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Shares in a little-known company, Gamestop, more than doubled to $319 as Reddit users encouraged each other to buy the stock. It has now rocketed more than 1300 per cent in a month.
Schroders trust receives muted reception as it offloads ex-Woodford holdings at 20% discount
Sale is expected to knock an additional 3.2% off NAV
The Schroder UK Public Private trust has struck a deal to offload a handful of biotech stocks it inherited from Neil Woodford at a steep discount.
The £220.8m trust revealed it would be selling a basket of largely unquoted stocks to an investment fund managed by UK life sciences venture capital firm, Rosetta Capital, for £49m.
The sale price represents a 22% discount to the aggregate valuation for the holdings as at 30 September 2020 or 19% when adjusted for foreign exchange movements.
Schroder UK Public Private Trust, an investment trust, has extended its sterling bank line, as loans bankers said they are seeing a steady stream of amend and extend requests from borrowers.
Former Woodford trust reveals last minute extension on £100m of debt
Schroder UK Public Private has now climbed 20% this week on its second bout of good news
Neil Woodford’s former investment trust, which is now the Schroder UK Public Private Trust, has revealed a last minute extension on £107.3m worth of debt that was due to expire tomorrow.
Debt has been a sticky subject for the trust since Northern Trust introduced tighter lending requirements in the aftermath of the Woodford Equity Income fund suspension in June 2019, including that Woodford (pictured) had to seek permission before making any investment.
But in an update to markets issued on Thursday, Schroder UK Public Private announced it had extended the credit facility for a 24 month term to 30 January 2023. If the extension had not been granted, a fire sale of portfolio assets would have been triggered.