Investors in Neil Woodford’s former flagship Equity Income fund will receive their third payout next month
Investors in Neil Woodford’s former flagship Equity Income fund will receive their third payout next month.
Link Fund Solutions, which manages the collapsed fund, said it was holding £58m in cash and would shortly receive part of the £224m sale of a portfolio of assets to Acacia.
Link has told investors they will know how much they will get on August 21, and receive the money shortly after.
Fall from grace: Investors in Neil Woodford’s former flagship Equity Income fund will receive their third payout next month
It defended the price tag on healthcare assets after shares in drug company Synairgen rocketed. It sold a stake in Synairgen when it was worth just £8.1m, but after a dramatic rise those shares would now be worth in excess of £45m.
Link said the transaction, which saw half the remaining portfolio sold together, ‘should be judged as a whole’, and that reports on individual stocks ‘can be misleading’.
Investors in the failed fund, which collapsed in May last year, have received more than 75 per cent of the assets from payouts in January and March, primarily from liquid, quoted stocks.
The remaining stocks are ‘less liquid’ and Link warned selling them would take longer.