Woodford Patient Capital shares slide following fresh writedown
Shares in embattled stock-picker Neil Woodford’s listed fund have dropped this morning following the news that the valuation of its assets have been lowered.
The valuation of three Woodford Patient Capital Trust (WPCT) holdings have been reduced by Link – the firm responsible for independently valuing the portfolio – the firm said in an update to the stock exchange this morning.
The devaluations will reduce the company’s net asset value (NAV) by approximately 3.1p per share, WPCT said.
WPCT shares slid in response to the news, dropping almost seven per cent in early trading to 41.10p.
In its statement, WPCT said the devaluations “reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term.”
The writedowns are the latest blow to Woodford’s listed fund, which suffered a devaluation to another unnamed holding earlier this month, shortly after it dropped off the FTSE 250 index.
Woodford has faced intense scrutiny over his performance since the suspension of his flagship Equity Income Fund in June, which was forced to gate after becoming overwhelmed by investor withdrawals.
Today’s WPCT update came ahead of the trust’s interim results, which are due to be published on 30 September.