LONDON, February 23, 2011 /PRNewswire/ -- On 22 February 2011, Tetragon Financial Group Limited, Tetragon Financial Group Master Fund Limited (together, "TFG") and TFG's six directors were served with proceedings in the Royal Court of Guernsey (the "Proceedings") instigated by one of TFG's former directors, Alexander Jackson. Mr. Jackson was given notice to vacate office as a director on 24 January 2011.
By the Proceedings, Mr. Jackson seeks to impugn TFG's decision of 29 July 2010, announced on 2 August 2010, to enter into a joint venture with GreenOak Real Estate (the "GreenOak Transaction"). The Proceedings are confined to claims for damages and other relief against TFG's directors, and do not seek to reverse or interfere with the GreenOak Transaction, which was implemented in the third quarter of 2010.
TFG and its directors believe that there is no merit whatsoever in the Proceedings and will take all necessary steps to ensure the Proceedings are dismissed as quickly as possible.
TFG's investment manager, Tetragon Financial Management LP, has concluded that it is untenable for Mr. Jackson to continue in his current role as a consultant with respect to investment and risk matters relating to TFG and, therefore, is taking steps to ensure that he will no longer continue in that capacity, although he remains a shareholder of TFG's investment manager.
Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG" that currently invests primarily through long-term funding vehicles such as collateralized loan obligations in selected securitized asset classes and aims to provide stable returns to investors across various interest rate and credit cycles.
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 TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG 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, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.
For further information, please contact: TFG: David Wishnow/Yuko Thomas Investor Relations email@example.com Press Inquiries: Brunswick Group Jonathan Glass/Pip Green firstname.lastname@example.org +44-20-7404-5959
SOURCE Tetragon Financial Group Limited