Edison Investment Research - Phaunos Timber Fund Ltd (PHALF) Update: Management and portfolio reviews completed

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Edison Investment Research

Update: Management and portfolio reviews completed

In the six months since terminating its management agreement with FourWinds Capital Management, the board of Phaunos Timber Fund (PTF) has been undertaking reviews of the portfolio and its management and governance structure. With both complete, the board has published the findings and recommendations of its portfolio review and has appointed Stafford Timberland as manager. Stafford brings the expertise that will be needed to show a meaningful performance improvement in the period up to the continuation vote in 2016. The report highlights some very good portfolio assets, but also a concentration of riskier assets, although arguably this is recognised in the 45% share price discount to NAV.

04/07/2014 7 EN

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Phaunos Timber Fund Ltd

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GG00B1G3RS66 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Management and portfolio reviews completed

Insider bought: A director bought 2,500,000 shares at 0.413USD and

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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