||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
|Phaunos Timber Daily Update: Phaunos Timber is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PTF. The last closing price for Phaunos Timber was US$0.41.|
Phaunos Timber has a 4 week average price of US$0.41 and a 12 week average price of US$0.42.
The 1 year high share price is US$0.44 while the 1 year low share price is currently US$0.32.
There are currently 547,654,832 shares in issue and the average daily traded volume is 7,000 shares. The market capitalisation of Phaunos Timber is £225,907,618.20.
|catsick: Nice set of results nav per share increased by 10 percent and a nice boost in the share price from buying back 8 million shares, with 50 mio usd in the bank they can put a floor under the share price for a long time and further improving the nav as they buy at a 25 pct discount, this is now being run properly and we should see the discount close further very low risk holding ....|
|jonwig: These results won't set the share price alight.
They also seem to have quietly shelved any revision of the expense structure.
In the last AR (p4) they wrote:
Discussions with the Investment Manager over how to further align the
performance fee calculations with the interests of shareholders are ongoing.
- which hasn't been mentioned this time.
And why add two new directors?
They lost two last year, but I really don't see the need for so many on the board.|
|jonwig: Well, they have an announcement this morning:
In response to the recent share price performance of the Phaunos Timber Fund the Directors wish to make the following comment:
"The Phaunos Timber Fund remains fully invested in high quality timberland assets. The assets have been independently valued. The directors believe that the prospects for the company in the short, medium and long term remain strong and are confident that progress is being made on all important issues."
I hope they count the Four Winds management fee as important!|
|jonwig: Bolador - I suspect they've been trying to strongarm Four Winds to reduce their management fee, and failed.
"Under the terms of the Investment Management Agreement, FourWinds
Capital Management will continue as the Investment Manager unless the
agreement is terminated by either party giving to the other not less than
36 months' notice. Such notice cannot be given earlier than the seventh
anniversary of the initial admission of the Ordinary Shares to AIM, that
being 20 December 2013."
So it looks like they are stuck until Dec 2016, unless FW does something really bad, when they could be sacked.
I don't think share price performance would be enough to get rid, though asset performance might.
(53% discount to latest NAV now.)|
|jonwig: Well, the results for the year are pretty stable, and I believe them when they talk about long-term promise.
No performance fee this year - and I should think not!
But the ongoing expenses are huge ($15m for the timber, $11m for the investment managers) amounting to more than half the fall in NAV.
Assuming the NAV is still around $1.04 per share, the discount is 40%. I suspect that will only narrow when the assets themselves start to appreciate - so a double whammy for the share price.|
|lavagrouch: Am i right in thinking that the share price indicated on ADVFN is in Dollars / Cents rather than Pounds / Pence? Barclays showing 41 / 42p, ADVFN at the same time showing 0.67.|
Phaunos Timber share price data is direct from the London Stock Exchange