(Alliance News) - After a raft of London share sales in early June, Neil Woodford's Woodford Investment Management slowed its rate of listed-company disposals over the past week.
Woodford Investment manages three funds: LF Woodford Income Focus Fund, LF Woodford Equity Income Fund and London-listed Woodford Patient Capital Trust PLC.
At the beginning of the month, Woodford took the decision to suspend withdrawals from his equity income fund due to "an increased level of redemptions", with the fund now needing time to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.
According to stock market filings since Tuesday last week, Woodford Investment Management has reduced its holdings in the following London listings, in order of the minimum approximate gross value of each disposal:
- private equity investment firm Oakley Capital Investments Ltd, to 7.35% from 19.39%, GBP54.1 million
- support services firm Redde PLC, to 19.86% from 28.00%, GBP25.0 million;
- housebuilder Countryside Properties PLC, to 9.95% from 10.20%, GBP3.3 million; Woodford cut its stake to 10.20% from 15.00% earlier in June in a sale worth around GBP65.1 million;
- housebuilder Crest Nicholson, to 9.83% from 10.01%, GBP1.6 million; Woodford cut its stake to 10.01% from 15.08% earlier in June in a sale worth around GBP48.0 million.
In total, these sales will have raised around GBP84 million in gross proceeds for Woodford.
These recent sales come on top of disposals in London-listed firms worth GBP550 million made earlier in June, which included Woodford slashing its stake in online estate agent Purplebricks Group to 19% from 29%.
