Investors stuck in Neil Woodford’s collapsed flagship fund will have to wait at least until 2022 to claw back the £124m remaining in the fund, it was revealed today.
In an update for shareholders, fund administrator Link said that it was “hoped that the sale of the remaining assets will be concluded in 2022”.
Shareholders have thus far seen £2.5bn of capital returned to them after four tranches of payouts, the last of which came in November.
But a remaining £123.6m remains invested in nine companies, including Atom Bank and Benevolent AI.
“You are reminded that we have now sold the majority of the Fund’s assets and it is anticipated that the sale of the remaining assets will continue, but at a pace which is commensurate with seeking to achieve the best outcome for investors”, Link said.
“We continue to make progress regarding the sale of the remaining assets, and whilst it is not possible to provide a definitive end date to the realisation process, it is hoped that the sale of the remaining assets will be concluded in 2022.
“This means that we are unable at this time to provide a specific date by which the Fund’s wind up will be complete and all cash returned to investors.”
The LF Woodford Equity Income Fund was suspended in June 2019 after it was overwhelmed with withdrawal requests.
It was then shuttered by former star stockpicker Woodford in October, capping off the investment industry’s biggest crisis in years.