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31.07.2019 kl 13:48 1890

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31.07.2019:   https://www.ft.com/content/940d6bfe-b364-11e9-8cb2-799a3a8cf37b

Woodford fund breaches unquoted limit after Guernsey delistings

«Neil Woodford’s stricken investment fund has smashed through a regulatory limit on unquoted stocks after the Guernsey stock exchange demanded the cancellation of two of its largest holdings.

The UK stockpicker’s move to list his stakes in Benevolent AI and Industrial Heat on The International Stock Exchange, known as TISE, to skirt rules on unquoted holdings were among his most controversial in the run-up to the suspension of his £3.5bn Equity Income fund last month.

The TISE listings allowed Mr Woodford to keep the weighting of the fund in “unquoted securities” below the 10 per cent hard cap required under European fund rules known as Ucits.

“The decision by Benevolent AI and Industrial Heat to delist from TISE will have no impact in how the assets are managed within the fund,” Mr Woodford’s spokesman said.

On Monday investors in the Equity Income fund were told they should not expect to gain access to their savings until December at the earliest. Mr Woodford has attracted criticism for continuing to charge investors £65,000 a day while they are locked in the fund.

Adrian Lowcock, head of personal investing at Willis Owen, an advisory group, said investors “will pay around £13m in fees in total” to Woodford Investment Management if the fund remained closed until December.

“It is a shame that Woodford hasn’t responded to requests to cut his fees until this sorry affair is resolved,” he said.»

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