LONDON, March 26, 2013 /PRNewswire/ --
As previously announced, on February 22, 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 "Guernsey Proceedings") instigated by one of TFG's former directors, Alexander Jackson, seeking to impugn TFG's decision to enter into a joint venture with GreenOak Real Estate. On March 26, 2013, Lieutenant Bailiff Patrick Talbot of the Royal Court of Guernsey rendered his decision and dismissed the Guernsey Proceedings having determined that the entire claim should be struck out as an abuse of process as no aspect of it satisfied the standard for bringing such a derivative action in Guernsey. Lieutenant Bailiff Talbot also awarded costs against Mr. Jackson.
Separately, on March 1, 2013, the English Court of Appeal dismissed in its entirety a claim filed by Mr. Jackson against Patrick Dear and Reade Griffith in the High Court in London regarding Mr. Jackson's removal in January 2011 from the Board of Directors of TFG and awarded costs against Mr. Jackson.
TFG is a Guernsey closed-ended company traded on NYSE Euronext in Amsterdam under the ticker symbol "TFG" that aims to provide stable returns to investors across various credit, equity, interest rate and real estate cycles. The company 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. For further information, please contact:
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 U.S. Securities Act of 1933 (the "Securities Act"), as amended, 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. 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 U.S. 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.
SOURCE Tetragon Financial Group Limited