19th Jul 2019 14:34
(Alliance News) - Crystal Amber Fund Ltd said Friday that Neil Woodford's troubled Woodford Investment Management Ltd has cut its stake in the company to below 5%, in a deal on Wednesday.
Before Wednesday's transaction, Woodford held a 16% stake in the fund.
The investment management company has made several disposals this month and just last week, it reduced its holding of NewRiver REIT PLC, Stobart Group PLC and Morses Club PLC to below 5% each.
It previously had a 12% stake in NewRiver, a 15% holding in Stobart and a 7.5% share of Morses Club.
At the beginning of June, Woodford took the decision to suspend withdrawals from its flagship equity income fund due to "an increased level of redemptions" requiring it to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.
Earlier in July, Woodford's LF Equity Income Fund said withdrawals would remain suspended indefinitely, and at least for another month.
Woodford Investment Management also manages LF Woodford Income Focus Fund and London-listed Woodford Patient Capital Trust PLC.
Shares in Crystal Amber Fund were up 1.8% at 201.64 pence in London on Friday afternoon.
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Crystal AmberWPCT.L