Phaunos Timber Share Discussion Threads

[pugugly] 11/6/2017 09:50

Timber! Activist investor wants to take axe to Phaunos
"Activist investor LIM Advisors is pushing for a wind-up of Phaunos Timber (PTF) over concerns about poor returns from the timber investment company and the persistent discount on its shares.
The Hong Kong-based fund manager raised its stake in Phaunos to 10.71% stake in January and has written to other shareholders, detailing why it will vote against the continuation resolution at the annual general meeting on 19 June."

[catsick] 16/5/2017 14:34

Im out of these too now ! Been an excellent ride up to 50 , good luck all who still hold , I think it will keep chugging on now but lightening up on a few names now ....

[topvest] 15/5/2017 10:58

Sold out of this rubbish at last. Will never invest in timber again. Large illiquid assets exposed to massive forex risk. That combined with zero ongoing cash flow and high operating costs makes it a very poor asset class in my view. Lesson learnt. At least I didn't lose much.

[catsick] 25/4/2017 08:13

Yes all looks steady and adding value buying back the shares cheap and managing the assets very well, div getting to be half decent too ...

[pugugly] 25/4/2017 07:19

Accounts out - Nav per share $0.55 at 31 Dec - Final dividend of $0.016 proposed. Discount still at 25% to nav so still potentially some more recovery available

[pugugly] 05/1/2017 19:40

UK Investors now have big benefit from £/$ exchange rate shifts - Still possibly a $ play if BREXIT/TRUMP foul up -

Declaration now in sterling profit after a long time in loss but approx breakeven in dollar terms

[qvg] 29/8/2016 07:16

agreed Catsick, i still hold

[catsick] 23/8/2016 08:45

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 ....

[catsick] 22/8/2016 11:38

Wow nobody on here at all , I think this is a decent turnaround story , I used to comment on III on this one go there for background and come back and comment here ...

[analyst] 07/8/2014 20:44

Timmmmberrrrrr......

Emergency re-financing required to remain solvent

[qvg] 02/12/2013 19:46

Some good news here, IMHO. surprised the price did not rise more quickly, I managed to buy some more to add to my existing holding at only 1% above yesterday's price

[pugugly] 28/8/2013 08:08

Yet another year of sorrow



Seems to be a consistent reduction in NAV of 6 cents per half year. 12 cents p/a.

At this rate only 7 more years before no value left !!!! (Slightly tongue in cheek but ...)

[safetymargin] 14/5/2013 17:30

Lumber futures continue their slide:

[skyship] 12/5/2013 10:34

PUGUGLY - Just click the EDIT button and you can correct those tpyos!

[pugugly] 09/5/2013 09:42

JIMCAR: You could be right & I hope for your sake you are,but too much uncertainty for me at the moment. (Apologies for my typo's above but self taught typist - too old !!)

[jimcar] 08/5/2013 18:54

I think your ongoing loss per share of 8c for the next 4 years looks a bit pessimistic. The bulk of the losses were in New Zealand and Brazil and seem related to the weakening economies of China and Brazil in 2012. These could easily turn around leading to gains in lumber prices as we are seeing in the US.

Also the trees continue to grow and as more areas start harvesting them we should see gains here. It seems that only v low values are placed on assets before they start to generate returns (similar to other resource assets like oil and mineral explorers).

The sheer volume of bad decisions by management would be hard to replicate going forward even by a random collection of chimps and so losses here may also decline but I admit I won't be surprised if they manage too maintain their record. I would have thought that management could be sued for negligence.

Still holding so could be wishful thinking.

[pugugly] 08/5/2013 16:25

bolador:> Rose tinted glasses ?? As they seem to be locked into a horrible managemtn contract I am personally assuming the there may well be an ongoing 8 cents per sahre loss for the next 4 years. Thus an overlall lost between now and the end of the contract period of 32 cents to give a natv of 43 cents come potential wind up date. so not gain and potentially a few cents loss once selling expenses are taken inot account - Remember they will be potentaily forced sellers.

(imo - Declaration I used to hold but sold out at $0.52

[safetymargin] 02/5/2013 10:06

Surprised it didn't fall harder and faster on results day. Expecting further weakness. It's a buy at some point.

[topvest] 20/4/2013 19:53

Yes, the whole model appears to depend on timber prices increasing. I've got a few of these, but wish I hadn't!

[jonwig] 19/4/2013 10:06

Yes, dire and disgraceful.

The $10.5m of fund management fees exceeds the $8.5m of on-ground costs, which looks crazy - how on earth could they get into such a contract? At least they realise it needs sorting!

So the gross assets and sales need to rise by $19m a year to avoid NAV attrition. In such a scenario, it's hardly worth waiting for any developments in 2016.

[pugugly] 19/4/2013 08:32

PUGUGLY
29 Aug'12 - 09:39 - 54 of 60 AGAIN THE SAME MESSAGE

Rwsults today 19/4/13 an absolute disaster - I personally cannot see much light ahead. If by restructure they mean selling assts they will be in a forced seller position - Always dangerous.

Sorry for all who hold d- Very very much on the side at the moment.

[gb904150] 18/4/2013 18:39

Yes, I too decided to top up. Given that you get about 1 dollar of assets for around 50 cents, you should only need a couple of points growth for them to be able to shell out double that in divi.

Nice to have money in usd not gbp, but they need to get the nav moving up and pay out more dividends

Gla

[gb904150] 18/4/2013 18:39

Yes, I too decided to top up. Given that you get about 1 dollar of assets for around 50 cents, you should only need a couple of points growth for them to be able to shell out double that in divi.

Nice to have money in usd not gbp, but they need to get the nav moving up and pay out more dividends

Gla