Woodford will need permission to make investments for trust

The board announced this morning that if the discount persists even after the gearing has fallen, a share buyback could be carried out. 

A share buyback reduces the number of shares in a trust, so should increase the value of each share. 

Commenting on the various changes, a representative of Woodford Investment Management said: “We remain in close contact with the board and are aligned in delivering shareholder value in accordance with the investment objective of the trust.”