Woodford hikes Patient Capital fundraising limit to £800m

Woodford Investment Management (WIM) has increased the initial fundraising limit for its Patient Capital trust from £500m to £800m in response to investor demand.

The trust had initially aimed to raise £200m to £500m but WIM said today the product has "captured investors' imagination" during the offer period. As a result, the board has published a supplementary prospectus, increasing the share capital it can issue to a maximum of £800m. It has also extended the offer period, which was due to close on 14 April, to Friday 17 April. The planned listing date of 21 April remains unchanged. Those who have already applied to invest need not take any further action, a spokesman for the trust said. Patient Capital will invest predominately in earl...