As you no doubt would have heard, dealing in shares in the LF Woodford Equity Income Fund (a sub-fund of LF Woodford Investment Fund, an Investment Company with Variable Capital) (the “Fund”) have ben suspended until further notice. You can view the official statement for financial advisers here.
A. As a result of the announcement the Fund has been set to 'non-tradeable' on the Embark platform. This means that no trading in the Fund - requests to redeem, purchase or transfer shares - can't be actioned until further notice.
A. Any requests to redeem, purchase or transfer shares in the Fund attempted since the suspension was initiated will be cancelled by us. You will receive a notification of the cancelled trades.
A. Due to an increased level of redemptions, the decision was taken to suspend trading as a way of protecting the investors in the Fund by allowing Woodford time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks, into more liquid investments.
A. Please communicate this messaging to your clients as you see fit. Experience shows that during times like these, it is better over-communicate rather than under-communicate.
We will keep you updated as we hear anything further. In the interim, if you have any queries please don't hesitate to contact the Client Service team on 0330 024 2345 (available Monday to Friday, 9.00am to 5.00pm) or via email to firstname.lastname@example.org.