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Woodford Patient Capital Trust – board continues to review manager

Woodford Patient Capital has confirmed it continues to review the position of the fund manager following the news Woodford Equity Income will be closed.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

The Board of Woodford Patient Capital Trust has confirmed its ongoing review of the fund manager.

As first confirmed in July, the board has already spoken to and reviewed a range of investment managers. It's yet to be confirmed whether this will lead to a change in the trust's current manager, but the Board is making a full assessment of the options available.

This morning's announcement follows the news the Woodford Equity Income Fund will not reopen following its suspension in June 2019. Instead, Link Fund Solutions, the fund's Authorised Corporate Director, will wind it up as soon as practicable with a view to returning cash to investors at the earliest opportunity. Woodford Investment Management have also been removed as the fund's manager.

The full announcement from the Woodford Patient Capital Board reads:

"The Board of Woodford Patient Capital Trust plc notes the statement by Link Fund Solutions Limited, the Authorised Corporate Director of the LF Woodford Equity Income Fund, that: (i) the decision has been taken by LFS not to re-open WEIF and instead to wind it up as soon as practicable; and (ii) Woodford Investment Management Limited will, with immediate effect, cease to be the investment manager of WEIF.

As previously announced, the Board has been undertaking a review of the Company’s management arrangements and will make a further announcement in due course."

We will continue to remain in contact with the trust's Board, and inform investors as soon as further details are available.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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