Upsizing Patient Capital

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Craig Newman 8 April 2015 Est. reading: 2 min read

When we announced our intention to launch Woodford Patient Capital Trust in early February we hoped that investors would embrace the early-stage / early-growth asset class that has, until now, been largely overlooked. We set the target of our share capital raising at £200m, with the leeway to issue up to £500m worth of shares in the event that demand was high.

Over the past few days it has become clear that the concept of investing patient capital in early-stage and early-growth businesses has captured investors’ imagination – so much so that we may exceed £500m during the offer period.

We are extremely excited by the level of support we are getting from investors and where we can, we want to avoid scaling back investors’ applications, which would likely occur if the final interest is greater than £500m. This is why the Trust’s Board, chaired by Susan Searle (pictured), has decided to publish a supplementary prospectus, increasing the share capital it can issue and bringing the maximum amount that can be raised to £800m.

We feel this is in everyone’s interests to do so – the scale of the upsizing is in keeping with the Trust’s investment strategy and will not impact its objective or portfolio construction, as outlined in the prospectus at the time the offer was launched.

Until the offer closes we won’t know whether the Trust will raise closer to £500m or £800m. But what we do know is that Neil and his team are very comfortable managing the investment strategy and deploying the eventual initial capital raised in line with the time frame set out at launch.

We have an attractive pipeline of investments in the wings for Woodford Patient Capital Trust and we are relishing the greater flexibility that this level of interest affords – giving us the opportunity to work closely with early-stage businesses and helping more of them achieve commercial success.

Download supplementary prospectus

Revised timetable

Date Activity
9 April 2015 Announce increased offering
Publish supplementary prospectus
17 April 2015 11am: Offer for subscription closes
12pm: Placing closes
20 April 2015 Results announced
21 April 2015 Admission to trading on LSE

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.

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