LONDON, November 8, 2017 /PRNewswire/ --
Tetragon and its subsidiary Tetragon Financial Group Master Fund Limited announce the commencement of a tender offer to purchase a portion of the outstanding non-voting shares of Tetragon for a maximum aggregate payment of $65,000,000 in cash. The tender offer, which was initially announced by Tetragon on October 31, 2017, will be conducted as a "modified Dutch auction" with shareholders able to tender their Tetragon non-voting shares at prices ranging from and including $12.60 up to and including $14.00 per share. The tender offer is expected to expire at 11:59 p.m. (EST) on December 7, 2017, unless terminated earlier. Deutsche Bank AG, London Branch will act as dealer manager for the tender offer and Computershare Investor Services PLC will act as tender agent for the tender offer.
Eligible shareholders will be able to indicate how many Tetragon 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 Tetragon Master Fund to purchase $65,000,000 in value of Tetragon non-voting shares, or a lower amount if the tender offer is not fully subscribed. All shares purchased by the Tetragon Master Fund in the tender 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 December 12, 2017, and Tetragon expects the purchase of shares in the tender offer would be settled promptly thereafter.
The tender 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 Tetragon. 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 Tetragon's website at the following URL: http://www.tetragoninv.com/investors/share-price-centre/share-repurchase-programmes/2017
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 Deutsche Bank at +49 69 9103 0128. Shareholders are urged to read these materials carefully prior to making any decision with respect to the tender offer.
Deutsche Bank AG, London Branch: Andreas Franzen (+49 69 9103 0128) or Stephen Lambrix (+1 212 250 8339)
Tetragon is a closed-ended investment company that invests in a broad range of assets, including bank loans, real estate, equities, credit, convertible bonds and infrastructure and TFG Asset Management, a diversified alternative asset management business. Where sensible, through TFG Asset Management, Tetragon seeks to own all, or a portion, of asset management companies with which it invests in order to enhance the returns achieved on its capital. Tetragon's investment objective is to generate distributable income and capital appreciation. It aims to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. The company is traded on Euronext in Amsterdam N.V. and on the Specialist Fund Segment of the main market of the London Stock Exchange. For more information please visit the company's website at http://www.tetragoninv.com.
This release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.
In the United Kingdom, this announcement is being distributed to, and is directed at, only (a) persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended; (b) high net worth companies, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (c) persons to whom an invitation or inducement to engage in an investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the tender offer may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). The tender offer is available only to relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of Deutsche Bank AG's authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available on request or from http://www.db.com/en/content/eu_disclosures.htm.
Andy Merrill and Ryan FitzGibbon
+1 212 279 3115 ext. 216 and ext. 234