Woodford Patient Capital Stocks Slide Despite Panel Reassurance Again

Shares in Woodford Patient Capital Trust fell again today despite reassurances by its plank that it is happy with the improvement of its purchases. The trust, which is shown in the FTSE 250 noticed shares tumble the other day after investors were spooked by Woodford’s shock decision to ban investors from withdrawing money from his flagship collateral income account. The fall sent Patient Capital stocks right down to a 28.3 % discount to the trust’s online asset value – the sum total of the assets they keep.

The board is pleased with the operational progress of its stock portfolio companies, which the board believes continue to have the potential to deliver attractive returns, based on the long-term mandate of the business, ‘ the business said in a statement. The operational performance of the businesses is not impacted by recent events,’ it added.

Despite the reassurances, stocks in Woodford Patient Capital Trust, which keeps many unquoted companies, dropped 6 per cent to 59p towards close. The trust, which focuses on young businesses such as medical university spin-offs, also counts Atom Bank among its top ten holdings. It has assets worth £10.2billion. The trust’s tumble has seen Patient Capital shares’ discount to world wide web asset value almost twice off their 15 % level prior to the information that sister account Woodford Equity Income fund would be shuttered emerged. JEFF PRESTRIDGE: Adios. Toast. Chair Susan Searle said they are ‘carefully monitoring’ the problem and participating with shareholders and advisers. She added: ‘Separately, the board is in regular dialogue with the profile manager. Even though funds are separate, the Equity Income fund keeps a 9 per cent stake in Patient Capital, following a controversial offer in March.

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