Woodford injects assets into Patient Capital – Woodford Patient Capital Trust has entered into an agreement to acquire a portfolio of unquoted companies for GBP72.9 million from the LF Woodford Equity Income Fund. Patient Capital will issue 75,432,424 new shares and the open-ended fund will also subscribe for a further 6,206,814 new shares for cash (patient Capital can then use this to help fund additional investment expected to be required by these companies over the next 12 months. The basic idea is that LF Woodford Equity Income Fund’s exposure to individual unquoted holdings will be replaced with shares in Patient Capital.
The portfolio consists of five unquoted assets already held by Patient Capital: Atom Bank, Carrick Therapeutics, Cell Medica, RateSetter and Spin Memory.
The new shares will be issued at a price of 96.67p (equal to the net asset value at the close of business 27 February 2019).
Atom Bank (3.67% pre-acquisition; 6.76% post-acquisition)
Atom’s digital-only approach aims to enable its customers to manage their money quickly, easily and efficiently. Founded in 2014 and now part owned by Spanish banking giant BBVA, it offers a range of fixed-term savings accounts and, with the support of its broker network, provides loans and mortgages to SMEs and private consumers.
Carrick Therapeutics (0.95% pre-acquisition; 1.52% post-acquisition)
Carrick Therapeutics is an early-stage biotech company developing novel treatments for the most aggressive forms of cancer. Launched in 2016, the company has two active clinical stage assets with multi-billion potential and a clinical pipeline.
Cell Medica (1.77% pre-acquisition; 2.34% post-acquisition)
Cell Medica is a clinical-stage biopharmaceutical company transforming the treatment of solid and haematological cancer by developing the next generation of CAR-T therapies. Its current focus is to harness the natural biology of a specific subset of cytotoxic T cells, called Natural Killer T cells (NKT cells).
RateSetter (0.44% pre-acquisition; 1.82% post-acquisition)
RateSetter is a peer-to-peer lending platform. Since it launched in 2010, more than 600,000 customers have used the company to lend GBP1.9 billion to individuals and GBP1.1 billion to businesses. It was granted full regulatory authorisation by the Financial Conduct Authority (FCA) in October 2017.
Spin Memory (0.41% pre-acquisition; 1.68% post-acquisition)
Spin Memory aims to become a leading player in the magnetoresistive random-access memory (MRAM) market. It recently announced a $52 million Series B funding round and commercial agreements with Arm, the world’s leading semi-conductor IP company, and with Nasdaq-listed Applied Materials, a leading equipment supplier to the semiconductor industry.
WPCT : Woodford injects assets into Patient Capital