(Alliance News) - Woodford Patient Capital Trust PLC on Tuesday confirmed the unlisted asset that had its valuation independently reduced was BenevolentAI.
Last Thursday, the trust said the reduction would slice 4.0 pence per share off its net asset value. At the end of 2018, Woodford Patient Capital reported NAV per share stood at 97.61 pence.
The investment trust - managed by troubled fund manager Neil Woodford - said BenevolentAI was the beneficiary of a USD90 million investment from Temasek on Tuesday.
"The capital raised provides funding for its next stage of development and introduces a new, high quality, long-term institutional investor," the trust added.
In late August, Woodford Patient Capital was forced to announce a 3.4p per share cut to NAV following a revaluation of its stake in unlisted IH Holdings International Ltd.
Shares in Woodford Patient Capital Trust were 2.8% higher in London on Tuesday at 46.50 pence each.
