Woodford Patient Capital Trust PLC Company Update (9503G)
29 July 2019 - 4:01PM
UK Regulatory
TIDMWPCT
RNS Number : 9503G
Woodford Patient Capital Trust PLC
29 July 2019
29 July 2019
Woodford Patient Capital Trust plc
LEI: 2138008X94M7OVE73I77
Company Update
The Board of Woodford Patient Capital Trust plc ("WPCT" or the
"Company"), as stated in the announcement on 28 June 2019, has been
closely monitoring the situation at Woodford Investment Management
Limited (the "Portfolio Manager") and remains focused on preserving
the value of WPCT's portfolio and protecting the interests of
shareholders in WPCT.
The Board has been working with the Portfolio Manager to assess
the funding requirements of its investee businesses and to reduce
borrowings which, as at 25 July 2019, were GBP117.4 million
equating to a gearing position of 15.95 per cent. of Net Asset
Value. The Board has also held preliminary discussions with select
management groups that have approached the Company regarding the
ongoing management of WPCT.
The Board continues to monitor and assess all options available
to it. Therefore, whilst the Board remains confident in the
Portfolio Manager's commitment to WPCT and the current day-to-day
management of the portfolio, the Board intends to engage with a
broader range of third-party managers in order to undertake a full
assessment of all potential management options, which may or may
not lead to a change in the Company's management arrangements.
The Board will update the market in due course, as
appropriate.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
FTI Consulting
Ed Berry
Tom Blackwell 020 3727 1046 / 1051
Winterflood Investment Trusts
Neil Langford
Chris Mills 020 3100 0000
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END
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