Investors trapped in the suspended Woodford Equity Income fund will have to wait even longer to withdraw their funds as the administrators have pushed the first payment date back 10 days.
In an update to investors released this morning (January 10), Link Fund Solutions told investors they would receive their first payment on or around January 30 — having previously touted a January 20 pay out date.
Link said the change to the timetable was required to ensure investors retained exposure to the equity market for the entire period prior to the fund being wound up as was required by regulations.
Investors have been locked in the fund since it was suspended on June 3 after experiencing a lengthy period of sustained outflows. The mandate was originally suspended for 28 days but remained closed until the decision was made to wind up the fund on October 15.
The winding up of the fund is set to commence on January 18. From then, Link will calculate the amount per share and notify investors of the amount they are owed on January 28, with payments to commence around January 30.
Link also warned investors who held their Woodford assets through a platform their payment could be a few days later still.
The Woodford Equity Income fund has lost 15 per cent since it was suspended on June 3, compared to a FTSE All Share total return of 9.35 per cent.
Former-star fund manager Mr Woodford has since walked from his two remaining investment vehicles — the Woodford Income Focus fund and the Woodford Patient Capital trust — and has announced he is winding up his investment company Woodford Investment Management.
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