![]() IMO they could use this money to take out one of their managers at (or above) NAV, or with now high XRP sell/buyout/list/get rid of the unwanted Ripple C-round shares, such a realisation demonstrated at NAV could really reduce the discount. Tetragon Acquisition I, a blank check company formed by Tetragon Financial Group targeting the alternative asset management industry, filed on Thursday with the SEC to raise up to $500 million in an initial public offering. Hxxps://enter/News/80538/Alt ernative-asset-manag ement-focused-SPAC-T etragon-Acquisition- I-files-for-Īlternative asset management-focused SPAC Tetragon Acquisition I files for a $500 million IPO com/article/4409752 -tetragon-financial- group-limited-tgonf- management-on-q4-202 0-results-earnings-c all-transcript in December 2019 raised 200m from New York investment company Tetragon. If you missed a call (and can't or won't relisten on TFG site (onky 30days?), you can easily read the transscript: Cryptocurrency firm Ripple Labs has been sued by the SEC and a major investor. Tetragon sees room for further growth in AUM of TFG Asset Management and does not expect to float the business in the near term (which, however, remains its long-term intention). Nevertheless, the current discount offers considerable downside protection to investors, who are also rewarded through dividends (4.1% yield on a last 12 months basis) and NAV-accretive share buybacks. The recent enforcement action of the US Securities and Exchange Commission (SEC) against Ripple Labs (7.3% of Tetragon’s NAV) may add to this. ![]() This may at least partly come from its incentive fee structure (which also dampened the NAV TR in FY20), only non-voting shares being available to investors (which means Tetragon cannot enter LSE’s premium segment) and TFG Asset Management’s carrying value being based on private valuation. Tetragon claimed that the SECs lawsuit and an earlier Wells. Hxxps://tfg-asset-management -grows-in-aum-and-va lue/29389Įdison report - Despite the long-term NAV returns Tetragon demonstrated, its shares continue to trade at a wide discount of 63%, which is ahead of the already wide 10-year average of 43% and visibly higher than its peers. that Ripples sales of the digital asset XRP constituted unregistered sales of securities. ![]()
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