Tetragon Financial Share Discussion Threads

[hpcg] 08/1/2021 13:34

Off topic PSDL. You may have a sense the discount to NAV is excessive in that they are selling properties for 20% more than NAV. Oh, and every time they buy back shares the discount increases further.

[spectoacc] 07/1/2021 06:56

Good point - would have trebled it in Bitcoin!

[ceaserxzy] 06/1/2021 20:33

It also takes some luck/skill to pick a dud out of so many cryptos to invest in, most of them have gone up significantly, summarizing the performance of this bunch of managers really.

[spectoacc] 06/1/2021 19:57

Indeed - except, if the SEC lawsuit succeeds, will there be anything to claim against? It's like putting in a clause saying "If you go bust, you have to buy us out". (Not sure what happens if the SEC do win in truth - and if it's then appealed for eg, and if Tetragon can get their money back in the interim).

[hpcg] 06/1/2021 18:23

I have to say very well done by Tetragon for putting that protection in.

[hugepants] 06/1/2021 16:49

https://blockchain.news/news/ripple-sued-one-its-major-investors-demanding-blockchain-firm-reclaim-stock Ripple Sued by One of Its Major Investors Demanding The Blockchain Firm Reclaim Its Stock Jan 06, 2021 06:35 ...It explained, “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity.” As a conclusion has not yet been reached by the SEC lawsuit alleging XRP is a security, Ripple said that Tetragon’s lawsuit had “no merit.”

[hugepants] 05/1/2021 19:33

I wonder how much of their $150M is left From the previous factsheets TFG valued Ripple at $152M in January 2020. In the November 2020 factsheet it's valued at $172.5M! Laughable.

[horndean eagle] 05/1/2021 17:43

News out that Tetragon are suing Ripple for their money back. Story being run on Bloomberg.

[davebowler] 04/1/2021 13:02

Stifel; Attribution: The NAV at 30/11/20 was $24.22 an increase of +1.7% over the month from $23.81 at 31/10/20. Over November there was a gain of +$29.2m in the event driven equities and convertibles asset class with the portfolio valued at $516m. Other equities and credit saw a $21.6m increase to $222m. None of the asset class segments in the portfolio saw negative returns over the month. (Analyst: Iain Scouller)

[hugepants] 04/1/2021 12:33

Hmm well they only invested a year ago and this case was pretty high profile even then so they went into this with their eyes wide open.

[scburbs] 04/1/2021 11:00

If they lose the case I doubt that the court/SEC will agree to payment in XRP!! Their access to additional cash is also limited by the escrow arrangement on their XRP holdings and their significant operating losses. It is difficult to see much value in Ripple if they lose, albeit they are suggesting they can move the "business" out of the US and avoid the issue in the future. That wouldn't remove the potentially huge cost of losing the case though.

[hugepants] 03/1/2021 21:56

Dont really understand the crypto currenciy markey but if Ripple lose the SEC case what does that do to the value of Ripple? TFG invested at a £10 billion valuation. Is Ripple potentially worth jack?

[horndean eagle] 03/1/2021 21:45

XRP price is about the same as it was 12 months ago. Little reason to write down ripple labs on that basis.

[tula100] 01/1/2021 16:29

Sorry, it seems I got XRP and Ripple reversed!

[scburbs] 01/1/2021 15:45

Here is the SEC take on it. Clearly it is a one sided view, but the SEC case looks strong and Ripple comes across as lacking in business other than trying to support the price of XRP whilst regularly selling it to cover its operating losses (which include incentive payments in XRP to get third parties to make use of Ripple Labs offerings such as ODL). Will be interested to see if value of Ripple Labs is impaired. My guess is that it will be held at $172.5m for as long as possible to maximise management fees, but difficult to see how any independent auditor would readily accept that for the year ended 31 December 2020. hTtps://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf Here is the alternative view for balance. hTtps://ripple.com/wp-content/uploads/2020/12/Ripple-Wells-Submission-Summary.pdf https://www.forbes.com/sites/michaeldelcastillo/2020/06/17/xrp-isnt-a-security-declares-former-cftc-chairman/?sh=5428e1cb539b

[tula100] 31/12/2020 12:42

My brother invests in Ripple Coin with XRP as the platform. He is not invested in XRP. He says the SEC charges are without merit as they are not trading in unlisted securities - they are operating a currency exchange, so XRP will recover and then the Ripple coin will go back up.

[alpal2] 31/12/2020 11:38

Anyone followed what happened to XRP (Ripple coin)? Value slashed in last few days after SEC charges; what does this mean for Tetragon' investment in Ripple?

[alpal2] 31/12/2020 10:20

Latest NAV still $24; share price still $9.50. Don't hold your breath for action from the directors. Anything they do for shareholders [like re-instating the dividend] is a negative for them personally. i.e. reduced NAV = reduced management fee.

[makinbuks] 11/12/2020 14:18

Yes please to both those proposals

[alpal2] 11/12/2020 14:15

I would love to see management fees / bonuses linked to share price rather than spurious / dubious NAV.

[tula100] 11/12/2020 13:34

Yes please - just restore the Divi! That's what I bought them for.

[spectoacc] 11/12/2020 12:50

Or even better - restore the dividend, and see what that does to the s/p.

[makinbuks] 11/12/2020 11:51

Yes thank you I didn't understand it properly either. Very poor comms. The principle point remains however, that this exercise which we have all debated over the last few weeks has resulted in a narrowing of the discount and another exercise in Spring or Summer next year will do likewise. Its a big success, lets see it more regularly and in larger volumes until the discount is broadly halved which would be reasonable in the PE market

[spectoacc] 11/12/2020 09:04

Thanks both, makes sense. Overhang at $9.50 not as large as feared.

[tiltonboy] 11/12/2020 09:03

scburbs, That's how I read it.