The troubled investment trust once run by Neil Woodford has been forced to slash the value of its investment in cold fusion firm Industrial Heat for a second time, in another blow for its long-suffering savers.
Woodford Patient Capital Trust cut the valuation of Industrial Heat – which is focused on next-generation energy technology viewed sceptically by most scientists – on the advice of the custodian Link Fund Solutions, a company tasked with ensuring the trust follows the rules.
Patient Capital first reduced the value of its £67m holding in Industrial Heat in August. The new cut on Monday means the stake’s estimated worth has dropped as much as 83pc and is less than £10m, according to analysts…
Sure, I know, “value” and “how bloody much money did he put in?” aren’t the same thing. But seriously, a fund investing in cold fusion?