Phaunos Timber – Stafford’s offer has been accepted by shareholders – Stafford Bidco, the entity behind the offer for Phaunos Timber Fund Limited (PTF) has received valid acceptances from a workable majority of shareholders to be able to declare that their offer has been accepted.
Stafford first offered to purchase Phaunos in June 2018 – to read about the original offer, click here The was a great deal of counter bidding and counter bidding, at one point involving another party to read the last story before the news of the final acceptance, click here
Stafford Bidco has announced that the Final Offer has become unconditional as to acceptances.
Stafford Bidco has acceptances in respect of 50.65% of the issued share capital of Phaunos,
So far, the company believes that, of these acceptances, acceptances have been received in respect of a total of less than 0.1%. of the issued share capital of Phaunos, from persons acting in concert with Stafford Bidco.
This figure does not include the shares held by Stafford, which also count towards the satisfaction of the “Acceptance Condition”.
Therefore, the total amount of Phaunos shares which Stafford Bidco may count towards the satisfaction of the Acceptance Condition is, in aggregate, approximately 50.80 per cent. of the issued share capital of the company.
The percentages of Phaunos Shares referred to in this announcement are based upon the figure of 498,360,117 Phaunos Shares in issue as at 10 August 2018 as published by Phaunos on 14 August 2018.
Continuation of the Final Offer
- The Final Offer will now remain open for acceptance until further notice, and not less than 14 calendar days’ notice will be given in respect of the closure of the final offer.
- Stafford Bidco expects that the Final Offer will become wholly unconditional by no later than 19 October 2018 once it has received clearance from the the Overseas Investment Office, the New Zealand government agency responsible for regulating foreign direct investment, in respect of the final offer.
PTF : Phaunos Timber – Stafford’s offer has been accepted by shareholders