Tetragon Financial Share Discussion Threads

[makinbuks] 15/1/2025 12:19

Interesting and very welcome. Its been a long wait

[chrisdgb] 10/1/2025 16:04

Possible news on the Equitix stake sale...?

[bench2] 10/1/2025 15:54

Wow massive volume for TFG today , pushing price up to U$16 , any idea what is driving the Share Price .

[f56] 23/12/2024 17:41

Do you have any data on golden share companies?

[houseofpain1] 19/12/2024 11:23

Straightforward yes but your argument completely ignores Tetragon's structural/governance deficiencies the most pertinent one of which is the lack of voting rights which essentially means management can do pretty much what they like for as long as they like. Because of this, and irrespective of the underlying assets, TFG deserves to trade at a meaningful discount.

[f56] 18/12/2024 16:39

Makinbuks

My argument is pretty straightforward.

3i trades at a significant premium to Tetragon and it only holds two of the asset classes that Tetragon holds. There is also a massive imbalance between the two asset classes that 3i holds.

Tetragon holds as many as six asset classes and there is much less of an imbalance between the asset classes that Tetragon holds. Tetragon should therefore be deemed to be a much safer investment as it it holds a much wider spread of investments.

But Tetragon, a longer term investment vehicle, is actually trading at a discount of 60%?

[makinbuks] 13/12/2024 14:45

f56, not in the UK I'd venture. Care to share?

[chrisdgb] 11/12/2024 08:23

Wonder if we will get any sale/deal news soon....?

[f56] 02/12/2024 19:20

There are similar companies to TFG that are trading at a premium.

[makinbuks] 02/12/2024 12:11

Well its been a long wait but great to see this finally on the rise above pre COVID levels. And driven by NAV performance rather than a re-rating. Despite all the negatives discussed here many times, I think there will be something of a re-rating on top as it gets noticed through performance. Of course if it did realise some of Equitix and prove the NAV that would help

[chrisdgb] 02/12/2024 12:01

One of the companies invested in, Banda Mining, has come off the highs but is up 170% ytd....

[makinbuks] 02/12/2024 11:51

Driven simply by ATH Gold price or is there more to it?

[chrisdgb] 02/12/2024 09:39

Hawke's Point has been on fire this year......

[alpal2] 08/11/2024 14:13

I believe that management fees are based on NAV [not share price] so directors have no interest in looking after shareholders. I hope any deal for Equitix gives full disclosure. This will tell whether the NAV is genuine or just invented to push up director's income.
Or am I just sore because I sold half my shares in last tender.

[boystown] 08/11/2024 11:32

I've held these for yonks and am finally in a reasonable profit thanks to the recent announcement etc., but why is the discount always so gaping (now 61%). Is it simply a question of trust?

[chrisdgb] 14/10/2024 09:04

Interesting.............

In the news today, Tetragon Financial Group (TFG LN/NA) is looking for buyers for its infrastructure business Equitix according to reports. Equitix has c.$14bn AUM and a suggested price tag of $1.5bn. TFG acquired the business for £160m back in 2014 and currently owns a 75% stake.

[alpal2] 17/4/2024 10:40

Have any tenderers actually been paid?

[apple53] 08/12/2023 21:04

thanks for explanation alpal, so same as PIN. I should tender a bit lower than I do.

And agree it's strange to watch people selling 9.64 today!

[apple53] 24/11/2023 16:53

Is it true that you get what you bid in a Dutch auction, which I think is contrary to the PIN tender (when I think you got the strike price providing you were below)?

[riskvsreward] 15/11/2023 18:27

Thanks for confirmation and I have also just received notification from II.But nothing from AJ Bell yet. I have been in this too long and may just get out breakeven at about $10.50. There are better opportunities elsewhere and I have already missed many better investments holding this. The management,especially that top guy at the helm, is not going to do much for the small PIs and nothing can be done about it as they have the golden share.

[makinbuks] 15/11/2023 17:35

Even at $10.50 I'd be crystalizing a loss. I think at some point we'll get back to the pre COVID 40% discount level and in the meantime I'll take the dividends. I could be persuaded to sell out of boredom. I notice I've been saying this since 2021

[makinbuks] 15/11/2023 17:21

Yes I was notified today by HL and have until noon 5th Dec to make a decision

[riskvsreward] 15/11/2023 17:02

Anyone has got tender offer notification from the broker yet? I am thinking of getting out of this at a tender price of $10.5

[value hound] 03/11/2023 17:09

Tender offer via Dutch auction "at prices ranging from and including $8.75 up to and including $10.50 per share"