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Phaunos receives cash offer from Stafford Capital Partners – Further to the announcement by Stafford Capital Partners (click here to read more) on 5 June 2018 setting out the key financial terms of a possible offer for Phaunos Timber Fund Limited (PTF), Stafford has announced its proposed all-cash offer.
The offer is made by Stafford Bidco, which is a company wholly-owned by Stafford International Timberland Fund VIII and ultimately controlled by Stafford:
The price of US$0.49 per Phaunos share represents a premium of approximately:
The cash offer has a number of benefits for Phaunos shareholders:
The offer period begins on 5th June 2018. it is expected that the offer document, containing the full terms and conditions of, and further information about, the cash offer, and the form of acceptance (for Phaunos shareholders that hold their Phaunos shares in certificated form only) shall be published within 28 days of the announcement made on 3rd July 2018 and not within the 14 days without the consent of the Phaunos Board.
The board of Phaunos 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 which was initiated in August 2017.
The company confirms that it has now received initial indications of interest from various parties for each of the assets included in the process, which it is currently assessing. These indicative bids are “encouraging” and the board says it is very pleased with progress made to date.
Under the offer timetable, 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 Stafford’s offer.
Accordingly, the board urges shareholders to take no action at this time.
PTF : Phaunos receives cash offer from Stafford Capital Partners
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