|Bid||0.00 x 1000000|
|Ask||0.00 x 5500000|
|Day's Range||0.48 - 0.48|
|52 Week Range||0.42 - 0.53|
|PE Ratio (TTM)||15.15|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.66|
ATLANTA, Sept. 14, 2018 /PRNewswire/ -- CatchMark Timber Trust, Inc. ("CatchMark") (CTT) announced on September 6, 2018 that it is evaluating a potential offer to acquire Phaunos Timber Fund Ltd (PTF), a Channel Islands domiciled, closed-end real estate fund which owns a portfolio of premium timberland assets, in a stock-for-stock transaction. CatchMark wishes to direct the attention of its shareholders to certain disclosure requirements applicable to the potential offer. CatchMark's Class A common stock is listed for trading on the New York Stock Exchange. The relevant disclosure requirements are set out in Rule 8 of the UK City Code on Takeovers and Mergers (the "Takeover Code"), which is published and administered by the UK Takeover Panel. In particular, Rule 8.3 of the Takeover Code requires that any person who is interested (directly and indirectly) in 1% or more of any class of relevant security of any party to the offer period must make (a) an Opening Position Disclosure and (b) a Dealing Disclosure if they deal in any relevant security of any party to the offer during an offer period.
Shareholders in Phaunos, which has forestry investments in New Zealand, Uruguay and Brazil, last year voted for an orderly wind down of the fund that maximised value while making timely returns to shareholders. Last month, the fund's board urged shareholders to reject an offer from a Stafford Capital Partners subsidiary to buy the company for $244.2 million. CatchMark said it would give the combined company an equity value of $850 million and an enterprise value of $1.3 billion at current stock prices.
Ltd. said Tuesday that it expects to be able to sell its existing assets at a premium to the takeover bid it has received from Stafford Capital Partners. Phaunos said its expected realization proceeds are based on indicative bids for its assets, and it could sell 92% of its portfolio value within six to nine months. Phaunos said it continues to recommend shareholders take no action over the Stafford bid, which it says undervalues the company.
Under the terms of the offer, Phaunos shareholders will receive 49 cents in cash for each Phaunos share—an 11% premium to the closing price on June 4, the last business day prior to the start of the offer period. Stafford, a private-equity investor, said the takeover provides Phaunos shareholders with an opportunity to accelerate their exit from the company. Stafford added that it will allow shareholders to receive the value of their holding in cash within three to four months as opposed to receiving a series of distributions that Phaunos had indicated it expected to make in connection with the managed wind down of the company.