LF Woodford Equity Income fund suspension update July 2019


Aegon Retirement Choices (ARC) and Aegon Platform update

As at 2 July 2019, following an update from the fund manager, the LF Woodford Equity Income fund remains suspended across our Aegon Retirement Choices (ARC) and Aegon Platforms. For more information on how the suspension affects existing investors please see our LF Woodford Equity Income fund suspends trading update. 

More from the fund manager

We remain in close contact with both Link Fund Solutions (LFS), the fund’s Authorised Corporate Director (ACD) and Woodford Investment Management Ltd, the fund manager.

On Monday 1 July, LFS gave us the following update:

After consideration of all current circumstances relating to the Fund, we have… concluded that it remains in the best interests of all investors in the Fund to continue the suspension of the issue, cancellation, sale and redemption of shares in the Fund.

The Fund’s investment manager, Woodford Investment Management Limited (“Woodford”), has been taking steps to reposition the Fund’s portfolio to realise the unquoted and less liquid stocks and invest in more liquid investments. This has continued since dealings in the Fund were suspended and Woodford continues to invest in opportunities in order to meet the Fund’s investment objectives.

We will continue to monitor the situation on a daily basis to consider whether the exceptional circumstances described above continue to justify the suspension of dealings. In accordance with the Fund’s Prospectus, we 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.’

Find out more

We recognise that this remains a concern for you so if you have any questions regarding how the above affects your portfolio, you should contact your financial adviser in the first instance.

Alternatively, for Aegon Retirement Choices (ARC) investors please contact us at clientservices@online.aegon.co.uk or call us on 0345 608 1680.

For Aegon Platform investors, please contact us at aegoncofundsadministration@aegon.co.uk or call us on 0345 604 4001.

Please be aware that we do not offer investment advice. If you have any questions regarding the content of the above, you can also contact Woodford Investment Management Ltd directly on 0333 300 0381 (office hours are 9am to 5pm, Monday to Friday).