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Tag: Woodford

Woodford investors in line for £225m from biotech sale

Woodford investors in line for £225m from biotech sale

Business
A portfolio of 19 life sciences company stakes accumulated by Neil Woodford, the former star fund manager, will be sold on Friday to an American buyer for just under £225m.Sky News has learnt that Acacia Research Corporation has finalised a deal with Link Fund Solutions, the administrator of the shareholdings, after months of talks. Insiders said on Thursday evening that the transaction would pave the way for a sum of up to £224m to be returned to investors in Mr Woodford's flagship Equity Income Fund, many of whom were hit by huge losses following the implosion of his asset management empire.Acacia's purchase of the stakes - which include holdings in companies such as Theravance Biopharma, Oxford Nanopore and Mereo Biopharma - will come almost exactly a year to the day since Mr Woodford's...
The spectacular fall of money manager Neil Woodford

The spectacular fall of money manager Neil Woodford

Business
Every rider knows that after a bruising fall you should get back on the horse, if you can. This week, stockpicker Neil Woodford - an equestrian enthusiast - was unseated, told his champion was being sent to the knacker's yard, and responded by closing the stables.Woodford Investment Management is shutting after its eponymous boss was sacked from its flagship fund, once a big money winner for investors but now to be wound up, leaving some with heavy losses. Few give the 59-year-old any chance of saddling up as an investment manager again, marking the end for someone whose decisions affected billions of pounds worth of retirement savings. Neil Woodford made his name at Inv...
Neil Woodford closes crisis-hit investment empire

Neil Woodford closes crisis-hit investment empire

Business
The UK's best-known stockpicker is to close his remaining investment funds, signalling the end of his multi-billion-pound empire.Neil Woodford was sacked from his flagship fund early on Tuesday, and has now announced he will close the last two funds.He described it as a "highly painful decision", adding that the funds would be wound down in "an orderly fashion".Mr Woodford earned a huge reputation over 30 years of successful investing.The so-called "Oracle of Oxford" was dismissed from his troubled £3.1bn Equity Income fund by its administrators on Tuesday. The fund will be wound up and any cash returned to investors. It follows a series of disastrous investments.That sacking initially prompted an angry response, with Mr Woodford saying it was a decision ...
Eddie Stobart crisis deals fresh blow to Woodford

Eddie Stobart crisis deals fresh blow to Woodford

Business
By Mark Kleinman, City editor Eddie Stobart, the logistics group known for its distinctively coloured lorries‎, will deliver a fresh blow to the embattled fund manager Neil Woodford on Friday when its chief executive quits in the wake of a multimillion pound accounting error.Sky News has learnt that Eddie Stobart, which is listed on London's junior AIM stock market, will announce that Alex Laffey is stepping down just two years after its flotation. Sources said the company's shares were likely to be suspended on Friday because it would be unable to meet a statutory‎ deadline for publishing its half-year results, which had been scheduled for the latter part of next week.The developments will come six weeks after Eddie Stobart, which spec...
Woodford fund goes into second month of suspension

Woodford fund goes into second month of suspension

Business
By Wale Azeez, business reporter Fund manager Neil Woodford will keep his flagship £3.7bn fund frozen for at least another month, leaving thousands of investors without access to their money.Mr Woodford, one of Britain's best known money managers, released a video - the second since the Woodford Equity Income Fund was suspended on 3 June - in which he said there was "no prescribed time limit" on how long it could cease trading for. However, the fund's authorised corporate director Link Fund Solutions said in a letter to investors posted on its website that it remained in the "best interests of all investors" to continue the suspension.Link is required to give an update on the suspension at least every 28 days.It said it expected to provide another upda...