Tetragon Financial Share Discussion Threads

[alpal2] 27/1/2022 09:41

tilton: Just google 'ripple buyback c shares.' Plenty of reports but little detail. From what I've read [and it's not all clear] TFG subscribed for the C shares with an overall valuation of the company at $10bn; the shares have now been bought back at a valuation of $15bn. On the face of it, TFG has made a 50% profit. But DYOR. Anyone with better figures, please let me know.

[tiltonboy] 26/1/2022 23:03

Can someone point me in the direction of the announcement on the price Ripple paid to buy the stock back

[houseofpain1] 26/1/2022 21:28

Completely agree with your comment alpal! I was merely indulging in some wishful thinking...😉

[alpal2] 26/1/2022 20:53

HoP: If they used a large chunk of the cash for a buyback [which should be $250m]. Little chance of this as any money spent on buyback will diminish management fees. And management fees are much more important than the interests of non-voting shareholders.

[houseofpain1] 26/1/2022 17:25

Positive update on Ripple today. Ripple have bought back the entirety of TFG's shareholding in Ripple at a price 50% above TFG's in-price. According to Fortune, TFG also received accrued paid-in-kind dividends from Ripple. So a very successful outcome from an investment that I think a lot of people were attributing a much lower value to than TFG were holding it due to the SEC case. Shares rightly up today on this news and hopefully this will mark the start of a discount narrowing phase, especially if they use a good chunk of the cash realised to start a buyback...!?

[hugepants] 25/1/2022 12:33

It's a real gem this one.

[makinbuks] 25/1/2022 12:19

Would be funny if it weren't true

[spectoacc] 25/1/2022 09:41

TFG always claimed to be uncorrelated to equity markets, and I think they're correct - they can lose money whether markets go up or down.

[spectoacc] 14/1/2022 14:31

Not sure if that's tongue-in-cheek, but has crossed my mind! Not much value around, everyone on a downer with it (justifiably), but massive NAV discount (to the extent it can be trusted), previously and even now not a bad NAV performer, and surely something will give at TFG, eventually.

[hugepants] 14/1/2022 14:05

will this be share of the year 2022?

[apple53] 14/1/2022 09:25

thanks f56

[f56] 12/1/2022 10:28

I checked with Tetragon and they are not listed. There will be an update on Ripple in the annual report.

[f56] 03/1/2022 12:32

They might be listed on the Canadian stock exchange (TSX?)

[tiltonboy] 03/1/2022 09:26

They raised $85m from the PE portfolio, and the NAV was roughly unchanged, so I would doubt it.

[hugepants] 02/1/2022 17:25

Any chance they've just written down the value of the Ripple shares?

[f56] 02/1/2022 08:40

Yes, judging from the size of the numbers involved I suspect that they must have redeemed a portion of the Series C Preferred shares. I didn’t think they could do this while the Ripple lawsuit was ongoing but I might be getting confused with their own lawsuit which appears to have not been necessary thus far. The Preferred shares appear to have been earning a fixed percentage of 1 percent a month prior to the redemption so I assume that would continue with the remainder which has been a nice little earner.

[tiltonboy] 01/1/2022 21:24

They raised $85m from the PE portfolio, so that might explain it.

[f56] 01/1/2022 10:19

I noticed the Reduction in value of the series C preferred shares in Ripple over the last month from 7.1% to 5.6%. How is this, we’re some of the shares redeemed? I thought this was supposed to be fixed interest and frozen.

[topvest] 23/12/2021 20:20

Equitix accounts for Dec 2020 have only just been filed. That's rather late for an investment manager. Seems to be doing well, but there are very opaque disclosures of what a £11m P&L hit relates to which is on the face of the Income Statement but not referenced or explained anywhere. Reading between the lines it looks like its fees charged on a couple of projects running late that may not be receivable and they are due from related parties. Probably Covid-19 related. Not good for valuations or listing.

[riskvsreward] 21/12/2021 19:08

You can register on their website. They have always emailed me any news release or investor call information.

[tula100] 21/12/2021 15:56

How do we get notification and details of the investor calls? I thought I had registered last year to be notified but never heard anything.

The TISE which operates the Guernsey stock exchange states in its Principles, inter alia:
1. Treating all investors and holders of listed securities fairly, ..

3. Following any applicable recognised code of corporate governance or any prescribed laws of their jurisdiction as an alternative and, where applicable,disclosing that to investors, or stating why they do not follow a code of corporate governance.

6. Ensuring holders of listed equity securities are given adequate opportunity to consider and vote upon major changes in the issuer’s business operations, and matters of importance concerning the issuer’s management and constitution.

Is there any avenue to get TISE to apply pressure on TFG, particularly about treating investors fairly?

[spectoacc] 21/12/2021 14:39

Thanks @ceaserxzy. Feels like the more of us that can annoy them - and the more often - the more chance of them not pulling another stunt like the divi cut.

[ceaserxzy] 21/12/2021 14:38

To give the company credit where credit is due, they have replied to my email of questions promptly.

In their reply it is said that such questions will only be answered during the Tetragon Investor Calls which take place post the release of the Yearly and Half-Yearly reports in February and July, respectively.

But they are happy to keep your question on record and to be dealt with in February if you ask them to.

So no need to email them questions at this point of time for the AGM.

[ceaserxzy] 21/12/2021 13:15

They may laugh indeed, but if no one protesting at all surely there won't be any change for better to shareholders either.

[spectoacc] 21/12/2021 12:58

Perhaps a mention of fiduciary duties too - to all shareholders, irrespective of voting rights.