Woodford Patient Capital slashes NAV again – Woodford Patient Capital says it will cut its NAV once again. This time by 4p per share. Bizarrely, the announcement doesn’t tell investors why. The statement says –
“Link Fund Solutions Limited (“Link”), through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of Woodford Patient Capital Trust plc (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 Board has been notified by Link that Link intends to reduce the valuation of one of the Company’s holdings. This valuation change is expected to impact the Company’s net asset value by approximately 4.0 pence per share and will be reflected in the Company’s net asset value as at close of business 12 September 2019 (which will be announced to the market on 13 September 2019). The Board is unable to comment further on this revaluation at this time due to confidentiality obligations, but it will provide a further update to the market when able to do so.”
[The last published NAV was 73.04p per share, so this brings it down to 69p, putting the trust on a 34% discount to last night’s closing price of 45.25p. We’d expect the share price to fall again today though. As to which holding has been written down, it’s anybody’s guess really. We’d love to hear your thoughts. We have one suspicion but we were threatened by lawyers last time we mentioned its name – something that always rings alarm bells to us.]
WPCT : Woodford Patient Capital slashes NAV again
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