Board of directors

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Woodford Patient Capital Trust plc

Like all listed companies, investment trusts have an independent board of directors, which provides a critical governance function and is independent of the appointed investment manager. This separation of responsibilities can act in shareholders’ best interests as the fund manager is more publicly ‘held to account’. The board seeks to ensure that the investment trust is managed in the best interests of its shareholders by scrutinising the activities of the investment manager, challenging decisions made and taking whatever action necessary to ensure that the interests of shareholders are protected at all times.

The board of directors for the Patient Capital Trust comprises the following highly-experienced individuals, with a broad range of complementary skills and expertise.

Susan Searle

Chairman of the Board and a member of the Management Engagement Committee and the Audit Committee

Susan served as the Chief Executive of Touchstone Innovations plc (formerly Imperial Innovations plc) from January 2002 to July 2013, where she led funding rounds totalling circa £250m. During her tenure, Touchstone Innovations invested £121m in a portfolio of healthcare, engineering and software businesses linked to major universities.

Previously she worked at Montech in Australia (science commercialisation), Signet Group plc, Bank of Nova Scotia and Shell Chemicals in a variety of business development and commercial roles. Susan currently serves as non-executive director of Horizon Discovery Group plc, Benchmark Holdings plc and QinetiQ Group plc. Susan has an MA in Chemistry from Oxford University.

Stephen Cohen

Chairman of the Audit, Risk and Valuation Committee

Stephen has extensive asset management and fund experience. He spent the bulk of his career at Mercury Asset Management where he led both investment teams and business units. He has been actively involved with open-end and closed-end funds, in multiple jurisdictions, for over 30 years. He is currently the Chair of the Audit Committee at JPMorgan Japan Investment Trust plc. Stephen has committed to dedicating an enhanced amount of time to WPCT for an initial period following his appointment.

Scott Brown

Member of the Management Engagement and Audit Committees

Scott is Chief Executive of Nexeon Limited, an Imperial College spin-out focused on developing silicon anode technology for next generation Li-ion battery technology. During his tenure, he has led the change in the company’s strategy to successfully move from an IP licensing business model to one of material production and supply. Previously, Scott was Executive Vice President at Cambridge Display Technology (CDT), responsible for commercial and IP activities of the company. Prior to CDT, Scott was Global R&D Director for the Electronic Materials Business at Dow Corning, a US headquartered multinational corporation with over US$6bn in annual revenues. Scott holds a PhD in Chemistry and is a Fellow of the Royal Society of Chemistry.

Jane Tufnell

Member of the Audit, Risk and Valuation Committee and Chair of the Management Engagement Committee

Jane joins the Board with extensive investment trust and fund management experience, including a number of board and non-executive roles. Jane has spent the majority of her career at Ruffer Investment Management, which she co-founded in 1994. She is currently Chair of Odyssean Investment Trust PLC, Senior Independent Director of Record PLC and a non-executive director of ICG Enterprise Trust PLC, The Diverse Income Trust plc and JPMorgan Claverhouse Investment Trust PLC.

Raymond Abbott

Raymond joins the Board with strong experience in the investment trust sector and also brings expertise in early stage technology investments. Raymond is the Chairman of Foresight 4 VCT plc, Scottish Building Society and Integrated Environmental Solutions Ltd and he has recently been appointed as Chair of the advisory panel for the North East Fund.

Raymond is an accountant by background, beginning his career at KPMG before pursuing a career in venture capital and private equity, latterly as Managing Director, Alliance Trust Equity Partners. He has experience as a board director and a fund manager with an emphasis on private equity.

What are the risks?

  • Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses
  • As it can take years for young businesses to fulfil their potential, this investment requires patience
  • The value of the trust as well as any income it pays will fluctuate which may partly be the result of exchange rate changes
  • The price of shares in the trust is determined by market supply and demand, and this may be different to the net asset value of the trust. This means the price may be volatile in response to changes in demand
  • The trust may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the sterling value of investments to decrease or increase
  • The trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
  • Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy

Important information

We do not give investment advice so you need to decide if an investment is suitable for you. If you are unsure whether to invest, you should contact a financial adviser. The trust currently intends to conduct its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address: 27 Old Gloucester Street, London, WC1N 3AX.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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