July 31, 2019 / 7:36 AM / 22 days ago

Frozen Woodford fund breaches 10% cap on unlisted holdings

LONDON, July 31 (Reuters) - Neil Woodford’s suspended equity income fund has inadvertently breached a 10% cap on unlisted stocks after two of its holdings delisted their shares from Guernsey’s exchange, a Woodford spokesman said on Wednesday.

IH Holdings and BenevolentAI issued statements late on Tuesday via the TISE exchange saying they were cancelling their shares.

“Following the inadvertent passive breach, action to bring the fund back into compliance is already underway,” the spokesman said in an emailed statement.

“The decision by Benevolent AI and Industrial Heat to delist from TISE will have no impact in how the assets are managed within the fund.” (Reporting by Carolyn Cohn and Simon Jessop, editing by Huw Jones)

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