TIDMPTF
RNS Number : 5123I
Phaunos Timber Fund Limited
19 June 2017
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
19 June 2017
Result of AGM
The Board of Phaunos Timber Fund Ltd announces that at the
Annual General Meeting ("AGM") held today at 11.00 a.m. on 19 June
2017, all resolutions were duly passed on a poll with the exception
of Resolution 7 (the Continuation Vote).
As Resolution 7 has not been passed, it is the Board's intention
to put forward proposals, to commence the process for the orderly
realisation of the assets of the Company to maximise value and the
timely distribution of the proceeds to shareholders, at an
Extraordinary General Meeting as soon as practicable but in any
event not later than 19 October 2017.
The results are shown below.
Ordinary Resolutions For Against Withheld
1. Adoption of Financial
Statements 31 December
2016 349,170,941 0 5,199,674
2. Re-appoint Ernst & Young
LLP as Auditors for 2017 349,170,941 0 5,199,674
3. Directors' authority
to fix Auditor's remuneration 349,170,941 0 5,199,674
4. Re-elect William Vanderfelt
as a Director 298,782,096 50,388,845 5,199,674
5. Re-confirm the maximum
remuneration of the
Directors will not exceed
GBP350,000 for 2017 349,170,941 0 5,199,674
6. To authorise the Company
to make market
acquisitions of its own
Ordinary Shares 351,094,018 0 3,276,597
7. That the Company shall
continue in business for
a further five years 138,325,748 216,044,867 0
Special Resolutions
8. Authorisation to make
market acquisitions of
Company's own shares pursuant
to a tender offer 351,094,018 0 3,276,597
9. To dis-apply pre-emption rights.
Resolution 9 was withdrawn in the light of the
result of resolution 7.
Sir Henry Studholme Bt
Chairman
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Sir Henry Studholme
Stafford Capital Partners Limited (Manager)
Michael Goodfellow, +44 (0)20 7535 4915
Media Enquiries:
Phoenix Financial PR
Gordon Puckey: +44 (0) 7799 767468
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley, +44 (0)20 3100 0301
info@phaunostimber.com
Notes to Editors
1. About Phaunos Timber Fund Limited
Established in 2006, Phaunos Timber Fund Limited ("PTF" or "the
Company") invests in a concentrated, but diversified portfolio of
timberland and timber-related investments.
PTF 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. The Company's
ordinary shares are traded on the Main Market of the London Stock
Exchange. www.phaunostimber.com
2. About Stafford Capital Partners Limited
Established in 2000, Stafford Capital Partners ("Stafford") is a
leading private markets investment group. It has specialist
investment teams working across Real Assets, Private Equity and
Credit, and with offices in Austin, Boston, Hanover, London, Sydney
and Zurich, has a truly global presence. As at 31 March 2017,
Stafford has more than US$4.8 billion under management and advice,
with US$2.3 billion in timberland investments. Stafford was
appointed as the Manager of Phaunos on 1 July 2014.
(www.staffordcp.com)
Stafford's timberland business provides fund management and
advisory services to institutions seeking global timberland
exposure; this is achieved through pooled investment vehicles and
co-investment opportunities in transactions (which are sometimes
larger than the capacity of the primary fund). Stafford's pooled
funds offer globally diversified portfolios of timberland assets,
and are actively managed to take advantage of developing market
trends. Stafford presently manages timber investments in Australia,
Brazil, Canada, Central America, Chile, New Zealand, the US and
Uruguay.
Stafford Capital Partners is a member of the 'Principles for
Responsible Investment' (PRI); these Principles are an
internationally agreed upon framework, designed to help
institutional investors to incorporate Environmental, Social and
Governance (ESG) considerations into their investment
decision-making and ownership practices. The PRI has acknowledged
Stafford as having incorporated a solid framework for ESG
considerations into its investment decision process.
The Company's ticker is PTF.
www.phaunostimber.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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