Phaunos Timber Fund announced the sale of its 14% stake in Green Resources AS this week. Phaunos stated that ‘the sale is consistent with Phaunos' strategy of re-balancing its portfolio to one that comprises predominantly higher yielding, lower risk assets.’ A second institution also sold all its shares in Green Resources through the same transaction, such that a total of 18% of the company’s shares was sold. The buyers were a group of Norwegian investors, all new shareholders to Green Resources.

Mads Asprem, CEO of Green Resources, made the following statement: ‘The two sellers have been shareholders in Green resources since 2006 and 2008. They provided more than half of the equity raised for Green Resources until the merger with GSFF two years ago, but not participated in recent rights issues. We would like to thank them for their contribution to the growth of Green Resources. At the same time, we welcome the eight new shareholders and this opportunity to broaden GR’s shareholder register with highly experienced and resourceful investors.’

For more information please contact:

Mads Asprem, CEO (mads.asprem@greenresources.no)

Robert Thompson, CFO (robert.thompson@greenresources.no)

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