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Woodford watch – Patient Capital writes down NAV

Woodford watch – Patient Capital writes down NAV – Link Fund Solutions Limited, through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of Woodford Patient Capital Trust. Link, with the support of an independent valuation firm (IHS Markit), values Patient Capital’s unquoted assets in accordance with the Financial Reporting Standard (FRS) 102 and International Private Equity and Venture Capital Guidelines (IPEV).

Patient Capital’s board say that it has been notified by Link that it intends to reduce the valuation of the company’s holding in IH Holdings International Limited. This is expected to impact the net asset value by approximately 3.4 pence per share and will be reflected in the net asset value as at 23 August 2019 (which will be announced to the market on 27 August 2019). The valuation adjustment reflects a reassessment of the current progress of the business.

IH Holdings is the company behind Industrial Heat – the cold fusion company. IH accounted for 9.37p of WPCT’s NAV at the end of December and so it appears to have been written down by about 36%. We’d love to know how Link came up with its valuation and what new information it has on progress on a technology that seems pretty binary – it either works or it doesn’t.

WPCT : Woodford watch – Patient Capital writes down NAV


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