 150 miljoen in totaal 15.4 miljoen aandelen inkopen.

    Dan wordt de totale NAV 1690 - 150 = 1540 miljoen. Het aantal aandelen wordt 113.6 - 15.4 = 98.2 miljoen.
    Nieuwe NAV per aandeel wordt dan 1540 / 98.2 = 15.68.

    Als ik het goed heb, tenminste. Ik had misschien nog niet aan de wijn moeten beginnen! :-)
  11. forum rang 10 DeZwarteRidder 7 december 2012 18:44
    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 (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.
    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

    (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
  12. sremmal1 8 december 2012 07:48
    quote:

    artware schreef op 7 december 2012 18:33:

    Volgens het laatste rapport (31 oktober), was de total NAV van Tetragon 1690 miljoen. NAV per aandeel was 14.88 (113.6 miljoen aandelen die meetellen).

    Nu gaat Tetragon voor 150 miljoen in totaal 15.4 miljoen aandelen inkopen.

    Dan wordt de totale NAV 1690 - 150 = 1540 miljoen. Het aantal aandelen wordt 113.6 - 15.4 = 98.2 miljoen.
    Nieuwe NAV per aandeel wordt dan 1540 / 98.2 = 15.68.

    Als ik het goed heb, tenminste. Ik had misschien nog niet aan de wijn moeten beginnen! :-)
    Zo zie je maar wat wijn met je verstand doet.
    Je vergeet een 'kleinigheidje', namelijk dat er ruim 11 miljoen nieuwe aandelen zijn uitgegeven voor de aankoop van een vermogensbeheerder zonder waarde (=onbeschaamde zelfverrijking managers). Nieuwe NAV is daarmee 14,00 euro.
    Hoop voor je dat je niet teveel beleggingsbeslissingen in de kroeg neemt ;-)
  13. artware 8 december 2012 10:16
    Gelukkig valt dat van die wijn wel mee! Ik heb ook geen kater! :-)

    Die 11,7 miljoen aandelen ben ik niet vergeten. Die aandelen zijn nu 'in escrow' en tellen niet mee bij de NAV berekening volgens US GAAP. Zoals in een berichtje hierboven ook staat:

    "and the Escrow Shares not being recognized as issued in terms of the calculation of NAV per Share until such shares fully vest."

    Die gaan dus over 3-5 jaar pas meetellen.

    Ik heb geprobeerd om uitsluitend het effect van de aandeleninkoop op de NAV/aandeel te berekenen. De beginwaarde van de NAV per aandeel (14.88) is de waarde van eind oktober, en daarin is het effect van de overname van Polygon overigens al verwerkt.

    Feit blijft dat de NAV/aandeel door de aandeleninkoop flink oploopt.
  16. artware 8 december 2012 13:08
    quote:

    sremmal1 schreef op 8 december 2012 12:20:

    Dat is dan wel jezelf voor de gek houden. Die aandelen zijn er namelijk echt (ook al mogen ze pas na 3 jaar geleidelijk verkocht worden).
    Je moet jezelf niet voor de gek laten houden! :-)

    Je kan elke maand even zelf een berekening van de NAV/aandeel maken, waarbij je die aandelen wel meetelt. Ter leering ende vermeack..
    Maar voor zover ik het kan zien gaat Tetragon de komende jaren een NAV/aandeel presenteren waarin ze niet meetellen.

    In de tender offer stond een passage over die aandelen:

    "Polygon Transaction

    As previously disclosed by TFG pursuant to a press release dated October 29, 2012, TFG acquired Polygon Management L.P. (“Polygon”) on October 28, 2012 for an aggregate of 11,685,940 Shares, the substantial majority of which will vest over three to five years. On October 28, 2012, the 11,685,940 Shares, which had been held by TFG in treasury or in a subsidiary, were delivered by TFG to an escrow agent under the purchase agreement in connection with the acquisition of Polygon. The escrow agent will hold these Shares, together with any additional Shares received under the DRIP (as defined below) in respect of dividends paid on such Shares (collectively, the “Escrow Shares”) on behalf of, and for the account of, the sellers in the Polygon acquisition (all of whom are principals of the Investment Manager or employees or affiliates of TFG) until such Shares vest (or are forfeited or otherwise returned to TFG) in accordance with the terms of the purchase agreement."

    Dat stukje over dividend wekt de indruk dat ze wel dividend ontvangen..?

    Verder is duidelijk dat de meerderheid van die aandelen pas over 3 tot 5 jaar vrijkomt, en dat ze tot die tijd in escrow blijven.
  17. forum rang 10 DeZwarteRidder 8 december 2012 16:12
    Last updated: July 13, 2011 7:42 pm
    Polygon ‘looted’ Tetragon, court papers claim

    By Sam Jones, Hedge Fund Correspondent
    One of the world’s biggest hedge funds ”looted” hundreds of millions of dollars from a listed company it controlled by manipulating its accounts, a new US lawsuit alleges.
    The shareholder action, filed on Monday in New York, accuses London-based Polygon Investment Partners of misvaluing toxic structured assets in a supposedly independent affiliate, Tetragon Financial Group, in order to earn huge fees over the past three years at the expense of its investors.

    The action is the latest twist in a series of bitter disputes that have dogged the $5.5bn Polygon since the financial crisis hit and caused significant losses for the firm’s flagship hedge fund.
    Tetragon said in an official statement on Tuesday that it believed that the suit brought against it was “factually and legally without merit” and that it intended to “seek to have the action dismissed as quickly as possible”.
    The claim, brought by a recent shareholder in TFG, Daniel Silverstein, runs over several dozen pages giving detailed information and lurid allegations on how Polygon ran TFG.
    The size of Mr Silverstein’s shareholding is not known.
    According to the suit, TFG’s directors and Polygon “expropriated from TFG and diverted to the Investment Manager almost $205m for revising down modelling assumptions and then making bookkeeping changes.”
    Although TFG is an independent, Euronext-listed entity, its board is appointed solely by Polygon, which collects fees for running TFG’s investment portfolio.
    The portfolio is entirely comprised of illiquid, hard-to-value structured bonds.
    TFG’s own corporate filings show its portfolio of assets has yet to recover its 2008 peak value having lost close to half its value following the collapse of Lehman Brothers.
    The suit accuses TFG’s directors, among them Polygon founders Paddy Dear and Reade Griffith, of “lining their pockets” with “flagrant” disregard to their fiduciary duties.
    Mr Silverstein alleges that the company’s directors sanctioned a misleading valuation method they called an “accelerated loss reserve” in order to excessively depress the valuation of TFG’s assets.
    The case alleges the accounting quirk produced a $431m writedown on the TFG portfolio “by fiat” that was inconsistent with the valuations obtained by the company’s own in-house valuation models.
    This allowed TFG’s management to collect record fees by then writing up the value of the assets as markets recovered – a practice made possible because of TFG’s “extraordinary” fee structure, Mr Silverstein alleges.
    Most hedge funds can only collect performance fees based on a growth in their net asset value beyond its all-time peak – known as a high water mark.
    TFG’s model collected a performance fee of 25 per cent on a high water mark that reset every three months.
  19. forum rang 10 DeZwarteRidder 10 december 2012 09:11
    Ik denk dat het overnemen van Polygon een goede zet was, Tetragon krijgt hierdoor meer inkomsten uit beheer, het beheerde vermogen wordt in ieder geval flink groter.
    Ook kunnen er dan geen problemen meer optreden zoals boven genoemd.

    Helaas kan ik niks vinden over de exacte voorwaarden van de overname en waarom de aandelen in escrow blijven.
949 Posts
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