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QuotedData’s James Carthew comments on Woodford NAV slash

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Woodford Patient Capital Trust (WPCT) suffered a second writedown in the valuation of one of its holdings in three weeks, it was announced on Thursday (12 September).

In a note to the market, WPCT confirmed that Link Fund Solutions, its authorised corporate director which is charged with valuing the portfolio of unlisted stocks, had reduced the valuation of an unnamed holding.

The valuation change, WPCT said, was expected to hit the trust’s net asset value (NAV) by 4p per share, which would take NAV down to 69p and leave WPCT trading on a 39% discount.

WPCT’s board said it was “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”.

Quoted Data’s James Carthew said it was “bizzare” that the board wouldn’t identify the holdings. He added that he expected WPCT’s share price, which is up 10% in September so far, to fall from the 45.25p level at close of play on Thursday.

In August, WPCT saw the writedown in the valuation of Industrial Heat, which took around 3.4p per share off the company’s NAV and caused a 13% drop in the share price.

Manager Neil Woodford’s suspended Equity Income fund had recently been tapped up for £12.5m by Rutherford Health, formerly Proton Partners, one of its holdings that overlaps with WPCT.

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