The board of Woodford Patient Capital has announced a number of measures as a response to the ongoing crisis at Woodford Investment Management, including a radical cut to the gearing level and the appointment of ex-Mercury's Stephen Cohen to the risk and valuation committee.
The board plans to reduce gearing from the current level of around 16.8% to below 10% within six months and to "be generally operating ungeared" within 12 months. After this period, the board wants...
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