Woodford Investment Management has reportedly reaped $24.1m on its 20% stake in University of Bristol's Ultrahaptics.
Distressed fund manager Woodford Investment Management has offloaded its 20% stake in University of Bristol-founded mid-air haptics technology developer Ultrahaptics to Mayfair Equity Partners, the Telegraph reported yesterday.
Woodford was reportedly closing in on £20m ($24.1m) for the stake during negotiations, and while Ultrahaptics refused to confirm the final price, it did say the firm had managed to generate a profit.
Woodford’s fund management business has hit the rocks with the ongoing suspension of its flagship Equity Income fund and a degree of public ignominy for its founder Neil Woodford.
A slew of failed bets means the firm is struggling to maintain balance sheet liquidity, leaving little option but exits en masse to begin eventuating some form of tangible return for its investors.
Among other criticisms, Woodford has been slammed for the high proportion of unquoted stakes such as venture capital contained within Equity Income’s portfolio,…
