Phaunos Timber Fund Limited Company Update - Firm Offer by Stafford (4669T)
03 July 2018 - 11:32PM
UK Regulatory
TIDMPTF TIDMTTM
RNS Number : 4669T
Phaunos Timber Fund Limited
03 July 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY (IN WHOLE OR IN PART), IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER
OFFER OR AN OFFER OF SECURITIES.
3 July 2018
Phaunos Timber Fund Limited ("Phaunos" or the "Company")
Firm Offer by Stafford
The board of Phaunos (the "Board") notes the announcement
earlier today by Stafford Capital Partners Limited ("Stafford")
regarding a firm cash offer for the entire issued and to be issued
share capital of the Company (the "Firm Offer").
The Board reiterates its commitment to balance maximising the
value from the Company's investments with making timely returns of
capital to shareholders. As previously announced and in line with
the strategy set out to shareholders, the Company has been focused
on the realisation of its asset portfolio (the "Asset Realisation
Process") which was initiated in August 2017.
The Company confirms that it has now received initial
indications of interest (the "Indicative Bids") from various
parties for each of the assets included in the Asset Realisation
Process, which it is currently assessing. These Indicative Bids are
encouraging and the Board is very pleased with progress made to
date.
Under the offer timetable, the Board notes that Stafford are
expected to post their formal offer document between 18 July 2018
and 27 July 2018. Following the posting of the offer document,
Phaunos has up to 14 days to post a response document that will
include an update on the Asset Realisation Process as well as the
Board's views on the value of the Firm Offer.
Accordingly, the Board urges shareholders to take no action at
this time.
Enquiries:
Phaunos Timber Fund Limited
Richard Boléat (Chairman) +44 (0)1534 625522
Evercore Partners International LLP
(Financial Adviser)
Julian Oakley
Julien Baril +44 (0)20 7653 6000
Winterflood Investment Trusts (Corporate
Broker)
Joe Winkley
Neil Langford +44 (0)20 3100 0000
Rule 26.1 Disclosures
In accordance with Rule 26.1 of the UK Takeover Code (the
"Code"), a copy of this announcement will, subject to certain
restrictions relating to persons resident in restricted
jurisdictions, be available on Phaunos's website at
http://www.phaunostimber.com/announcements/ by no later than 12
noon (London time) on the business day following the release of
this announcement. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement. The person responsible for arranging for the
release of this announcement on behalf of Phaunos is Vistra
Guernsey (acting as Company Secretary).
Important Notices
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or solicitation of any offer
to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities or the solicitation of any vote or
approval in any jurisdiction. Any offer (if made) will be made
solely by certain offer documentation which will contain the full
terms and conditions of any offer (if made), including details of
how such offer may be accepted. This announcement has been prepared
in accordance with English law and the Code, and information
disclosed may not be the same as that which would have been
prepared in accordance with laws outside of the United Kingdom. The
release, distribution or publication of this announcement in
jurisdictions outside of the United Kingdom may be restricted by
laws of the relevant jurisdictions, and therefore persons into
whose possession this announcement comes should inform themselves
about, and observe, any such restrictions. Any failure to comply
with the restrictions may constitute a violation of the securities
law of any such jurisdiction.
Evercore Partners International LLP ("Evercore"), which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as financial adviser for Phaunos
Timber Fund and no one else in connection with the matters set out
in this announcement and will not regard any other person as its
client in relation to the matters in this announcement and will not
be responsible to anyone other than Phaunos Timber Fund for
providing the protections afforded to clients of Evercore, nor for
providing advice in relation to any matter referred to herein.
Neither Evercore nor any of its subsidiaries, branches or
affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract or in
tort, under statute or otherwise) to any person who is not a client
of Evercore in connection with this announcement, any statement
contained therein or otherwise. Apart from the responsibilities and
liabilities, if any, which may be imposed on Evercore by FSMA, or
the regulatory regime established thereunder, or under the
regulatory regime of any jurisdiction where exclusion of liability
under the relevant regulatory regime would be illegal, void or
unenforceable, neither Evercore nor any of its affiliates accepts
any responsibility or liability whatsoever for the contents of this
announcement, and no representation, express or implied, is made by
it, or purported to be made on its behalf, in relation to the
contents of this announcement, including its accuracy, completeness
or verification of any other statement made or purported to be made
by it, or on its behalf, in connection with Phaunos Timber Fund or
the matters described in this announcement. To the fullest extent
permitted by applicable law, Evercore and its affiliates
accordingly disclaim all and any responsibility or liability
whether arising in tort, contract or otherwise (save as referred to
above) which they might otherwise have in respect of this
announcement or any statement contained therein.
Winterflood Securities Limited ("Winterflood"), which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as corporate broker to Phaunos Timber
Fund and no one else in connection with the matters set out in this
announcement and will not regard any other person as its client in
relation to the matters in this announcement and will not be
responsible to anyone other than Phaunos Timber Fund for providing
the protections afforded to clients of Winterflood, nor for
providing advice in relation to any matter referred to herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDRJMJTMBJMBMP
(END) Dow Jones Newswires
July 03, 2018 09:32 ET (13:32 GMT)
Phaunos Timber (LSE:PTF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Phaunos Timber (LSE:PTF)
Historical Stock Chart
From Jul 2023 to Jul 2024