A write-down on WPCT's largest asset Industrial Heat has left the trust in breach of its own borrowing limit, sending shares spiraling 7.6% during Monday's trading.
Woodford Investment Management’s spinout-focused Woodford Patient Capital Trust (WPCT) has breached its borrowing limit after it slashed the valuation of its largest investment, the Financial Times reported yesterday.
WPCT was forced to cut its controversial valuation of cold fusion energy technology company Industrial Heat on Monday to reflect delayed operational progress, bringing the total write-down on the business to 83% since September 2018, according to JPMorgan Cazenove estimates.
Industrial Heat’s valuation was increased by 357% to $918m during…
