Trapped Woodford Income Focus investors will have to wait to hear fate of fund
Woodford Income Focus administrator Link Fund Solutions has said it is in the ‘final stages’ of deciding what will happen to the fund, which has been suspended since 15 October.
In a letter to investors, Link said it was still assessing the viability of the two options for the fund.
It is considering either finding a new manager to replace Neil Woodford or transferring the fund’s assets into another UCITS fund in exchange for investors receiving shares in that fund through a scheme of arrangement.
Link said: “The review of whether either of these options is in the best interests of investors – which includes us being sufficiently assured about the long-term viability of the fund and that any costs associated with the re-opening are fair and proportionate – is continuing and will be concluded soon.”
Link said it will update investors again no later than 30 December 2019.
Dealing in Woodford Income Focus was suspended in October after manager Neil Woodford served notice of his resignation and subsequently closed down Woodford Investment Management. The move was prompted by his sacking as manager of his flagship £3bn Woodford Equity Income Fund by Link.