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Company Information for The Phaunos Timber Fund
Company stock charts - 12 Month chart
 LSE; PTF
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Company Statement
The Phaunos Timber Fund ("Phaunos") is a closed-ended investment company registered and incorporated in Guernsey. Phaunos has been established to make timberland and timber related investments on a global basis.
Phaunos raised US$115 million in a placing by Shore Capital Stockbrokers Limited and LCF Edmond de Rothschild Securities Limited and joined AIM and the Channel Islands Stock Exchange on the 20th of December 2006.
The Company raised a further US$370 million through a secondary round of equity fundraising, placing 355,769,230 new ordinary shares at a placing price of $1.04 per share. These shares began trading on the 5th of June 2007.
Investments are managed by FourWinds Capital Management.
The company ticker is PTF. Its capital is denominated in US Dollars and the company will not have a fixed life.
Phaunos aims to provide its Shareholders with attractive long term total returns through a diversified portfolio of timberland and timber related investments. Phaunos seeks to provide tax-efficient access to opportunities historically available only to the largest (generally US-based) institutional investors.
Current Operations
Investment objectives and policy
The Company's 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.
The Investment Manager will seek to accomplish this investment objective by (i) seeking exposure to timberland and timber related investments on a global basis; (ii) seeking portfolio diversification by tree species, age classes and geographical timberland markets; and (iii) seeking to control risk through such portfolio diversification, investment vehicle selection and implementation of risk control strategies. In order to maintain flexibility, there will be no predetermined geographical limits. The Company will invest in developed timberland markets in politically stable countries and will invest in at least three different regions of the world.
The Company may also use timber related instruments such as financial futures, options, warrants and swaps, the return on which is linked to timber related indices or other timber related instruments or vehicles. Such timber related instruments may be used either for cash management purposes or as part of the Company's investment structures.
Investment Strategy
The Company intends to build a diversified portfolio of timberland properties and timberland related investments through a research-led ethically and socially responsible investment process designed to identify best of breed timberland managers and acquire timberland, or forestry, or related investment vehicles or structures related to these vehicles. The strategy is intended to allow the Company to build an optimised timberland portfolio in terms of geographical allocation, age class and species that will maximise after-tax returns while seeking to control volatility and limit downside risk exposure. The Company believes that this approach will generate both current income and long term capital appreciation for Shareholders.
Different age classes of tree will provide harvestable timber over time and diversification by species and geography will provide exposure to both different growth rates and different market segments/prices. Harvested lands will generally either be replanted or allowed to regenerate naturally, as appropriate. Where the Company disposes of its properties they will either be sold as timberlands or, where practicable, for an alternative use which commands a higher price, being the "Highest and Best Use".
The Company intends to seek exposure to larger tracts of commercial timberland, as well as reviewing opportunities for smaller tracts or groups of smaller tracts where those opportunities provide higher return potential or exposure to niche markets.
The Company will work with market-leading, major timber investment groups, forest managers and TIMOs in the selection, acquisition and management of its timber investments. Because of the broad international mandate of the Company and its ability to work with a diverse spectrum of leading timber managers and investors, the Investment Manager believes that the Company will have the opportunity to evaluate and consider participation in both well-known, limited access investments and more exclusive specialist opportunities. This scope will allow the Company to analyse and select both partners and investment opportunities that the Investment Manager considers will best suit the needs of the Shareholders and allow the Company to build a well-diversified portfolio.
The Company intends to generate a cash flow to meet working capital requirements, with any surplus net income possibly being distributed by way of dividend payments, by the harvest and sale of timber growing on invested properties or investment vehicles, as well as through secondary sources of return from those properties and investment vehicles. Additional sources of return could include, but are not limited to, recreational licences, outsourced utilisation of mineral or water rights, or carbon credits.
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Ethics
It is the intention of the Company to seek investments that meet or exceed the guidelines set out in the Sustainable Forestry Initiative.
Board of Directors and Key Management
| Keith Oates | Chairman |
| John Le Prevost | |
| Liane Luke | |
| Peter Niven | |
| Kimberly Tara |
Company AddressAnson HouseSt. George’s PlaceSt. George’s Esplanade
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CapitalThe Company’s total issued share capital consists of 470,919,230 Ordinary Shares each (“Ordinary Shares”), with one voting right per share. There are no shares held in Treasury. |
Nominated AdvisorsShore Capital and Corporate Limited |
Major Shareholders
| Shareholder | Number of Ordinary Shares | % of issued share capital |
| Chase Nominees Limited (1) | 19,230,770 | 4.08 % |
| Chase Nominees Limited (2) | 28,975,697 | 6.15 % |
| Citibank Nominees (Ireland)Ltd | 124,072,789 | 26.35 % |
| Euroclear Nominees Limited | 165,027,343 | 35.04 % |
Related News
28/01/07 - The Attractions Of Timber And The Phaunos Timber FundMost Recent Statement
09/08/07 - Phaunos Estimated NAV for 30 June, 200721/06/07 - Holdings Announcement
19/06/07 - Land Investment Completed
11/06/07 - Holdings Announcement
07/06/07 - Holdings Announcement
29/05/07 - Phaunos Announces Successful Secondary Issue