Woodford Patient Capital Trust plc
Company Update
The Board of Woodford Patient Capital Trust plc (“WPCT” or the “Company”), as stated in the announcement on 28 June 2019, has been closely monitoring the situation at Woodford Investment Management Limited (the “Portfolio Manager”) and remains focused on preserving the value of WPCT's portfolio and protecting the interests of shareholders in WPCT.
The Board has been working with the Portfolio Manager to assess the funding requirements of its investee businesses and to reduce borrowings which, as at 25 July 2019, were £117.4 million equating to a gearing position of 15.95 per cent. of Net Asset Value. The Board has also held preliminary discussions with select management groups that have approached the Company regarding the ongoing management of WPCT.
The Board continues to monitor and assess all options available to it. Therefore, whilst the Board remains confident in the Portfolio Manager's commitment to WPCT and the current day-to-day management of the portfolio, the Board intends to engage with a broader range of third-party managers in order to undertake a full assessment of all potential management options, which may or may not lead to a change in the Company's management arrangements.
The Board will update the market in due course, as appropriate.