Woodford Patient Capital Trust board slammed for 'failure to act independently' in 'sorry Woodford saga'

Scramble over how best to take trusts forward

Shareholders should be given the chance to have a say on the future of the Woodford Patient Capital trust (WPCT) through a continuation vote, as the board was slammed for failing to act more independently of the manager, according to James Carthew, head of investment company research at QuotedData.

After Link Fund Solutions confirmed on Tuesday (15 October) it had sacked Woodford Investment Management (IM) from the Woodford Equity Income fund (WEIF) and it would be wound up, investment company analysts speculated whether the same would happen with WPCT. 2019: An appalling year for Woodford When Woodford IM tendered its resignation as the trust's manager just hours later, that speculation intensified, with JPMorgan Cazenove suggesting Park Hill could be appointed to oversee the realisations, as they have been for the unquoted stocks in WEIF. However, Carthew said he thinks "WP...