Woodford takes more than 20% stake in Imperial Innovations

Neil Woodford

Woodford Investment Management has increased its stake in Aim-listed Imperial Innovations by £11.6m after it was granted FCA approval to hold more than 20 per cent of shares.

In February, technology and science investor Imperial Innovations announced a £100m financing round, in which Woodford Investment Management acquired 10.7m shares, taking the fund manager’s stake to just below 20 per cent.

As Imperial Innovations’ investment management subsidiary is FCA regulated, approval was needed before Woodford could increase its stake to more than the 20 per cent threshold.

Now approval has been granted, Woodford, the company’s second largest shareholder, has acquired a further 2.7m shares in a deferred share placing.

Imperial Innovations, based at London’s Imperial University, focuses on the commercialisation of academic scientific research. It also works with the Universities of Oxford and Cambridge and University College London.

As of April, the company’s net portfolio value sat at £355.1m.

The largest shareholder in the company is Neil Woodford’s former employer Invesco Perpetual, which owns a 39.8 per cent stake. Imperial College London is the third largest shareholder with a 17.4 per cent stake.

Woodford has previously spoken about how UK investors are failing to exploit the UK’s world-class scientific research and turn it into commercial opportunities.