(Reuters) – Woodford Capital Patient Trust <WPCT.L>, the listed trust run by under-fire money manager Neil Woodford, said its authorised corporate director Link Fund Solutions would cut the valuation of its stake in IH Holdings, sending WPCT’s shares to a record low.
WPCT said the adjustment, which reflected a reassessment of the current progress of the business, would impact its net asset value by about 3.4 pence per share. As at Aug. 21, the company’s net asset value excluding income stood at 78.96 pence a share.
The trust’s shares plunged 12% to the bottom of the FTSE 250 midcap index by 0718 GMT.
(Reporting by Muvija M in Bengaluru; editinb y Carolyn Cohn)