Phaunos Timber Fund Limited Company Update (9389V)
November 08 2017 - 6:30AM
UK Regulatory
TIDMPTF
RNS Number : 9389V
Phaunos Timber Fund Limited
08 November 2017
Phaunos Timber Fund Limited
8 November 2017
Company update
The Board of Directors (the "Board") of Phaunos Timber Fund
Limited (the "Company") wishes to provide its first quarterly
update for shareholders on the progress of the realisation of the
Company's asset portfolio and associated matters:
-- Sales agent selection process undertaken and completed. Pöyry
Capital Limited has been selected to act on behalf of the Company
in the disposal of its New Zealand and South American forestry
interests. The fee structure has been closely aligned with
shareholders' interests.
-- Focus on selling assets to maximise value over a realistic timeframe.
-- Further advisory appointments in respect of specific assets are under consideration.
-- Liquidation of Phaunos Boston Inc and Phaunos Norge AS under
way, along with a number of other dormant subsidiary entities.
-- Focus on cash repatriation to maximise distributions to shareholders.
-- Valuation and audit process commenced for year ended 31(st) December 2017.
-- Upstreaming of surplus liquidity to the Company underway.
-- Exit plan for Stafford Capital Partners prepared - hiring of interim COO/CFO under way.
In addition, the Board wishes to draw shareholders' attention to
the positive third quarter results reported by Reyonier Inc, the
Company's co-shareholder in respect of the Matariki asset, which
were announced on 1(st) November 2017. The results and associated
information may be found at
http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-irhome.
The Board expects to make an initial cash distribution to
shareholders prior to 31(st) December 2017. The sum involved is
subject to the completion of liquidation processes of group
subsidiaries and also receipt of further investment distributions,
but is presently anticipated to be in the range of
US$15-25million.
The Board makes no change to the guidance provided to
shareholders on 26(th) September 2017, which indicated that the
estimated realisation NAV range of the Company's portfolio falls
between US$229 million and US$286 million, equivalent to US$0.42
cents per share and US$0.52 cents per share respectively.
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Richard Boléat
+44 (0)1534 625522
Stafford Capital Partners Limited (Manager)
Michael Goodfellow, +44 (0)20 7535 4915
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley, +44 (0)20 3100 0301
Notes to Editors
Established in 2006, Phaunos Timber Fund Limited ("PTF" or "the
Company") invests in a concentrated, but diversified portfolio of
timberland and timber-related investments. It was announced on 19
June 2017 that the Company's continuation resolution had not been
passed. The Board is now conducting an orderly realisation of the
assets of the Company.
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
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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