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Home Business News Woodford’s business to cut debt

Woodford’s business to cut debt

by LLB Reporter

Neil Woodford plans to shake up their board and cut debts following the fund suspension.

Over the last month Woodford Patient Capital Trust has seen their share value drop since freezing investors from accessing their cash.

In an attempt to prop up their net asset value and the investment trust said they are mulling a share buy-back.

The company has also confirmed that Carolan Dobson, non-executive director has resigned with immediate effect.

Susan Searle, chairwoman of the trust said, “The main areas of discussion for shareholders are consistent with the board’s immediate priorities – notably gearing levels, the share price discount to net asset value, valuations, board composition and the ongoing developments at the portfolio manager.

“As a result, the board is building on some of the immediate measures taken following the gating of the Woodford Equity Income Fund on June 3 and, as the situation remains fluid, will use the additional controls in place while continuing to monitor and assess the situation as it evolves, to ensure the long-term interests of shareholders are protected.

“We will continue to update shareholders as appropriate.”

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