"I noticed a few comments on your site about Phaunos Timber - as it happens, I did an update on my website last weekend and I enclose a copy.

"As the majority of its assets are non-dollar and as the share price is quoted in dollars, the NAV should rise to offset the dollar weakness. Hence, I have pencilled in an estimated NAV myself and estimate the discount at 30% (at the then share price of $0.79). At today's price of $0.83 the discount might be closer to 26-26% (again by my estimates)."

Eoin Treacy's view Thank you for contributing this informative report which I'm sure will be of interest to the Collective.