Phaunos Timber Fund Limited Company Update (6400K)
July 10 2017 - 12:00PM
UK Regulatory
TIDMPTF
RNS Number : 6400K
Phaunos Timber Fund Limited
10 July 2017
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
10 July 2017
Company Update
The Manager of Phaunos Timber Fund Limited, Stafford Capital
Partners Limited ("Stafford"), has informed the Board of Phaunos
that it will resign with effect from the Company's General Meeting
to be held in August 2017. From that date a six month notice period
will commence
.
Since being appointed as manager of the Company, Stafford has
worked with the Board to turn around the Company's performance
including the sale of the higher risk assets from the Company's
portfolio. During the notice period, Stafford will focus on the
ongoing management of the Company's assets, the appointment of a
sales agent to manage the realisation of assets, and the provision
of fund information as part of an orderly hand over to a new
manager.
Stephen Addicott of Stafford Capital Partners said "Stafford has
appreciated the close relationship that it has developed with both
shareholders and the current Phaunos Board over the past three
years. While disappointed that shareholders decided not to support
the Company's continuation, we are very proud of the improved
performance that has been achieved and are firmly of the view that
the Company is in a much better position to realise shareholder
value than it was when we commenced managing the Phaunos portfolio
in June 2014. We trust that shareholders will understand the
decision that has been reached and we will continue to work hard to
ensure that there is a smooth transition of the management
responsibilities".
The Board want to put on record their thanks and appreciation of
Stafford's expertise and hard work in transforming the Company over
the last three years and wish them well in their ongoing
international timberland investment business.
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Sir Henry Studholme
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley, +44 (0)20 3100 0301
Media Enquiries:
Phoenix Financial PR
Gordon Puckey: +44 (0) 7799 767468
info@phaunostimber.com
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.
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
It was announced on 19 June 2017 that the Company's continuation
resolution had not been passed. The Board has stated that it will
put forward proposals to commence the process for an orderly
realisation of the assets of the Company.
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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