Company Announcements

28 June 2019

Woodford Patient Capital Trust plc

Board Changes

The Board of Woodford Patient Capital Trust plc (the "Company" or "WPCT") is pleased to announce the appointment of Stephen Cohen as an independent non-executive director with immediate effect. Stephen will also become Chair of Audit, Risk and Valuation Committee.

Stephen joins the Board with extensive asset management and fund experience. He spent the bulk of his career at Mercury Asset Management where he led both investment teams and business units. He has been actively involved with open-end and closed-end funds, in multiple jurisdictions, for over 30 years. He is currently the Chair of the Audit Committee at JPMorgan Japan Investment Trust plc. Stephen has committed to dedicating an enhanced amount of time to WPCT for an initial period following his appointment.

The Board also announces that Carolan Dobson has stated her intention to step down as a non-executive director with immediate effect. Carolan joined the Board in July 2016.

The Board is actively engaged in identifying a replacement for Carolan Dobson and, in addition, is also seeking to appoint a further independent non-executive director. The Board hopes to be in a position to update on both these processes in due course.

Susan Searle, Chair, Woodford Patient Capital Trust, said: "I am pleased to welcome Stephen to the Board of WPCT. Stephen has deep asset management and investment trust experience and will be an important voice on the Board at a critical time for WPCT.

"While it is disappointing that Carolan is stepping down from the Board, we understand her decision and would like to thank Carolan for her input over the last three years.

"We have already initiated a process to identify a replacement for Carolan, and further strengthen the Board, as part of our continued succession planning. I hope to be able to update on both in the near future."    

-Ends-

Enquiries:

FTI Consulting

Ed Berry / Tom Blackwell                              0203 727 1046 / 1051

Stephen Cohen currently serves as director of the following publicly quoted companies:

·    JPMorgan Japan Investment Trust, Independent Non-Executive Director and Audit Chair

Stephen Cohen also serves on the Board of two private companies: EG Capital Advisors (Director) and (the dormant) Highgate Capital SPV (Non-Executive Chairman). In addition, Stephen is a Commissioner for the Gambling Commission and a Member of Council at the Health & Care Professions Council (a health care regulator), and a Venture Partner at Piedmont Partners Global Ventures.

Stephen Cohen also served as the Chair of Future Route Ltd which went into Creditors' Voluntary Liquidation on May 10, 2016.

Previously Stephen had a successful career in financial services, holding senior positions at Mercury Asset Management, Zurich Scudder Investments, Putnam Investments, Montanaro Asset Management and others. He has both managed large institutional portfolios as well as fund management businesses. His final executive role was in 2012-2014 as the CEO of Governance for Owners, a specialist asset manager focused on engagement and stewardship. Stephen has a BA in Physiology from University College, Oxford.

The Company confirms that Mr Cohen already holds 45,537 shares in the Company.

There is no information that is required to be disclosed under Listing Rule 9.6.13R.
 

LEI: 2138008X94M7OVE73I77