Woodford's Patient Capital raises record £800m

Neil Woodford's Patient Capital trust has raised £800m during its offer period, a record for a London-listed investment trust.

Having initially set a fundraising target of £200m to £500m, Woodford Investment Management (WIM) issued a supplementary prospectus earlier this month which raised the upper limit to £800m in order to meet demand. Having hit that limit, chief executive Craig Newman said today (20 April) the issue was almost 10% oversubscribed, calling the response from investors "incredible". The amount raised tops the previous record for a London-listed investment trust, beating the £549m raised by the Mercury European Privatisation trust (MEPIT) in 1994. Newman had previously said on 9 April that...