Phaunos Timber Fund Limited Dividend Declaration (7112Q)
December 01 2016 - 5:32AM
UK Regulatory
TIDMPTF
RNS Number : 7112Q
Phaunos Timber Fund Limited
01 December 2016
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
1 December 2016
2016 Interim Dividend Announcement
The Board of Phaunos is pleased to announce the proposed payment
of an Interim Dividend of US$0.003 gross per Ordinary Share, with
an ex-dividend date of 8 December 2016, a record date of 9 December
2016 and a payment date of 28 December 2016. The Interim Dividend
is a distribution of surplus cash generated by the Company's
plantations and investments throughout 2016.
Sir Henry Studholme, Chairman of Phaunos Timber Fund, commented
on the declaration:
"The declaration of the 2016 Interim Dividend, in line with the
previously stated Dividend Policy represents the commencement of
regular dividends that are anticipated from the future operations
of the Company. It highlights the effectiveness of the work that
the Board and Stafford Capital Partners have done to turn around
the Company to make it cash flow positive on an annual, sustainable
basis. The portfolio debt has been reduced to 1%, and the Company
continues to rebalance the portfolio towards higher yielding,
mature assets.
It may be useful to highlight that this dividend is not a
distribution of capital but is the commencement of dividends from
surplus cash generated by profitable operations."
Enquiries:
Stafford Capital Partners Limited (Manager)
Michael Goodfellow, +44 (0)20 7535 4915
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley, +44 (0)20 3100 0301
Phaunos Timber Fund Limited (Chairman)
Sir Henry Studholme
info@phaunostimber.com
Notes to Editors
The Company is a Guernsey-domiciled authorised closed-ended
investment scheme authorised by the Guernsey Financial Services
Commission under section 8 of The Protection of Investors
(Bailiwick of Guernsey) Law, 1987 (as amended) and the Authorised
Closed-ended Investment Schemes Rules 2008 made thereunder.
Its ordinary shares are listed on the Main Market of the London
Stock Exchange. Its investment objective is to provide shareholders
with attractive long term total returns, expected to be in the form
of capital appreciation but with some income, through a diversified
portfolio of timberland and timber-related investments.
Stafford Capital Partners Limited was founded in 2000 and has
specialist investment teams in agriculture, infrastructure, private
equity, sustainable capital, timber and venture capital. As at 30
September 2016 Stafford has over US$4.5bn under management and
advice with US$2.0bn in timberland investments. Stafford was
appointed as Manager on 1 July 2014. (www.staffordcp.com)
The Company's ticker is PTF.
Website www.phaunostimber.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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