Neil Woodford sold his entire stake in intellectual property company IP Group on Tuesday in a cut-price deal, raising £76m for the shuttered Woodford Equity Income fund (WEIF), according to reports.
Woodford has continued his overhaul of the WEIF portfolio by selling his 13.5% stake in the healthcare-focused firm in an after-market share sale to other institutional investors, the FT reported. The deal was conducted by Bank of America Merrill Lynch via an accelerated book-build, and provisionally priced at 53.5p per share - a 13% discount to its 61.4p closing price. Woodford Investment Management (WIM) had been the second-largest shareholder in IP, behind Invesco Perpetual, holding 142m shares. IP Group invests in 12 companies that are also owned by funds run by WIM, the ...
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