Tetragon Financial Group Master Fund Limited Announces Tender Offer to Purchase $50,000,000 of Tetragon Financial Group Limited ("TFG") Non-Voting Shares
LONDON, February 10, 2014 /PRNewswire/ --
TFG and its subsidiary, the Tetragon Financial Group Master Fund Limited (the "Master Fund") today announced the commencement of a tender offer (the "Offer") to purchase a portion of the outstanding non-voting shares of TFG for a maximum aggregate payment of $50,000,000 in cash. The Offer, which was initially announced by TFG on January 31, 2014, will be conducted as a "modified Dutch auction" with shareholders able to tender their TFG non-voting shares at prices ranging from $10.30 up to and including $11.50 per share (in increments of $0.10). The Offer is expected to expire at 11:59 p.m. Eastern Daylight Time on March 10, 2014, unless terminated earlier. Deutsche Bank AG, London Branch ("Deutsche Bank") will act as dealer manager for the Offer and KAS BANK N.V. will act as tender agent for the Offer.
Eligible shareholders will be able to indicate how many TFG non-voting shares and at what price or prices within the specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, Deutsche Bank will determine the lowest price per share within the range that will enable the Master Fund to purchase $50,000,000 in value of TFG non-voting shares, or a lower amount if the Offer is not fully subscribed. All shares purchased by the Master Fund in the Offer will be purchased at the same price. The determined purchase price, as well as the proration factor (if applicable) is expected to be announced on or about March 14, 2014, and TFG expects the purchase of shares in the Offer would be settled promptly thereafter.
The Offer is not conditioned upon the receipt of any minimum number of shares being tendered.
This release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of TFG. The full details of the tender offer, including complete instructions on how to tender shares, are included in the offer to purchase which is available on TFG's website at the following URL: http://www.tetragoninv.com/investor/reports/share_repurchase/2014.aspx
Shareholders should read carefully the offer to purchase because it contains important information. Shareholders may obtain electronic copies of this document free of charge by calling the dealer manager for the Offer, Deutsche Bank, at +44-207-54-75393. Shareholders are urged to read these materials carefully prior to making any decision with respect to the Offer.
TFG is a Guernsey closed-ended investment company traded on NYSE Euronext in Amsterdam under the ticker symbol "TFG". TFG aims to provide stable returns to investors across various credit, equity, interest rate and real estate cycles. TFG maintains two key business segments: an investment portfolio and an asset-management platform. Both segments cover a broad range of assets including bank loans, real estate, equities, credit, and convertible bonds. TFG invests its capital through the Master Fund.