Woodford's role on WPCT remains uncertain

Trust's share price has halved

Neil Woodford's role as manager of the Woodford Patient Capital trust (WPCT) remains uncertain as the board said it is still considering his role in the trust's half-year results.

The trust's share price has halved this year and its net asset value (NAV) has dropped more than 13% in recent weeks after several of its largest holdings plummeted in value. The half-year report showed the trust had net assets of £654m on 30 June 2019, down from £807m at the end of 2018, a 26% decrease in net asset value in the first six months of the year. According to the results report, the trust has reduced borrowings to £111.1m as at 26 September 2019, but it added that gearing as a percentage of NAV has increased due to the fall in NAV. Trust buyers split on Woodford Patient...