Phaunos Timber Fund’s share value drops, nears completion of investment programme

FourWinds Capital Management's authorised close-ended investment scheme Phaunos Timber Fund's net asset value per share dropped by $0.11 per share in the interim period between December 2009 and April 2010.The fund's audited net asset values per ordinary share and C share stood at $1.07 as of 31 December 2009, which reduced to $0.96 on 23 April 2010.