21st Sep 2018 09:12
LONDON (Alliance News) - Woodford Patient Capital Trust PLC said Friday the value of its portfolio holding Industrial Heat has been upgraded by the firm's fund manager.
Woodford said that the upwards revaluation resulted in a "material uplift" to Industrial Heat's net asset value, and consequently to Woodford's NAV.
Woodford's shares were trading up 7.9% at 88.29 pence each.
Industrial Heat's value multiplied to USD112.9 million.
"This represents an increase of 8.02p per share of Woodford Patient Capital Trust," the company said.
On Thursday, Woodford had said its NAV per share at June 30 was 91.94p, up from 91.33p at the end of 2017. The 8.02p boost would raise that recent valuation 8.7% to 99.96p.
"The net asset value of the Woodford Patient Capital Trust has today seen a material uplift as a result of developments at Industrial Heat, a disruptive technology company in which the Company holds a position," the company said.
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