Phaunos Timber : PTF – update on Green Resources

Phaunos Timber has announced that Green Resources (a company that Phaunos Timber owns 26% of) is buying Global Solidarity Forest Fund (a company with plantations in Mozambique adjacent to Green Resources’ own forests). The deal will dilute Phaunos Timber’s holding down to 18.9% but is being struck at a price for Green Resources equivalent to $5.90 while Phaunos holds it in its accounts at $4.27. Global Solidarity Forest Fund has attracted some negative publicity in the past.

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