You are here: Home - Investing - Experienced Investor - News -

Guernsey stock exchange suspends Woodford’s unquoted stakes

0
Written by: Danielle Levy
12/04/2019
The International Stock Exchange has suspending dealing in the shares of fund manager Neil Woodford's stakes in three unquoted companies.

The move represents a setback for well-known fund manager Woodford, who recently listed stakes in four unquoted companies on the Guernsey stock exchange, which is regulated by the International Stock Exchange.

In separate announcements for three of these companies – Benevolent AI, Industrial Heat and Ombu the International Stock Exchange said trading had been suspended since 18:00 on Thursday evening.

The reasons for the suspension are not yet known.

The listings on the Guernsey Stock Exchange only consist of Woodford’s stakes in the unquoted companies, so the rest of the shares that are held by other investors remain unlisted.

Dealing in Woodford’s fourth stake in Sabina Estates, a property developer in Ibiza, has not been suspended.

Woodford Investment Management took the decision to list the stakes in four unquoted companies after its flagship equity income fund came under pressure to reduce exposure to unlisted companies. This is down to continued outflows from the fund; since the summer of 2017 it has halved in size from £10.7bn to £4.7bn at the end of February.

As the size of the fund has decreased, Woodford has sold down positions in quoted stocks to meet redemptions. This has resulted in the fund’s unlisted exposure accounting for more of the portfolio’s assets, at 12%, which is above the regulator’s 10% limit.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • Discover how your pension can be used to make a range of investments with attractive tax advantages. By… https://t.co/LMSAsBt3hb
  • RT @Defaqto: Looking for your first job? We outline our top tips for understanding and improving your credit score. Take a look @YourMoney
  • @YourMoneyUK Biased. People don't look at this stuff rationally. They also would not buy annuities if there ware decent alternatives.

Read previous post:
pension planning
Women ‘still decades away’ from achieving pension equality

In spite of encouraging figures that show a rise in female members of workplace pension schemes, Royal London warns that...

Close