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Woodford flagship fund investors to receive 1st payment on Jan. 30

Investors in Woodford Investment Management Ltd.'s flagship equity income fund will get their first payment on or around Jan. 30, the fund's director Link Fund Solutions Ltd. said.

The fund's asset value has dropped 14.9% since it was suspended in June 2019 due to a surge in requests for withdrawals.

The fund's director had announced in December 2019 that the process of winding up the fund would start on Jan. 18 and that investors would receive their first payment on or around Jan. 20, but this has now been changed to on or around Jan. 30.

The investors will be informed about the amount they will receive per share on or around Jan. 28.

Meanwhile, income for the quarter ended Dec. 31, 2019 will be distributed on Feb. 28 and income for the period from Jan. 1 to Jan. 17 will be distributed on March 17.

The fund has been split in two portfolios being handled by BlackRock and Park Hill, which are helping Link Fund Solutions sell the fund's assets. BlackRock has sold 90% of the assets from its portfolio, representing 63% of the fund, for £1.9 billion.

After the shutdown of Neil Woodford's investment management firm, its Patient Capital Trust has been handed over to Schroders PLC and the income focus fund will be managed by Aberdeen Standard Investments Ltd.