LONDON (Alliance News) - Woodford Patient Capital Trust PLC on Friday said it acquired a portfolio of unquoted assets for GBP72.9 million from LF Woodford Equity Income Fund.
The company will cover the acquisition via the issue of 75.4 million shares. Furthermore, LF will subscribe for 6.2 million shares in Woodford Patient.
Both companies are managed by Woodford Investment Management, which were set up by UK industry veteran Neil Woodford.
The assets acquired consist of five companies in which Woodford Patient already owns some stake, Atom Bank, Carrick Therapeutics, Cell Medica, RateSetter and Spin Memory.
"The acquisition allows Woodford Patient Capital Trust to increase its exposure to these assets which the board and the portfolio manager believe have the ability to disrupt and transform their respective industries," the company said.
Woodford Patient Capital shares were trading down 0.3% at 83.35 pence each.
