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Woodford Patient Capital to slash debt and enlarge board

Woodford Patient Capital to slash debt and enlarge board

Woodford Patient Capital Trust (WPCT) plans to cut its level of debt and enlarge its board, in response to recent discussions with shareholders after LF Woodford Equity Income Fund (GB00BLRZQB71), which is also run by Woodford Investment Management, was suspended from trading. The moves follow a plunge in the trust's share price and a massive widening of its discount to net asset value (NAV). The trust was on a share price of 77p and discount of 14.1 per cent at close on 31 May – the last trading day before LF Woodford Equity Income stopped trading. By close on 2 July the trust was on a share price of 56.1p and discount of 31.9 per cent, according to broker Winterflood.

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