The listed £3.7bn investment fund run by Neil Woodford will remain suspended at least until December, according to the company managing it.
Link Fund Services wrote to investors in the London Stock Exchange-quoted Woodford Equity Investment Fund on Monday, saying that it remained"the best option in the interests of all investors for the suspension to continue".following a sudden exodus of investors and surge in withdrawals - remains closed while the company continues to shift its portfolio away from private, unquoted holdings towards those consisting of larger, more liquid stocks.
"We anticipate that the suspension of dealing is likely to last until early December while we implement the strategy to re-position the portfolio in order for the fund to be reopened at that time, and which is conditional upon achieving the target fund profile," the letter said. Link issued the letter to meet its obligation to inform investors about the state of the fund every 28 days.In a further statement Mr Woodford said:"I understand the frustration, inconvenience and anxiety the continued suspension of the fund will be causing you and I am extremely sorry for putting you in this situation.
"Since our last update a month ago, we have made progress with our strategy to reduce our exposure to unquoted and less liquid stocks with our primary focus being on delivering the best possible outcomes for investors in the fund."
I'm sure I've seen him outside LIDL with a brace of Carlsberg Special.
Really poor this, the FCA need to look at how they allowed this fund to become so illiquid. Bad news for the investors who remain I. The fund, with the mosT likely scenario that the illiquid funds will be sold at a discount , Woodford finished
Trouble is he is flogging all his unquoted shares for bargain basement prices, the exact shares his patient trust holds thus deflating the price of that trust too, nightmare.
Blimey, he’s come s cropper, hasn’t he. Luckily I’m skint so have no money with him but even if I wasn’t, and did, it’d amount to the same thing now. Put it under your pillow, granny.
Oh I’d trust him...