ATLANTA, Sept. 21, 2018 /PRNewswire/ -- CatchMark
Timber Trust, Inc. (NYSE: CTT) announced today the company has
determined not to make an offer to acquire Phaunos Timber Fund
Limited (LSE: PTF), a Channel Islands domiciled, closed-end real
estate fund.[1]
Earlier this month, CatchMark announced a potential offer for
Phaunos, which valued Phaunos at $0.57 per share to be paid in new shares of
CatchMark Class A common stock.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE:
CTT) is a self-administered and self-managed, publicly-traded
timberland REIT that strives to deliver superior risk-adjusted
returns for all stakeholders through disciplined acquisitions,
sustainable harvests, and well-timed real estate sales.
Headquartered in Atlanta and
focused exclusively on timberland ownership and management,
CatchMark began operations in 2007 and owns interests in
approximately 1.6 million acres* of timberlands located in
Alabama, Florida, Georgia, Louisiana, North
Carolina, South Carolina,
Tennessee and Texas. For more information, visit
www.catchmark.com.
* As of July 6, 2018
[1] CatchMark (and any person(s) acting in
concert with it) reserve(s) the right to make, or participate in,
an offer or possible offer for Phaunos within six months following
the date of this announcement: (i) with the agreement of the Board
of Phaunos following the firm offer made by Stafford Capital
Partners Limited having been withdrawn or having lapsed; (ii) if a
third party announces a firm intention to make an offer for
Phaunos; (iii) following the announcement by Phaunos of a
"whitewash" proposal (as defined in the UK Takeover Code) or a
reverse takeover; or (iv) if the UK Panel on Takeovers and Mergers
determines that there has been a material change of
circumstances.
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SOURCE CatchMark Timber Trust, Inc.