Phaunos Timber Fund Limited Strategy/Company/Ops Update (3639R)
December 08 2016 - 10:44AM
UK Regulatory
TIDMPTF
RNS Number : 3639R
Phaunos Timber Fund Limited
08 December 2016
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
December 8, 2016
Phaunos Five Year Strategy Outline
The Company is pleased to release a presentation that provides
shareholders with an update on the status of the portfolio together
with a strategy outline for further discussion and review ahead of
the continuation vote to be put to shareholders at the AGM in June
2017 (the "Continuation Vote").
The presentation is available on the Company's website
(www.phaunostimber.com).
In summary the presentation covers the following:
1. The intention of the Phaunos Board to propose a resolution
for the continuation of the Company for a further 5 years
2. The potential to provide yields of 3-5% and NAV growth of
3-5% in the medium term subject to ongoing asset sales and the
potential re-investment of part of the sale proceeds(1)
3. An estimated net asset value ("NAV") at the Company's
financial year end of between US$ 310 million and US$ 325 million
or between 57 and 59 cents per share subject to finalisation of
independent valuations, foreign exchange movements and audit of the
annual report. This represents a 16-20% increase relative to the
2015 year end NAV per share of 49 cents
4. The reduction in portfolio debt to 1% of NAV
5. A rebalancing of the portfolio that has lowered the portfolio
risk and increased the cash held to levels above US$ 45 million
(13-15% of the estimated year end NAV)
6. The revised management fee arrangements between the Company
and Stafford Capital Partners Limited of 0.75% of market
capitalisation, subject to the passing of the Continuation Vote.
The fee will be effective from 1 December 2016. This arrangement
falls within LR 11.1.10R of the Listing Rules.
(1) This is a target only and should not be construed as a
profit forecast
Enquiries:
Stafford Capital Partners Limited (Manager)
Michael Goodfellow, +44 (0)20 7535 4915
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
The Company 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.
Its ordinary shares are listed on the Main Market of the London
Stock Exchange. Its investment objective is to provide shareholders
with attractive long term total returns, predominantly expected to
be in the form of capital appreciation but with some income,
through a diversified portfolio of timberland and timber-related
investments.
Stafford Capital Partners was founded in 2000 and has specialist
investment teams in agriculture, infrastructure, private equity,
sustainable capital, timber and venture capital. As at 30 September
2016 Stafford has over US$4.5bn under management and advice with
US$2.0bn in timberland investments. Stafford was appointed as
Manager on 1 July 2014. (www.staffordcp.com)
The Company's ticker is PTF.
Website www.phaunostimber.com
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3639R_-2016-12-8.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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