Woodford Patient Capital slashes Industrial Heat value – The board of Woodford Patient Capital has been notified by Link Fund Solutions, that it intends to amend the valuations of two of the company’s holdings.
The first is a downward revaluation to IH Holdings International Limited (Industrial Heat) reflecting a delay in operational progress, in respect of which the NAV will reduce by approximately 5.0 pence per share.
The second is an upward revaluation to a business that had previously been written down in September 2019 due to a challenging fundraising environment. The business has since secured funding which has led to a revaluation, in respect of which the NAV will increase by approximately 0.7 pence per share (we are guessing that this is Benevolent AI)
Following the valuation adjustments, the net effect is that the NAV will reduce by approximately 4.3 pence per share. This will be reflected in the Company’s NAV as at close of business 31 October 2019 (which will shortly be announced to the market). The 30 October NAV was 62.84p so the end October NAV should be around 58.14p. The shares were trading at 37.9p before this announcement, equivalent to a 34.8% discount.
WPCT : Woodford Patient Capital slashes Industrial Heat value