4th Nov 2019 09:32
(Alliance News) - Woodford Patient Capital Trust PLC said Monday a brace of asset revaluations will result in a fall in net asset value of 4.3 pence per share.
The investment trust reported that Link Fund Solutions Ltd cut the value of the stake in IH Holdings International Ltd held by Woodford Patient Capital amid a "delay in operational progress" at the nuclear energy firm. This has resulted in the trust's NAV being cut by 5.0 pence per share.
Meanwhile, Link upwardly revalued another asset which had been written down in September amid a "challenging fundraising environment". The unnamed firm has since secured funding, boosting Woodford Patient Capital's NAV per share by 0.7 pence.
The two changes together result in a net change to NAV of negative 4.3p.
At the end of 2018, Woodford Patient Capital reported NAV per share stood at 97.61 pence.
The investment trust - currently managed by troubled stock picker Neil Woodford - has been suffering from a number of asset revaluations in recent months.
In late October, the board of the trust announced FTSE 100-listed Schroders PLC will become portfolio manager from the end of 2019, and the trust will be subsequently renamed Schroder UK Public Private Trust PLC.
Shares in Woodford Patient Capital Trust were 6.9% lower at 35.30 pence in London on Monday.
By Ahren Lester; [email protected]
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