TIDMPTF
RNS Number : 9116O
Phaunos Timber Fund Limited
24 August 2017
Phaunos Timber Fund Limited
("Phaunos" or the "Company")
24 August 2017
Unaudited Interim Results for the Six Months to 30 June 2017
Phaunos Timber Fund Limited, the specialist authorised
closed-ended timberland and timber-related investment fund, managed
by Stafford Capital Partners Limited, today announces its unaudited
interim results for the period ended 30 June 2017.
2017 Interim Performance Summary
-- 5% decrease in Net Asset Value ("NAV") to US$286.8 million
from US$301.3 million at 31 December 2016, net of share buybacks
and dividends declared. The decrease is primarily attributable to
US$11.8 million provided for in estimated realisation taxes as a
result of the anticipated wind-down of the Company, as well as
estimated sales and deregistration costs
-- Discount to NAV reduced by 9% from 25% as at 31 December 2016 to 16% as at 30 June 2017
-- In addition to the interim dividend of 0.3 cents per Ordinary
Share paid in December 2016, the Board paid a final dividend of 1.6
cents per Ordinary Share in July 2017, amounting to a total
dividend of 1.9 cents per share for the 2016 year
-- Revenue from timber operations and investment income
increased from US$2.1 million for the first six months of 2016 to
US$7.0 million for the same period in 2017. The increase was due to
increased distributions from Matariki, which contributed US$6.0
million to revenue as well as timber sales revenue of US$0.6
million from the Mata Mineira asset
-- Timber and investment operating expenses increased from
US$3.1 million in 2016 to US$4.4 million in 2017, an increase of
42%, primarily due to the Increased Base Fee paid to Stafford in
lieu of the lapsed warrants as a result of the outcome of the 2017
continuation vote
-- 1.5 million shares repurchased through the share buyback
programme in 2017 at a weighted average price of US$0.46 per
share
Commenting on the results, Sir Henry Studholme, Chairman of
Phaunos Timber Fund Limited said:
"This is my last report as Chairman and I am pleased to say that
operationally, the performance of the Company's underlying
investments over the first half of 2017 was very encouraging and
reflects the cost savings and focus on revenue generation put into
place by Stafford and the Board over the last few years.
While the NAV of the Company has decreased by 5%, this is
primarily attributable to provisions made to take account of the
anticipated wind-down costs in realising the assets and returning
the proceeds to Shareholders as part of the new investment
objective and policy approved recently by Shareholders following
the vote at the AGM on 19 June 2017 not to continue the
Company.
I am pleased to report that during the first six months of 2017
Matariki has provided Phaunos with higher than budgeted
distributions and two new wood supply agreements were agreed in
Brazil which are expected to generate revenue in the second half of
the year. Moreover, the share price strengthened since year end.
The positive performance of the underlying assets is expected to
continue throughout 2017 as the managed wind-down process
continues."
The Company's Interim Report & Condensed Consolidated
Financial Statements for the period ended 30 June 2017 can be
accessed here
http://www.rns-pdf.londonstockexchange.com/rns/9116O_1-2017-8-24.pdf
or on the Company's website (www.phaunostimber.com) under
'Financial Reports' in the Investor Information section of the
website.
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Sir Henry Studholme
Stafford Capital Partners Limited (Manager)
Michael Goodfellow: +44 (0) 20 7535 4915
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley: +44 (0) 20 3100 0301
Capita Registrars Ltd (Registrar)
Lorraine Lakey, +44 1484 600 959
Media Enquiries:
Phoenix Financial PR
Gordon Puckey: +44 (0) 7799 767468
info@phaunostimber.com
Notes to Editors
About Phaunos Timber Fund Limited
Established in 2006, Phaunos Timber Fund Limited ("Phaunos" or
"the Company") invests in a concentrated, but diversified portfolio
of timberland and timber-related investments.
Phaunos 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 Premium Segment of the
Main Market of the London Stock Exchange.
At the 2017 AGM on 19 June 2017, a majority of the votes
submitted were against continuing the Company for a further five
years. Shareholders have approved a change to the Company's
investment policy to permit an orderly realisation of its
assets.
About Stafford Capital Partners Limited
Stafford Capital Partners Limited (the "Manager" or "Stafford")
is a leading private markets investment and advisory group, with
US$4.9 billion of funds under management and advice as at 30 June
2017. The Stafford group comprises focused teams in the timberland,
agriculture, infrastructure, private equity, sustainable capital
and venture capital sectors.
With effect from 17 August 2017, Stafford has tendered its
resignation as the Company's Manager and will serve a six-month
notice period.
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
IR BGGDISBDBGRS
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