Star manager to launch Woodford Patient Capital Trust IPO

on Feb 6, 2015
Updated: Oct 17, 2019
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Top UK fund manager Neil Woodford aims to launch an investment trust via a £200 million initial public offering (IPO) on the London Stock Exchange in April, with the new fund to focus on early-stage growth companies.

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Woodford Investment Management announced in a statement this morning its intention to launch Woodford Patient Capital Trust Plc by means of a placing and offer for subscription of ordinary shares. Following the Woodford Patient Capital Trust launch, the company will seek admission to trading on the LSE’s main market. The trust will seek to raise £200 million.
Neil Woodford, who left Invesco Perpetual last year to set up his own firm, Woodford Investment Management, will have principal responsibility for the management of the company’s portfolio. While the initial portfolio is expected to be dominated by mid and large-capitalisation listed, mature companies, the trust intends to build exposure to early-stage and early-growth companies over time. The trust will target annual returns in excess of 10 percent over the longer term.

“Patient capital is the missing component for many companies and the reason why great innovation hasn’t translated into commercial success for the UK economy,” Woodford commented in today’s statement. “Patient capital investors work closely with early-stage businesses and help nurture them to achieve commercial success. It takes involvement, flexibility and above all, it takes time.”
The new trust is expected to begin trading in mid-April, with the prospectus to be issued later this month. Winterflood Securities will advise on the Woodford Patient Capital Trust IPO.

Also today, sofa retailer DFS Furniture unveiled plans to raise about £105 million via a London listing next month. (https://invezz.com/news/equities/16199-DFS-Furniture-IPO-Sofa-retailer-to-raise-105-million-in-March) The Financial Times this week quoted City analysts as expecting an increase in medium-term pressures on companies to float in the early part of the year to avoid the disruption of the Easter break and uncertainty during the lead-up to and aftermath of the general election.

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