Phaunos Timber Fund Limited Rayonier Update (0286Z)
28 8월 2018 - 9:30PM
UK Regulatory
TIDMPTF
RNS Number : 0286Z
Phaunos Timber Fund Limited
28 August 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONSTITUTES
INSIDE INFORMATION. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART), IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION.
28 August 2018
Phaunos Timber Fund Limited ("Phaunos" or the "Company")
Rayonier Update
The Company has been made aware by Rayonier Canterbury LLC
("Rayonier") that Rayonier has issued proceedings in the Auckland
High Court alleging a breach by Phaunos of confidentiality, notice
and consultation obligations in the shareholders agreement between
the parties in relation to their respective interests in the
Matariki Forestry Group ("Matariki") (the "Shareholders
Agreement").
Rayonier has also written to Phaunos purporting to serve in
accordance with the terms of the Shareholders Agreement an
Acquisition Notice on Phaunos in response to the alleged breach.
Rayonier has asserted that it is entitled to acquire Phaunos'
interest in Matariki for the sum of NZD 225 million (c. US$ 152
million), reflecting a discount to what Rayonier asserts is the
fair market value of Phaunos' interest in Matariki.
The substance of Rayonier's complaint relates to the inclusion
within the Company's circular, published on 14 August 2018 in
response to Stafford's takeover offer, of a valuation report on
Matariki, as was required by Rule 29 of the UK Takeover Code.
Phaunos believes that Rayonier's claims are without merit and
that the Acquisition Notice is invalid. Phaunos intends to defend
itself vigorously against the claims brought by Rayonier and take
whatever further steps it deems necessary in order to protect its
interests. Consequently, Phaunos will continue to progress the
Asset Realisation Process in accordance with the strategy outlined
in its announcement of 14 August 2018.
The Company is planning to update shareholders on the status of
the Asset Realisation Process and a further announcement will be
made in due course.
Phaunos Timber Fund Limited
Richard Boléat (Chairman) +44 (0)1534 625522
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contact rns@lseg.com or visit www.rns.com.
END
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