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28 Nov 2018

Phaunos Timber Fund Divestiture

  • At its AGM in June 2017 the shareholders of Phaunos Timber Fund voted to wind up the fund.  The Board of Phaunos then announced its intention to commence a process for the orderly realisation of the Company’s assets.
  • In November 2017 Pöyry Capital was appointed by Phaunos to act as its exclusive financial adviser in connection with the sale of the Company’s forestland interests in New Zealand, Brazil, and Uruguay. At the time of our appointment the share price of Phaunos was US$0.42.
  • A sale process for the assets was launched in April 2018 and indicative offers were received at the end of June.
  • On July 3rd Stafford Capital Partners announced a bid to acquire the shares of Phaunos at a price of US$0.49 per share.
  • On September 14th raised its offer to US$0.52 per share.  On September 28th Stafford announced that its offer was unconditional as to acceptances.   The offer became wholly unconditional on October 18th and Stafford’s acquisition was completed in early November.
  • From the time of our appointment to completion, shareholders in Phaunos realised a 24% increase in the value of their investment.

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