TIDMPTF
RNS Number : 1531D
Phaunos Timber Fund Limited
25 April 2017
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
25 April 2017
Audited Results for the Year Ended 31 December 2016
Phaunos Timber Fund Limited, the specialist authorised
closed-ended timberland and timber-related fund, managed by
Stafford Capital Partners Limited, today announces its audited
results for the year ended 31 December 2016.
2016 Summary
-- Net profit of US$18.3 million for the year compared to a net
loss of US$10.5 million in the prior year
-- Total net assets now stand at US$301.3 million
-- NAV per share increased from US$0.49 as at 31 December 2015
to US$0.55 as at 31 December 2016, an increase of 12%
-- Timber and investment operating expenses decreased from
US$8.4 million in 2015 to US$7.3 million in 2016, a decrease of
13%
-- Revenue from timber operations and investment income
decreased from US$16.3 million for 2015 to US$9.5 million for 2016.
This decrease of 42% was a result of an exceptionally large one-off
sale of standing timber from the Brazilian asset of Mata Mineira in
2015. As expected this one-off sale was not repeated in 2016. This
was partially offset by increased dividends from Matariki.
-- Asset sales totalling US$27.6 million in 2016, consisting of
US$16.8 million from the partial sale of the Boardman Tree Farm
(part of GreenWood Tree Farm Fund), US$8.5 million from the sale of
shares in Green Resources, and US$2.3 million from the sale of the
standing timber at the Brazilian teak estate Alto Jauru.
-- Net cash inflows increased from US$12.9 million as at 31
December 2015 to US$16.0 million as at 31 December 2016, an
increase of 24%
-- Cash held has increased from US$25.6 million as at 31
December 2015 to US$45.6 million as at 31 December 2016
-- 19.1 million shares repurchased through the share buyback
programme in 2016 at a weighted average price of US$0.39 per share,
adding 2.0 cents to the NAV per share
-- The share price increased from US$0.35 as at 31 December 2015
to US$0.41 as at 31 December 2016, an increase of 17%
-- Discount to NAV reduced by 4% from 29% as at 31 December 2015 to 25% as at 31 December 2016
-- In addition to the interim dividend of 0.3 cents per share
paid in December 2016, the Board is proposing a final dividend of
1.6 cents per share, amounting to a total dividend of 1.9 cents per
share for the year
Commenting on the results, Sir Henry Studholme, Chairman of
Phaunos Timber Fund Limited said:
"The Annual Report and Consolidated Financial Statements
underline the continued progress and development which the Company
has made over the year. Substantially all of the initial objectives
set out by Stafford when they took over the management of the
Company have been achieved with the portfolio rebalanced to contain
primarily lower risk and higher yielding assets. The balance sheet
is in a healthy position, and the Company is in a strong cash flow
position. With the Company delivering a profit for the year, an
interim dividend was paid to Shareholders, marking the first
dividend payment since 2012. We now have a sound base so that
looking forward, if Shareholders vote to continue the Company at
the AGM we can commence the payment of regular dividends to
Shareholders, and move to further diversify the portfolio towards
investments in assets capable of generating both yield and capital
growth."
The Company's Annual Report & Consolidated Financial
Statements for the year ended 31 December 2016 can be accessed by
clicking on the following link
http://www.rns-pdf.londonstockexchange.com/rns/1531D_-2017-4-24.pdf
or on the Company's website (www.phaunostimber.com) under
'Financial Reports' in the Investor Information section of the
website.
Enquiries:
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
Phaunos Timber Fund Limited (Chairman)
Sir Henry Studholme
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. The Company seeks to
provide Shareholders with attractive investment returns over the
longer term, largely in the form of capital appreciation, but with
some income.
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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