BlackRock buys 11 per cent stake in the Woodford Patient Capital Trust
The move follows the PCT’s official debut on the London Stock Exchange on Wednesday. The hotly-anticipated listing was the largest investment trust launch in UK history; the PCT instantly moved onto a premium to net asset value.
BlackRock’s stake amounts to just under 90.2m shares, or £117m. Shares in the PCT closed at 1.03p yesterday. As reported by Your Money on the launch of the PCT, the Trust’s first investment will be AIM-listed diagnostics firm Sphere Medical Holdings – and around 30 other shares are currently under consideration for investment.