Phaunos Timber Fund Limited Company Update (3185F)
February 19 2018 - 11:11AM
UK Regulatory
TIDMPTF
RNS Number : 3185F
Phaunos Timber Fund Limited
19 February 2018
Phaunos Timber Fund Limited
19 February 2018
(the "Company")
Company Update
The board of directors (the "Board") of the Company wishes to
provide its second quarterly update for shareholders on the
progress of the realisation of the Company's asset portfolio and
associated matters:
-- Initial cash return of US$25m to shareholders by way of a compulsory redemption completed.
-- Pre-disposal processes underway. Vendor due diligence
providers engaged and work commenced in each jurisdiction. Initial
expressions of interest obtained from possible asset purchasers in
each jurisdiction.
-- COO / CFO appointed to take over finance and operations role
from Stafford Capital Partners in February 2018 - handover
complete. Senior forestry professionals engaged for supervision and
reporting purposes in respect of South American assets.
-- Liquidation of Phaunos Boston Inc. and Phaunos Norge AS under
way, along with a number of other dormant subsidiary entities.
-- Valuation and audit process for year ended 31 December 2017
under way. Signoff and publication of audited financial statements
scheduled for April 2018.
-- Fourth quarter results reported by Rayonier Inc., the
Company's co-shareholder in respect of the Matariki asset,
announced on 7 February 2018. The results and associated
information may be found at:
http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-news&nyo
In addition to any compulsory redemption of ordinary shares
which may be carried out in order to return the proceeds of asset
sales to shareholders during 2018, the Board would consider making
a distribution of profits generated during the course of the year
in December 2018.
The Board makes no change to the guidance provided to
shareholders on 26 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
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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