Phaunos Timber Fund's Chairman Keith Oates retires from board effective April 12; non-executive director and audit committee Chairman Henry Studholme appointed as successor

Audrey Dixon

Audrey Dixon

Apr 12, 2012 – Phaunos Timber Fund

LONDON , April 12, 2012 (press release) – The Board of Phaunos Timber Fund Limited ("Phaunos" or the "Company") announces that its Chairman, Mr Keith Oates, who will reach the age of 70 in July 2012, has retired from the Board as of 12th April 2012, which is the date of the last Board meeting before his birthday. Sir Henry Studholme, currently non-executive director of Phaunos and Chairman of the Audit Committee, has been appointed as his successor.

Mr Oates said: "During my chairmanship, Phaunos has moved to full investment with a diversified portfolio in species and geography serving the fastest growing markets in the world and is poised to reap the rewards for shareholders. A progressive dividend is in place.

When the Phaunos Board was strengthened at the beginning of 2011 this was very much with succession in mind. I have every confidence that Harry will lead the Company well with the support of the other excellent Board members recruited, to face the challenges and achieve the objectives for shareholders."

Sir Henry Studholme said "Keith has ably chaired Phaunos over its first five years. His calm wisdom derived from long commercial experience and his strong sense of what is right and unswerving drive to make this happen with tact and patience have been an inspiration. His hard work on the shareholders' behalf in creating the exceptional international timber portfolio of Phaunos has been exemplary. He will be very much missed but he has left a firm foundation on which to build."

Kimberly Tara, CEO of FourWinds Capital Management, said, "We would like to thank Keith for his extraordinary leadership and dedication to the development and oversight of Phaunos. It has been a pleasure and a privilege to have had the opportunity to work with him. We are also very pleased with the appointment of Sir Henry as his successor. Sir Henry brings considerable experience and timber expertise to the Company as well as continuity."

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