Link Fund Solutions Limited, the Authorised Corporate Director of the LF Woodford Equity Income Fund (“the fund”) has formally reviewed the suspension and announced that it remains in the best interests of investors for the suspension to continue and that the suspension of dealing is likely to last until early December.

Please find below a letter to investors issued by Link Fund Solutions Limited;

Dear Investors

LF Woodford Equity Income Fund (a sub-fund of LF Woodford Investment Fund, an Investment Company with Variable Capital) (the “Fund”)

As Authorised Corporate Director (“ACD”) of the Fund, we are writing to you to provide an updateon the Fund and the suspension of dealings which remains in place. As you will be aware, we are required to conduct a review of the Fund at least every 28 days and to keep you informed about what is happening. This updates you on the second 28-day review. This letter is for information only and no action is required.

Update on suspension of dealing and timing of re-opening

As we explained in our previous letter of 1 July 2019, we have continued to assess the situation along with Northern Trust Global Services SE, UK Branch, the Fund’s Depositary, and in close consultation with Woodford Investment Management (“Woodford”), the Fund’s investment

We have considered various alternatives and have decided that the best option in the interests of all investors is for the suspension of dealings to continue. This has been agreed with the Depositary and we have informed the Financial Conduct Authority accordingly.

We anticipate that the suspension of dealing is likely to last until early December while we implement the strategy to re-position the portfolio in order for the Fund to be re-opened at that time, and which is conditional upon achieving the target fund profile. In our view, this is a realistic amount of time for Woodford to complete a measured and orderly re-positioning of the Fund’s portfolio of assets ensuring that there is adequate liquidity whilst preserving or realising the value of the

We have concluded that this approach would represent the best outcome in terms of value, time and fair treatment for all investors. Importantly, it would allow all investors to choose, whether they wish to remain invested in or to withdraw their investments from the Fund. The work that is
underway to re-position the portfolio is designed to ensure that there are liquid assets available for these purposes, while continuing with the objectives and investment strategy of the Fund.

Progress on re-positioning

As explained above, in order for the suspension of dealing to be lifted, the Fund’s portfolio needs to be re-positioned. Progress has been made with Woodford continuing to assess the portfolio and make sales where reasonable prices can be achieved. We have carefully considered Woodford’s
proposals in relation to the assets including consulting with specialist professional advisers so that we can be sure that decisions are taken in the best interests of investors.

We will continue to monitor progress of the repositioning of the Fund’s portfolio to ensure that it is on track and our aim of lifting the suspension in December remains achievable. We will keep you updated as part of our formal review of the suspension every 28 days where we will continue to provide you with as much information as we can. We will also write to you before the suspension is lifted to inform you of any steps you need to take. The decision of whether to remain invested or withdraw will be up to each investor – you may wish to consult with your financial adviser about this.

Further information

In the meantime, if you do require any further information, please refer to the frequently asked questions and answers document on our website (or alternatively at – please click on the “Fund Information” section and select “LF Woodford Investment Fund” under “Select Fund Group”).

If you have any questions regarding this suspension of dealing, please contact us on 0333 300 0381 or alternatively email us at

Yours sincerely

Karl Midl

Director – Link Fund Solutions Limited