Tetragon Financial Dividends - TFG

Tetragon Financial Dividends - TFG

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Stock Name Stock Symbol Market Stock Type
Tetragon Financial Group Limited TFG London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.025 0.26% 9.55 09:00:04
Open Price Low Price High Price Close Price Previous Close
9.525 9.525 9.55 9.525
more quote information »

Tetragon Financial TFG Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

riskvsreward: As a shareholder I sincerely hope that the positive interpretation offered by some here will turn out to be true, but I am very doubtful about it. One needs to make a clear distinction about the Nominal NAV total return reported by management and the total return for the shareholders. The Nominal NAV total return means nothing to the shareholder if it is not properly reflected in either shareprice or dividend (ideally in both). Instead it is only a TRUE and REAL total return for the management as their income increases with it while the shareholder return, which can only be realised by either divesting his/her shares or receiving a dividend, has been decreasing over the time. The simple fact that the market has PERSISTENTLY valued the company with high and widening discount tells you that the market has no regard for both the NAV and the company management integrity. If a company management has no bother about their integrity and reputation, let alone any concerns about their obligations to their shareholders, you know you are not in a good position if you, myself included, unfortunately have become a shareholder in such a company. I have owned a few deep value trusts over the time and in comparison by far this one is the worst. For example, han, utl, nsi, nas etc, none of them used the pandemic as an execuse to halve the dividend and some of them even increased the dividend. They have also used meaningful buyback on the market paying their share holders a fair price to exit And their managers purchased shares themselves using money out of their own pocket. TFG has done none of these. As a result, all of them have outperformed significantly.
alpal2: No, I didn't see the video. How do they view 'total return' to a shareholder? I will buy it if it's a combination of dividend and share price. NAV accretion is not acceptable if they cannot get it reflected in the share price. My shares are in an ISA so don't care whether it's dividend or capital gain. But reduced dividend and lower share price doesn't please me.
makinbuks: I don't know if you saw the video of the Q&A's after the AGM but the managers were very clear that they didn't see the dividend level as being that important in the context of total return. I would not therefore buy this fund if my primary objective were income. This is an absolute return fund hopefully operating independently of returns on bonds or equities. My annual question is has this produced an absolute return greater than cash or gilts. If the answer is yes I stay invested irrespective of whether the return came as a dividend or a rise in NAV. In fact dividends should really be reinvested to maintain the hedge position The discount reflects the excess of sellers over buyers for the share and there you have a point, the widening may indeed be caused by the dividend cut rather than the macro economic background. Certainly that would explain the lack of correction. The market is not always rational. People who need income invest for dividends, those who don't see them as part of overall returns, or should do
alpal2: Makin: Sadly this is one of my bigger holdings but not a good one. It cannot be when management are not responsible to non-voting shareholders. I agree that generally the fund is well managed and overall returns quite acceptable. But I disagree with you that they have "plenty of offers to invest it and produce a further return for the shareholder." You could use the same argument to justify cutting the dividend completely, then the outgoings will only be management fees. No, given past performance they could maintain the dividend and borrow for new investment. To use the converse argument, can you see a situation when things are going badly with no investment opportunities and poor returns; do you see them increasing the dividend then? The discount to NAV widened to over 60% when they unjustifiably cut the dividend by nearly 50%. Would you agree with an analogy I use: Makin, you're a lucky man, I am thinking of giving you $1000. However, to ensure it's well used, I will personably be responsible for investing it, it will pay no dividend and you certainly cannot spend it. You can sell it but only to someone who recognises that they too can never get their hands on the capital. What would you say is the 'value' to you now of that money. Maybe at a 63% discount to NAV? Like TFG?
alpal2: Risk: Just shows you don't understand TFG dividend policy. The directors 'know' that shareholders are only worth a 4% dividend yield; that's why [when the share price dropped] they were able to cut the dividend from 18c to 10c per quarter.
alpal2: Makin: "....unsurprising but disappointing." No-one should wonder why the discount to NAV stays so high. Business run totally for benefit of management. They trumpet the NAV but if they stated the dividend yield based on NAV, it would be 1.5%. My mole tells me they will only list the asset management companies when they have worked out how to ensure [non-voting] shareholders don't benefit.
flying pig: hxxps://www.edisongroup.com/publication/tfg-asset-management-grows-in-aum-and-value/29389 Edison report - Despite the long-term NAV returns Tetragon demonstrated, its shares continue to trade at a wide discount of 63%, which is ahead of the already wide 10-year average of 43% and visibly higher than its peers. This may at least partly come from its incentive fee structure (which also dampened the NAV TR in FY20), only non-voting shares being available to investors (which means Tetragon cannot enter LSE’s premium segment) and TFG Asset Management’s carrying value being based on private valuation. The recent enforcement action of the US Securities and Exchange Commission (SEC) against Ripple Labs (7.3% of Tetragon’s NAV) may add to this. Nevertheless, the current discount offers considerable downside protection to investors, who are also rewarded through dividends (4.1% yield on a last 12 months basis) and NAV-accretive share buybacks. Tetragon sees room for further growth in AUM of TFG Asset Management and does not expect to float the business in the near term (which, however, remains its long-term intention).
tula100: Further to my earlier posting, I did email Investor Relations and received the following reply to my 2 emails below: - We have our annual investor call at the end of the month, I have raised your issue below with our speakers who will look to answer your question directly on the call. Details of the call will be released soon.' - so I suggest you all email them and also latch on to the investor call! - I have not received a response to my earlier email of 2nd February. But I am even more annoyed about this issue after reading through the information on your website where you state it is for ‘investors who wish to invest for the long term in a predominantly income-producing investment. That is exactly what I was doing, so where is my income? - I am a TFG shareholder and I am writing to request that our dividends are reinstated. I bought these as dividend paying shares. When we are paid a dividend, we still have a shareholding to receive future dividends! A tender is not a 'return' to shareholders, it is simply a share sale, and if you sell at a lower price than you paid you have a negative return. If directors can take fees based on the NAV we should be receiving dividends based on the NAV.
alpal2: hpcg: Did I get the TFG dividend? Well, yes and no. I hold 11000 TFG and IG paid me the dividend on 9000 yesterday. I have, of course, asked how it is possible to pay me the dividend on only some of the shares. This has happened before and I never get an explanation from IG. The last tranche of the previous dividend finally got into my account a full month after payment date.
alpal2: 1]Monthly NAV down 0.8% but it's all in Private Equity write-down. 2] Anybody received their TFG dividend? I'm with IG and it always takes them about 3 weeks to pay out due to 'discrepancy with their custodian'.
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