Page QQQ Daily Mail, Tuesday, July 30, 2019
INSIDE: Puzzles & Prizes 39-4, TV & Radio 5-55,
Cainer & Offer 56, Letters 58 & 59, City 65-
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directly at ipso.co.ukWinner: Keith WrightFUND manager Neil
Woodford sparked
further anger last night
after cashing in £1mil-
lion of shares just as his
investors were warned
they face being denied
access to their money
until December.
It was announced yester-
day that Mr Woodford, 59,
was a ‘reluctant seller’ of
shares in his Woodford
Patient Capital Trust to
settle personal liabilities,
including a tax bill.
But hours later, investors
with money in the separate
Woodford Equity Income fund
were told a block on withdraw-
als was likely to be extended
to December. Savers were
barred from taking theirmoney out of this fund two
months ago after Mr Woodford
ran out of ready cash to pay
customers who wanted their
investments back.
Although savers cannot
access their nest eggs, Mr
Woodford is still charging fees
totalling almost £100,000 every
working day. His company is
on course to rake in almost
£12million before the doors
are reopened.
Baroness Altmann, a former
pensions minister, said: ‘This
situation is a disgrace. I just
can’t believe that a fund man-
ager of his long standing is
unable to see the distress he is
causing. People invested in
what they thought was a first-
class fund, their money hasbasically been taken away
from them... and to add insult
to injury they’re still being
charged fees.
‘And then Mr Woodford is
suddenly able to get £1million
without a problem. It just
seems dramatically unfair.’
Mr Woodford sold 1.75million
shares in Patient Capital, 60
per cent of his holding with a
value of around £1million,
between July 3 and 8. He told
the trust’s board only on
Saturday, three weeks later.
Investors including Mr
Woodford can still buy and sell
shares in Patient Capital.
He has a separate holding in
Equity Income, which he will
be unable to sell until it
reopens. Mr Woodford refused
to go into detail about the tax
bill he sold the shares to pay.
His problems began when he
pumped billions of pounds ofsavers’ cash into risky invest-
ments that were hard to sell in
a hurry. At the start of June, he
was hit with a demand by cus-
tomer Kent County Council to
repay £263million but was una-
ble to sell enough shares.
Equity Income was forced to
block withdrawals and start a
massive sell-off.
Link Fund Solutions, an
independent company tasked
with making sure Equity
Income follows the rules, has
now told investors this sus-
pension is likely to last until
early December for Mr Wood-
ford to complete ‘a measured
and orderly repositioning of
the fund’s portfolio of assets’.
In a defiant update on his
website, Mr Woodford apolo-
gised but insisted he will be
proved right. He said his
investing strategy is based on
a view that the world economy
is heading for the rocks.
‘Admittedly, this strategy
has not delivered the returns
we had anticipated over the
past couple of years,’ he said.
‘I understand the frustra-
tion, inconvenience and anxi-
ety the continued suspension
of the fund will be causing.’
Alex Brummer – Page 67By James Burton
Chief City CorrespondentAS part of the Mail’s £1million Summer
Giveaway, we’re making one lucky
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The couple from Tredegar, Wales,
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National Lottery tickets each week.‘Such a nice surprise’: Wendy and John WebbSavers still locked out
of Woodford fund as he
cashes in £1m shares
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