Analysts take aim at Woodford over late disclosure of WPCT sell down

Speculation trust could be wound up

clock • 5 min read

Neil Woodford has been criticised by investment trust analysts for the late disclosure of the sale of a majority of his stake in Woodford Patient Capital Trust (WPCT), with a trio of brokers speculating the portfolio could be wound up.

In separate announcements to the market on Monday morning (29 July), the board of WPCT said it was considering sacking Woodford Investment Management (WIM) from the running of the trust. It added it had had preliminary discussions with interested third-party candidates. It also said Woodford had informed them he had sold 60% of his holding in the trust, which amounted to 1.75m shares, between 3 July and 8 July for personal reasons, including a tax liability. He now owns around 1.25m shares, representing 0.14% of the issued share capital. But many questioned both why Woodford needed to...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Mattioli Woods snaps up Cullen Wealth

Mattioli Woods snaps up Cullen Wealth

Companies House filings outline pre-Budget swoop

Isabel Baxter
clock 04 November 2024 • 2 min read
Financial planning firm Boosst becomes employee-owned

Financial planning firm Boosst becomes employee-owned

100% of shares transferred to the EOT without imposing any third-party debt

Isabel Baxter
clock 28 October 2024 • 2 min read
Openwork receives minority investment from Bain Capital

Openwork receives minority investment from Bain Capital

Following the network’s hunt for minority investor support in 2023

Isabel Baxter
clock 28 October 2024 • 2 min read