Phaunos Timber sells Green Resources stake

The Board of Phaunos Timber announces the sale of its 14% stake in Green Resources AS for NOK 69.9 million (US$8.5 million at USD:NOK 8.2).   The sale is consistent with Phaunos’ strategy of rebalancing its portfolio to one that comprises predominantly higher yielding, lower risk assets.  The sale follows the recent distribution received from the partial sale of the assets of the Greenwood Tree Farm Fund and they say it provides another demonstration that the total non-core portfolio can be realised over time at or above the net asset values.

Stephen Addicott of Stafford Timberland commented, “In late 2014 we identified several strategic objectives including reducing operational costs, lowering overall portfolio debt and the sale of higher risk assets.  The sale of Green Resources AS is one of the last key milestones in achieving these objectives with Phaunos now in a stronger position in terms of the cash held and portfolio balance towards lower risk timberland assets“.

PTF : Phaunos Timber sells Green Resources stake