LONDON, April 6 The deepening slump in shares of Allied Minds
took them below their listing price for the first time in nearly three
years on Thursday and brought losses for the year to more than 60 percent.
Allied Minds, a company that funds technology and healthcare start-ups, was
one of the hottest initial public offerings (IPO) in the U.K. in 2014, having
risen by nearly threefold in the year after listing.
Over the past month, however, the stock, which has some high-profile
shareholders on its roster including Neil Woodford's Woodford Investment
Management and Invesco Asset Management, has come under severe selling pressure.
The stock suffered its worst single-day ever on Wednesday after it said it
would pull the plug on seven units which made up about a quarter of its current
Woodford's fund and his old firm, Invesco, own roughly half of Allied Minds,
according to latest filing data.
Neil Woodford defended his fund's holding in an interview with the Daily
Telegraph dismissing the recent weakness as "short-term noise" and adding that
restructuring would instead create value for shareholders.
(Reporting by Vikram Subhedar, Editing by Alasdair Pal)