Phaunos Timber Fund Limited Result of AGM (5123I)

TIDMPTF

RNS Number : 5123I

Phaunos Timber Fund Limited

19 June 2017

Phaunos Timber Fund Limited

("Phaunos" or the "Company")

19 June 2017

Result of AGM

The Board of Phaunos Timber Fund Ltd announces that at the Annual General Meeting ("AGM") held today at 11.00 a.m. on 19 June 2017, all resolutions were duly passed on a poll with the exception of Resolution 7 (the Continuation Vote).

As Resolution 7 has not been passed, it is the Board's intention to put forward proposals, to commence the process for the orderly realisation of the assets of the Company to maximise value and the timely distribution of the proceeds to shareholders, at an Extraordinary General Meeting as soon as practicable but in any event not later than 19 October 2017.

The results are shown below.

 
  Ordinary Resolutions                 For         Against     Withheld 
 
 1. Adoption of Financial 
  Statements 31 December 
  2016                             349,170,941        0        5,199,674 
 2. Re-appoint Ernst & Young 
  LLP as Auditors for 2017         349,170,941        0        5,199,674 
 3. Directors' authority 
  to fix Auditor's remuneration    349,170,941        0        5,199,674 
 4. Re-elect William Vanderfelt 
  as a Director                    298,782,096   50,388,845    5,199,674 
 5. Re-confirm the maximum 
  remuneration of the 
  Directors will not exceed 
  GBP350,000 for 2017              349,170,941        0        5,199,674 
 
 6. To authorise the Company 
  to make market 
  acquisitions of its own 
  Ordinary Shares                  351,094,018        0        3,276,597 
 
 7. That the Company shall 
  continue in business for 
  a further five years             138,325,748   216,044,867       0 
 
 
 Special Resolutions 
 
 8. Authorisation to make 
  market acquisitions of 
  Company's own shares pursuant 
  to a tender offer                351,094,018        0        3,276,597 
 
     9. To dis-apply pre-emption rights. 
 
      Resolution 9 was withdrawn in the light of the 
      result of resolution 7. 
 

Sir Henry Studholme Bt

Chairman

Enquiries:

Phaunos Timber Fund Limited (Chairman)

Sir Henry Studholme

Stafford Capital Partners Limited (Manager)

Michael Goodfellow, [phone]

Media Enquiries:

Phoenix Financial PR

Gordon Puckey: [phone]

Winterflood Investment Trusts (Corporate Broker)

Joe Winkley, [phone]

[e-mail]

Notes to Editors

   1.   About Phaunos Timber Fund Limited 

Established in 2006, Phaunos Timber Fund Limited ("PTF" or "the Company") invests in a concentrated, but diversified portfolio of timberland and timber-related investments.

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

   2.   About Stafford Capital Partners Limited 

Established in 2000, Stafford Capital Partners ("Stafford") is a leading private markets investment group. It has specialist investment teams working across Real Assets, Private Equity and Credit, and with offices in Austin, Boston, Hanover, London, Sydney and Zurich, has a truly global presence. As at 31 March 2017, Stafford has more than US$4.8 billion under management and advice, with US$2.3 billion in timberland investments. Stafford was appointed as the Manager of Phaunos on 1 July 2014. (www.staffordcp.com)

Stafford's timberland business provides fund management and advisory services to institutions seeking global timberland exposure; this is achieved through pooled investment vehicles and co-investment opportunities in transactions (which are sometimes larger than the capacity of the primary fund). Stafford's pooled funds offer globally diversified portfolios of timberland assets, and are actively managed to take advantage of developing market trends. Stafford presently manages timber investments in Australia, Brazil, Canada, Central America, Chile, New Zealand, the US and Uruguay.

Stafford Capital Partners is a member of the 'Principles for Responsible Investment' (PRI); these Principles are an internationally agreed upon framework, designed to help institutional investors to incorporate Environmental, Social and Governance (ESG) considerations into their investment decision-making and ownership practices. The PRI has acknowledged Stafford as having incorporated a solid framework for ESG considerations into its investment decision process.

The Company's ticker is PTF.

www.phaunostimber.com

This information is provided by RNS

The company news service from the London Stock Exchange

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June 19, 2017 10:59 ET (14:59 GMT)