Tetragon Financial Share Discussion Threads

[boystown] 29/4/2022 12:25

Well NOW I'm looking at TFGS on my Google P/F screen and it's working - thanks very much! :-) Sorry to be so thick, but what's the difference?

[alpal2] 29/4/2022 12:08

Are you looking at TFG (1010c) or TFGS (780p)?

[boystown] 29/4/2022 11:42

Thanks alpal2 - so why does it say 10.1p on here and my Google Finance spreadsheet? TIA

[alpal2] 29/4/2022 09:23

BT: The price of TFGS is £7.80 which roughly equates to TFG $10-10.

[boystown] 29/4/2022 08:32

Can anyone tell me why my P/F on Interactive Investor says the share price of TFG is 780p?

[riskvsreward] 19/4/2022 23:21

Not with aj bell.

[ceaserxzy] 19/4/2022 22:34

Anyone has received the cash for the tendered shares?

[spectoacc] 11/4/2022 17:03

That's some trade - wonder if delayed-reported for that size, up to 4 days? And who they picked it up from - surely anyone wanting out took the tender.

Although I'll be now out, agree with @HP that everything is pointing to a long-overdue rise for holders.

[alpal2] 11/4/2022 16:48

Someone just bought 500,000 at $10 = $5million. Wow. Hope this presages a closing in the discount to NAV.

[hugepants] 11/4/2022 11:09

Selling the Ripple shares at a profit, a 10% divi increase and a decent sized tender offer not fully taken up. All positives so I think the shares will continue to go up from here.

[apple53] 11/4/2022 10:36

alpal we'll see - maybe it will fly (like pigs)

[alpal2] 11/4/2022 09:16

Well done to those who tendered; cleverer than I.

[spectoacc] 11/4/2022 06:59

Excellent if true @apple53 - where did you see it? Announcement not until today.

Edit - RNS, that's a great result - happy to be out at $9.75.

[apple53] 10/4/2022 21:14

Now I'm on tenterhooks hoping that I will get dollar cash (not GBP) on ii - I tendered dollar shares, bought a) to avoid stamp and b) because you weirdly can't buy the GBP share class on ii, and want dollars back.

[apple53] 10/4/2022 20:54

Well maybe Specto had lowered my expectations, but I still tendered some of my shares (bought a couple of weeks ago) at $9.75, not expecting to get them accepted, but still hoping for the drift up mentioned above.

Well lo and behold not only were they accepted, but accepted in full, ie not scaled back, and total shares tendered were only $42m. This surely is the nail in the coffin for Paddy et al's assertion that there is such a big pool of weak holders that buybacks don't do anything.

Truly fascinating to see how the share price behaves now. Will the market come to the same conclusion as me and, if so, will they think Paddy et al will avoid buybacks in future (since tenders were just a fig leaf on poor governance?) or will they realise that they can move the price a lot for a minimal outlay and therefore not have to shrink the NAV much to actually make shareholders happy for the first time (ever?)?

[alpal2] 08/4/2022 09:07

After a complaint to IG (they only paid dividend on a portion of my shares) I now have full dividend.
Tender outcome will be interesting but I expect shares to drop back again after result. $50m is too small an amount to have significant effect. Opaque valuations and high fees will keep this down, Wisely or not, I did not offer to sell any of my shares.

[spectoacc] 08/4/2022 08:14

Should find out the tender outcome on Monday.

[spectoacc] 04/4/2022 11:30

HL paid it, as have Jarvis (on the 1st).

IG can be a bit variable with divis, def one to keep an eye on..

[alpal2] 04/4/2022 11:04

Have you been paid the dividend yet? I'm still waiting on IG.

[valuevalue1] 31/3/2022 20:21

Losing 77mn on your direct equitiy/credit investments and not even posting a sentence why. Communication like that will make it very hard to imagine the discount will substantially close anytime soon.

[apple53] 31/3/2022 13:42

So the most optimistic thing I wrote was the 1% bid offer. You are right that it can be worse. If trading fees are low, one can attempt small chunks. Or leave a limit, though since I typically want to deploy cash immediately that is not so helpful.

Psdl also often gives an indicative price.

You have reminded me I should move more cash to degiro where FX spreads much better and they break
trades down well. Plus low fees.

[spectoacc] 31/3/2022 13:11

Thanks @apple53, valid points. Tho I'd counter that TFG/S is often tricky to deal in in size, more so if markets are dislocated?

Not currently in PSDL but have been & agree on that one too. At least until Vlad crosses the border ;)

[apple53] 31/3/2022 11:46

I use this as a sort of store of cash. My view is that it tends to hold up in relative terms in periods of short term violent volatility (Interest rate scare plus Russia are decent examples, though I'm sure there are counter-examples). At which point I can sell some, along with things like PSDL, to buy bombed out stuff (this time round I bought a lot of Eurobanks on 4th March, and previously I have bought Moderna and maybe BABA when massively oversold). Then if/when there is a bounce in the high beta holdings, I can buy back into Tetragon (and PSDL). Buying and selling the dollar stock means no stamp, but still losing maybe 1% on bid-offer. It worked well with the Eurobanks, and maybe with Moderna (can't remember exact timing).

Downsides, other than bid-offer, is a) stamp duty on sterling stock, b)currencies -
works better when staying in the same currency (eg I bought a lot of OSB), but I can run a currency mismatch on ii, and get charged interest), c) Tetragon may bounce while I'm out - this happened to some degree with the monster December NAV jump.

I also think each year that passes we get closer to a resolution of the discount - though I haven't checked if Reade and Paddy have offspring to take over....