Asset Valuations

RNS Number : 0634S

Woodford Patient Capital Trust PLC

04 November 2019

 

4 November 2019

Woodford Patient Capital Trust plc

LEI: 2138008X94M7OVE73I77

Asset Valuations

The Board of Woodford Patient Capital Trust plc (the "Company") has been notified by Link Fund Solutions Limited ("LFS"), that it intends to amend the valuations of two of the Company's holdings.

The first is a downward revaluation to the Company's holding in IH Holdings International Limited (Industrial Heat) reflecting a delay in operational progress, in respect of which the Company's net asset value ("NAV") will reduce by approximately 5.0 pence per share.

The second is an upward revaluation to a business that had previously been written down in September 2019 due to a challenging fundraising environment. The business has since secured funding which has led to a revaluation, in respect of which the Company's NAV will increase by approximately 0.7 pence per share.

Following the valuation adjustments, the net effect is that the Company's NAV will reduce by approximately 4.3 pence per share.  This will be reflected in the Company's NAV as at close of business 31 October 2019 (which will shortly be announced to the market).

LFS, through its Fair Value Pricing Committee, is responsible for the independent valuation of the portfolio of the Company. LFS, with the support of an independent valuation firm (IHS Markit), undertakes the valuation of the Company's unquoted assets in accordance with the Financial Reporting Standard (FRS) 102 and International Private Equity and Venture Capital Guidelines (IPEV).

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

FTI Consulting

Ed Berry / Tom Blackwell                             0203 727 1046 / 1051

 

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