LONDON (Reuters) - Woodford Patient Capital Trust plc <WPCT.L>, the listed trust run by money manager Neil Woodford, said on Thursday that its administrator would cut the valuations of three of its holdings due to a "challenging fundraising environment."
The valuation adjustments will result into a net asset value's reduction (NAV) of about 3.1 pence per share.
The fund's board didn't disclose the details of the companies affected but said its administrator Link Fund Solutions wanted to proceed with the valuation review as challenging market conditions would harm the ability of these businesses to raise cash in the near term.
A similar decision was taken on Sept. 12 in relation to another undisclosed Woodford's holding.
It comes amid a prolonged suspension of Woodford's flagship equity income fund which has lost 12.83% since its suspension on June 3 and will continue to be frozen until December.
The controversial decision to suspend the fund's activity has prompted an outcry from lawmakers and investors, a probe by regulators and share price losses or outflows from Woodford's other two funds.
(Reporting By Pamela Barbaglia, editing by Sinead Cruise)
