Jun 21, 2012. /Lesprom Network/. The Board of Phaunos Timber Fund Limited announces that Mrs Liane Luke and Ms Kimberly Tara have not sought re-election to the Board of Directors following the Company's Annual General Meeting. Sir Henry Studholme, Chairman of the Board, said: "The Board would like to thank Liane and Kimberly for their hard work and outstanding contribution to the Board of Phaunos over the last 5 years. In view of various corporate governance provisions which indicate that it is no longer best practice for an investment manager to appoint directors to an investment company board, it was decided that it was appropriate for them to retire with effect from the closure of the 2012 Annual General Meeting". The process to appoint two new Directors with the relevant skills and experience has commenced with the advice of an independent search consultant. Once the process is complete, a further announcement will be made. Phaunos Timber Fund is a Guernsey-domiciled closed-ended investment company authorised by the GFSC. The Company's investment objective is to provide shareholders with attractive long term total returns, expected to be in the form of capital appreciation but with some income, through a diversified portfolio of timberland and timber-related investments.