LONDON (ShareCast) - (Sharecast News) - Woodford Patient Capital Trust has been closely monitoring events at Woodford Investment Management as it remains focused on preserving the value of its portfolio.
Woodford said it was working with the portfolio manager to assess funding requirements of its investee businesses and to reduce its borrowings. Currently at £117.4m, equating to a gearing position of 15.95% of net asset value.

The FTSE 250-listed group revealed it had also held preliminary discussions with select management groups regarding the ongoing management of the trust and noted that looking forward, its board would continue to monitor and assess all options available to it.

Whilst the board told investors that it remained "confident" in the portfolio manager's commitment to Woodford, it also said it intended to engage with "a broader range of third-party managers" as part of an effort 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 Financial Conduct Authority opened an investigation into the events leading up to the suspension of one-time star stock-picker Neil Woodford's flagship equity income fund back in June.

In a letter to the Chair of the Treasury Select Committee, FCA chief executive Andrew Bailey said: "We have opened an investigation but cannot comment any further."

Earlier that month, Woodford Investment Management said dealing in shares of its flagship Woodford Equity Income Fund had been suspended until further notice following "an increased level of redemptions".

As of 0915 BST, Woodford shares had dipped 2.17% to 52.14p.

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