IPO: IPOS for I am Positive. 2004 should be a leap in the right direction
waldron - Sun, 17 Dec 06 :
The Sunday Times December 17, 2006
Former M&S man leads timber fund
Matthew Goodman
THE former deputy chairman of Marks & Spencer is making a return to public-company life by spearheading the flotation of a new investment fund that specialises in the timber industry.
Keith Oates, who served for five years as deputy chairman of the high-street giant, has been appointed chairman of Phaunos Timber Fund, which is expected to float on the Alternative Investment Market this week.
Phaunos has raised £59m from institutions ahead of its stock-market debut. It will invest in timber-related companies. It is thought to be the first time a vehicle has floated in London dedicated to investing in this sector. Instit- utions that have subscribed for shares include F&C and Tilney.
Previous timber investment products have concentrated on the American market but Phaunos is keen to address the broader international market. Four Winds Capital Management, a firm based in America, has been hired as the fund’s investment manager.
Phaunos has been set up as a closed-end investment fund and is incorporated in Guernsey. It is listing on the Channel Islands stock exchange as well as in London. Shore has been appointed as broker and nominated adviser.
Oates, 64, resigned from M&S in 1999 after failing to land the chief executive’s job. Despite being eager to succeed Sir Richard Greenbury at the head of M&S, he was passed over after a highly acrimonious succession battle.
A former governor of the BBC, Oates has worked for a string of well-known companies, including Rolls-Royce and BT. He has not served on the board of a quoted company since leaving Diageo in 2004.
