Phaunos Timber Fund Limited Cancellation of Shares held in Treasury (4043B)
January 09 2018 - 10:17AM
UK Regulatory
TIDMPTF
RNS Number : 4043B
Phaunos Timber Fund Limited
09 January 2018
Phaunos Timber Fund Limited
9 January 2018
(the "Company")
Cancellation of Shares held in Treasury
Further re Compulsory Redemption of Ordinary Shares
Further to the announcement made on 21 December 2017, the
Company is pleased to provide further information in respect of its
compulsory redemption of Ordinary Shares (the "Redemption").
The Company has today cancelled all of the shares held in
treasury, being 25,685,045 Ordinary Shares. Therefore, the number
of Ordinary Shares in issue and eligible to participate in the
compulsory redemption is 545,529,832. 47,169,811 Ordinary Shares
will be redeemed and cancelled at a price of US$0.53 per share,
representing 8.647% of the Ordinary Shares in issue prior to the
Redemption.
The Redemption is being effected pro rata to holdings of
Ordinary Shares on the register at the close of business on 9
January 2018 (the "Redemption Date") pursuant to a general
authorisation to redeem shares held by all shareholders in
accordance with the redemption mechanism in the Company's Articles
of Incorporation.
It is expected that payments of redemption monies will be
effected either through CREST (in the case of Ordinary Shares held
in uncertificated form) or by cheque (in the case of Ordinary
Shares held in certificated form) by 29 January 2018.
Following completion of the Redemption, 498,360,021 Ordinary
Shares will remain in issue and will trade under a new ISIN -
GG00BFX4LT97 (the "New ISIN"), which will be enabled and available
for transactions from 8.00 a.m. UK time on 10 January 2018. CREST
will automatically transfer any open transactions to the New
ISIN.
The above figure of 498,360,021 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Richard Boléat
+44 (0)1534 625522
Vistra Guernsey (Company Secretary)
Chris Bougourd
+44 01481 754 145
Valerie Goodwin
+44 01481 732 153
Winterflood Investment Trusts (Corporate Broker)
Neil Morgan
+44 (0)20 3100 0000
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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