Woodford's Patient Capital Trust could raise £80m in new share issuance

Neil Woodford's Patient Capital Trust is to issue new shares in a tap issuance programme to satisfy 'excess demand' from investors.

In the trust's first half yearly report, its chairman Susan Searle said demand from the secondary market and the current double-digit premium rating meant the board will implement a tap issuance programme, although no date has been given. The trust could raise up to a further £80m, 10% of the current issued capital, through the new tap issuance. Searle said: "In light of the current premium rating of the company's shares, the board intends to implement a tap issuance programme through its corporate broker, Winterflood Securities, to satisfy excess demand in the secondary market." ...