Woodford Patient Capital Trust PLC Portfolio Manager Appointment and Change of Name (8683W)
14 December 2019 - 12:35AM
UK Regulatory
TIDMWPCT
RNS Number : 8683W
Woodford Patient Capital Trust PLC
13 December 2019
13 December 2019
Schroder UK Public Private Trust plc
Portfolio Manager Appointment
and Change of Name
The Board of Schroder UK Public Private Trust plc (previously
Woodford Patient Capital Trust plc) (the "Company") is pleased to
announce that Schroder Investment Management Limited ("Schroders")
has been appointed as the Company's portfolio manager, effective
immediately.
The Company has today been renamed Schroder UK Public Private
Trust plc and the ordinary shares will trade under the TIDM "SUPP"
with effect from 8:00am on Monday 16 December 2019.
Further details on Schroder UK Public Private Trust plc can be
found here:
http://www.schroders.com/publicprivatetrust
Schroders employs a collaborative team-based approach, combining
its skill, experience and significant research resources across
both public listed equity, and private equity.
Schroders' Private Equity investment team, Schroder Adveq, has
over 20 years' experience and a track record of successfully
investing in early stage companies both direct via co-investment
and through funds. Schroder Adveq has over GBP10 billion of assets
under management across several specialist strategies. This
includes investments in funds and companies and over 100 direct
co-investments across Europe, US and Asia.
Schroders will leverage its stock selection expertise from
across its public equities teams, as well as its wider investment
capabilities in Data Insights and Sustainability. The aim will be
to exploit the very best of Schroders' long-term fundamental equity
analysis in pursuit of identifying leading businesses of the
decades ahead.
Susan Searle, Chair, commented:
"I am extremely pleased to announce the appointment of Schroders
as the Company's portfolio manager. Following a smooth handover,
the Board is confident that the portfolio manager's expertise in
both public and private assets, alongside its deep sector
experience, will enable the portfolio to deliver sustainable value
and positive long-term shareholder returns.
I have been highly impressed with the Schroders team and their
approach, having worked closely with them during the transition.
The Board and I look forward to keeping shareholders updated as
Schroders gets started as our new portfolio manager."
Schroders commented:
"Schroders is delighted to have been given the opportunity to
manage this portfolio. The investment strategy we will utilise for
the mandate, with its focus on investment in both public markets
and private assets, reflects one of our key strategic growth areas
across our business. We are also pleased that the borrowing
facility has been extended for a 12-month period, allowing time for
a considered approach to de-gearing the portfolio and providing the
portfolio managers more flexibility in managing the Company's
assets for the benefit of the shareholders."
As detailed in the Portfolio Manager Appointment announcement on
24 October 2019, Schroders will not take a management fee for three
months; thereafter Schroders will be paid a management fee at the
rate of 1.0% per annum on market capitalisation up to GBP600
million and 0.8% per annum thereafter.
There is no performance fee payable until 31 December 2022, at
which point Schroders will be eligible to a fee of 15% of any
excess returns above a NAV per share of 77p. Thereafter a
performance fee of 15% of any performance above a Target NAV will
be payable where the Target NAV is equal to: (i) 110% of the NAV at
the time the performance fee was last paid; or (ii) 77p if no
performance fee has been paid.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
LEI: 2138008X94M7OVE73I77
-Ends-
Enquiries:
FTI Consulting
Ed Berry / Tom Blackwell 0203 727 1046 / 1051
Schroders
Estelle Bibby 0207 658 3431
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END
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