Link Fund Solutions Limited (the Authorised Corporate Director of the fund) continues to monitor the situation on a daily basis to consider whether the exceptional circumstances that gave rise to the suspension of dealing have changed.
In accordance with the fund’s Prospectus, Link and the Depositary will formally review the suspension at least every 28 days and will inform the FCA of the review and any change to the information given to Shareholders.
We anticipate that the suspension of dealing is likely to last until early December while we implement the strategy to re-position the portfolio in order for the fund to be re-opened at that time, and which is conditional upon achieving the target fund profile. In our view, this is a realistic amount of time for Woodford to complete a measured and orderly re-positioning of the fund's portfolio of assets ensuring that there is adequate liquidity whilst preserving or realising the value of the assets.
We have concluded that this approach would represent the best outcome in terms of value, time and equal treatment for all investors. Importantly, it would allow all investors to choose, whether they wish to remain invested in or to withdraw their investments from the fund. The work that is underway to re-position the portfolio is designed to ensure that there are liquid assets available for these purposes, while continuing with the objectives and investment strategy of the fund.
We will keep investors updated in relation to the suspension, including its likely duration.