(Alliance News) - Woodford Patient Capital Trust PLC said Thursday Link Fund Solutions Ltd, which has been tasked with independently valuing the portfolio of the trust, will reduce the valuation of three of the trust's holdings.
As a result of the valuation readjustment, Woodford Patient's net asset value will take a 3.1 pence per share hit. At the end of 2018, Woodford Patient Capital reported NAV per share stood at 97.61 pence.
Since then, however, Woodford has seen Link reduce the valuation of a number of its holdings.
"These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term," Woodford added.
The trust did not disclose the holdings which were subject to the revaluations.
Woodford Patient will announce its interim results on Monday.
The trust's investment manager, Woodford Investment, also manages open-ended funds LF Woodford Equity Income Fund and LF Woodford Income Focus Fund.
At the beginning of June, Neil 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.
Since then, the investor has made numerous disposals of stakes in London-listed firms.
Shares in Woodford Patient Capital were down 5.0% in London on Thursday morning at 42.85 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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