Woodford Equity Income Fund - Formal closure

Last updated at 10:00am on 15 October 2019.

We will continue to keep this page updated and will contact customers directly where appropriate.

Closure

It has now been announced by Link Asset Services the Authorised Corporate Director (ACD), who is the independent company who looks after and acts in the best interests of investors, that the LF Woodford Equity Income Fund will not re-open and instead will be wound up. The winding up of the fund will commence on 17 January 2020 once the regulatory three month notice period has passed.

When will I get my money back?
The winding up of the fund will commence from 17 January 2020. It is anticipated that capital distributions (the proceeds from the selling of the underlying assets) will start to be paid out from the end of January 2020. We will keep investors up to date as and when further announcements are made.

Can I take any action now?

It is not possible to take any action now in respect of a holding within this fund. The capital distributions that will be made by the ACD will be in an orderly and fair manner.

How will the assets be sold?

The ACD have appointed BlackRock Advisors (UK) Ltd to undertake the formal process of winding up the listed assets that have been deemed to be liquid and use the proceeds of the sales to purchase money market funds and FTSE100 index instruments in the interim period ahead of the commencement of returning capital back to investors. For the assets within the fund that are deemed to be highly illiquid, the ACD has appointed PJT Partners (UK) Ltd as a specialist broker to assist in the selling of these assets.

Tax consequences

The capital distribution received will be deemed to be a disposal of shares for capital gains tax purposes and may therefore, depending upon personal circumstances, give rise to a capital gains tax liability. If you are in doubt, you should consult a professional tax adviser.

Name change

Following the decision to wind-up the fund, regulatory permission is also being sought to change the name of the fund from ‘LF Woodford Equity Income Fund’ to ‘LF Investment Fund’. As soon as this change has been approved, we will update our records accordingly and this will be reflected in any holding you may have.

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Please get in touch with our Customer Service team.

Email: service@share.co.uk

Phone: 01296 41 41 41 (8:00am-6:00pm weekdays)

Write: The Share Centre, PO Box 2000, Aylesbury, Bucks. HP21 8ZB