LONDON (ShareCast) - (Sharecast News) - Shares in one of Neil Woodford's main funds plunged on Friday after it was forced to cut the value of one of its investments in startup company Industrial Heat.
Woodford Patient Capital Trust said it was marking down the value of its stake in Industrial Heat, reflecting "a reassessment of the current progress of the business".

Industrial Heat is developing new energy sources including cold fusion, although there is some speculation around how viable the technology is.

The trust said its net asset value would fall by around 3.4p a share. It said the decision was made by Link Fund Solutions after a valuation by IHS Markit.

Neil Woodford, once a darling of the investment industry, has faced multiple problems this year. In June he had to stop withdrawals from his Woodford Equity Income fund after a liquidity crunch.

To add to his woes on Friday, shares in transport and logistics group Eddie Stobart, another of his investments, were suspended from trading on the Alternative Investment Market while the company took another look at its accounts.

Stobart announced the departure of chief executive Alex Laffey with immediate effect.

Russ Mould, investment director at AJ Bell, said: "The distinctive livery on its lorries may have raised a nostalgic smile as you passed them on the motorway, but shareholders in Eddie Stobart Logistics might end up honking their horns in frustration after today's news.

"These developments, and an earlier admission that 2018 profit had been overstated by £2m, follow the appointment of new finance chief Anoop Kangits. This at least suggests the company's financial controls might have more rigour going forward.

"The news will be seen as a further blow to embattled fund manager Neil Woodford, who is a major shareholder in the company."

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