Among the biggest unlisted holdings is Oxford Nanopore, which has developed a device for sequencing DNA GettyThe investment trust run by Neil Woodford risks raising new scepticism about its true value because it may ignore future “fire sale” transactions by his separate open-ended fund, with which it owns many unlisted company shares in common. Traditionally, unlisted shares are valued at the level of the most recent significant transaction, but Woodford Patient Capital Trust and its advisers are set to invoke European rules that allow it to ignore transactions at “distressed prices” so long as there is no change to the circumstances of the investee companies. Doubts about the real value of the trust intensified yesterday as its shares were marked down by another 6 per cent to 59p, valuing it at £538 million. That represents a 32 per cent discount to…

Source: The Times June 10, 2019 22:52 UTC