Tetragon Financial Share Discussion Threads

[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"

[chrisdgb] 26/10/2023 06:43

Another decent sized tender......

[alpal2] 16/8/2023 15:56

.... and quoted shares are non-voting.

[alpal2] 16/8/2023 10:30

Yes, it may be on a 70% discount to NAV but there's no way the directors will let ordinary shareholders benefit. Their income / fees are based on spurious NAV not share price so they don't care about minorities.

[makinbuks] 11/8/2023 08:40

Positive mention here, a few days ago, hasn't had any effect

hxxps://citywire.com/investment-trust-insider/news/trust-watch-a-2-5bn-global-fund-on-a-massive-70-discount/a2423199?utm_medium=website&utm_source=citywire_it_insider&utm_campaign=showcase&;utm_content=investment-trust-insider-editors-picks-list&;utm_pos=1

[davebowler] 18/4/2023 12:05

hTtpS://www.edisongroup.com/research/navigating-challenging-times-2/32211/

[makinbuks] 31/3/2023 19:01

Yes there are many theories as to why a discount exists and what to do about it, but sometimes the most obvious theory ie, that demand for a share outstrips supply is the most powerful.

[chrisdgb] 31/3/2023 17:05

Thanks, let’s hope for another move up on this tender….

[davebowler] 31/3/2023 16:57

at 16 minutes

[makinbuks] 07/3/2023 09:08

I had the same reaction Tula, I guess we are classed "professional" for a broker to have allowed us to buy them in the first place although it is poorly defined. In particular I was drawn to the "sufficient resources" part. No amount of resource is capable of assessing information that simply isn't there.

[chrisdgb] 07/3/2023 08:12

Nice to see another tender........

[tula100] 06/3/2023 17:28

Are we retail investors not deemed to be intelligent enough to decide on our own risks then?

Tetragon’s non-voting shares are not intended for European retail investors. Tetragon anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term in a predominantly income-producing investment and who have experience in investing in financial markets and collective investment undertakings, who are capable themselves of evaluating the merits and risks of Tetragon shares, and who have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses (which may equal the whole amount invested) that may result from the investment.

[makinbuks] 06/3/2023 16:12

Id be interested in others views on the presentation. I find it an incredibly dry process of mechanically reading the information in front of you in tabular form. To simply read out, additions were x, distributions were y and gains/losses were z adds no colour. Occasionally, a little nugget is let drop, eg the driver behind an increase in valuation is a reduction in the discount rate. Sensibly a listener questions this (presumably because its counter intuitive as risk free rates rise) but the response is the deliberately dry "independent valuation". They know full well what you are asking but they give a bland politicians answer. The question on valuing legal assets was mine. They are fully aware this is a contentious issue from the Bruford saga yet again they ignore the issue and simply advise that they invest in a fund and the price of the fund is advised to them and its immaterial anyway. I actually enjoy listening to them but get very little out of it

[riskvsreward] 05/3/2023 17:11

The management claims they have a long term annual return on nav of over 10%, and the share price is under a third of nav, they should easily pay a 10% dividend and still have a dividend cover of more than three times, being conservative by any standards. Of course unless their nav return is all bxxx…