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.