Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Dealing will recommence for the valuation point of Thursday 6 May 2021
Please note: Dealing will recommence for the valuation point of Tuesday 8 October 2019.
Please note: Direct Debits will no longer be accepted and will be redirected to OMR Deposit. Phased investment and rebalancing will be cancelled.
Link Fund Solutions, the Authorised Corporate Director (ACD) of the suspended Woodford Equity Income fund, have informed us that the fund will be wound up on 17 January 2020 and that Woodford Investment Management will cease to be the investment manager with immediate effect.
Link Fund Solutions concluded that it was unlikely that the sale of unlisted and less liquid assets would be completed ahead of a planned re-opening in December and therefore an orderly wind up would be in the best interest of all investors
Following the first capital income payment (75.55%) from the fund in late January, we have received the second capital payment from the investment manager, Link Fund Solutions Limited (LFS), and have allocated it to investors, in line with their holdings in the suspended fund. Note that this second payment is much smaller than the first, being equivalent to 19.9% of the Fund’s remaining value as at 10 March 2020. We will be writing to you shorlty.
The fund was suspended on the 3 June 2019 due to an increased level of withdrawals from the fund by investors. The suspension was intended to protect investors who wish to remain in the fund by allowing Woodford time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks and shares, in to more liquid investments that would be easier to trade.
The winding up will commence on 17 January 2020 and means that you are still unable to put any money into, or send us new requests to take money out of, the fund.
Link is planning to return cash to you at the earliest opportunity, and has appointed BlackRock Advisors (UK) Limited and specialist broker Park Hill to help sell the assets. The first payment to you is anticipated by the end of January 2020. As the fund is now closed, the money will be returned to you in instalments as the assets are sold off.
We are in communication with Link Fund Solutions and we will communicate further with you once we have further information from them explaining in more detail what the wind up will mean for your investments.
