Shareholders in Guernsey timber investment fund, Phaunos, have voted in favour of a proposal to raise US$1.6bn of additional capital.
The issue of C shares was tabled after an unnamed investor “expressed a strong interest in arranging a very substantial investment”, according to Phaunos.
The resolution was passed at the company’s emergency general meeting on January 10, which also resolved to de-list from the Alternative Investment Market and trade on the London Stock Exchange.
“The strong interest in securing a substantial investment in Phaunos that has been expressed to us is testament to the world-leading position we have established for Phaunos as a quoted timber investment company,” said Kimberly Tara, chief executive officer of Phaunos’ management firm FourWinds Capital Management.
