Phaunos Timber Fund Limited Compulsory Redemption of Ordinary Shares (1354A)
22 December 2017 - 3:30AM
UK Regulatory
TIDMPTF
RNS Number : 1354A
Phaunos Timber Fund Limited
21 December 2017
Phaunos Timber Fund Limited
21 December 2017
(the "Company")
Compulsory Redemption of Ordinary Shares
Further to the announcement made on 15 December 2017, the
Company is pleased to provide further information in respect of its
compulsory redemption of Shares (the "Redemption").
Approximately US$25 million is to be returned to shareholders
pursuant to the Redemption at a price of US$0.53 per share, being
the Company's NAV per share as at 30 June 2017 (the "Redemption
Price"). It is expected that payments of Redemption monies will be
effected either through CREST (in the case of Shares held in
uncertificated form) or by cheque (in the case of Shares held in
certificated form) by 29 January 2018.
The Redemption is being effected pro rata to holdings of Shares
on the register at the close of business on 9 January 2018 (the
"Redemption Date") pursuant to a general authorisation to redeem
shares held by all shareholders in accordance with the redemption
mechanism in the Company's articles of incorporation.
Prior to the Redemption the Company had 571,214,877 redeemable
ordinary shares in issue. All of the shares redeemed on the
Redemption Date will be cancelled. No fractions of Shares will be
redeemed and so the number of Shares to be redeemed for each
Shareholder will be rounded down to the nearest whole number of
Shares.
The shares will be disabled in CREST after close of business on
the Redemption Date and the existing ISIN number - GG00B1G3RS66
(the "Old ISIN") - will expire. The new ISIN in respect of the
remaining shares which have not been redeemed - GG00BFX4LT97 (the
"New ISIN") - will be enabled and available for transactions from
8.00 a.m. on 10 January 2018. Up to and including the Redemption
Date, Shares will be traded under the Old ISIN and as such, a
purchaser of such Shares would have a market claim for a proportion
of the redemption proceeds. CREST will automatically transfer any
open transactions as at the Redemption Date to the New ISIN.
Expected timetable:
Record date for the Redemption 9 January
2018
Redemption Date and expiry 9 January
of Old ISIN 2018
New ISIN enabled 10 January
2018
Redemption monies paid 29 January
by 2018
Unless otherwise defined, capitalised words and phrases in this
announcement shall have the meaning given to them in the Company's
circular dated 1 August 2017.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Chris Bougourd, Vistra
Guernsey, Company Secretary.
Enquiries:
Phaunos Timber Fund Limited (Chairman)
Richard Boléat
+44 (0)1534 625522
Vistra Guernsey (Secretary)
Chris Bougourd
+44 01481 754 145
Valerie Goodwin
+44 01481 732 153
Winterflood Investment Trusts (Corporate Broker)
Neil Morgan
+44 (0)20 3100 0000
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. It was announced on 19
June 2017 that the Company's continuation resolution had not been
passed. The Board is now conducting an orderly realisation of the
assets of the Company.
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
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
MSCTBBFTMBTTBRR
(END) Dow Jones Newswires
December 21, 2017 11:30 ET (16:30 GMT)
Phaunos Timber (LSE:PTF)
Historical Stock Chart
From Apr 2024 to May 2024
Phaunos Timber (LSE:PTF)
Historical Stock Chart
From May 2023 to May 2024