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Tetragon Financial Group Limited (TFG) Announces Continuation of its Share Repurchase Program
By: PR Newswire
Jan. 11, 2013 02:00 AM
LONDON, January 11, 2013 /PRNewswire/ --
TFG today announces that it will reinitiate its share repurchase program previously announced on October 28, 2011 (the "Prior Share Repurchase Program"). The Board of TFG continues to be confident in the long-term prospects of TFG. The Board also believes that the purchase of shares in the market may at appropriate price levels below Net Asset Value represent an attractive use of TFG's excess cash and an efficient means to return cash to its shareholders.
The updated share repurchase program will commence on January 14, 2013 and will continue for a period of up to April 30, 2013, until the remainder of the 5% of the Company's outstanding shares authorized under the Prior Share Repurchase Program have been repurchased or until terminated by the Board. Other than as described below, the updated share repurchase program shall be conducted on the same terms as the Prior Share Repurchase Program. Accordingly, the maximum price to be paid per share under the share repurchase program shall not exceed the higher of the price of the last independent trade and the highest current independent bid on NYSE Euronext in Amsterdam. TFG's maximum daily trading volume for such purchases shall be based on the average daily volume traded in December 2012 and shall be fixed for the duration of the program.
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