Woodford Patient Capital slashes NAV again – the board of Woodford Patient Capital Trust has been notified by Link Fund Solutions Limited, that it intends to reduce the valuations of three of the company’s holdings. These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term.
Following the valuation adjustments, the net asset value will reduce by approximately 3.1 pence per share and will be reflected in the net asset value as at close of business 25 September 2019 (which will be announced to the market on 26 September 2019).
Link, through its Fair Value Pricing Committee, is responsible for the independent valuation of the portfolio of the Company. Link, with the support of an independent valuation firm (IHS Markit), undertakes the valuation of the Company’s unquoted assets in accordance with the Financial Reporting Standard (FRS) 102 and International Private Equity and Venture Capital Guidelines (IPEV).
The company will be announcing its interim results for the six-month period ending 30 June 2019, on Monday 30 September 2019.
[Again, cuts announced to the NAV without telling shareholders what they relate to. Let us hope that more information is disclosed on 30 September. The shares have dropped by 7% this morning but, surprisingly perhaps, are above the low they hit in August.]
WPCT : Woodford Patient Capital slashes NAV again