The City’s top fund manager, Neil Woodford, is in need of a fillip.
His CF Woodford Equity Income Fund is currently sitting on a hefty paper loss on its 28 per cent stake in controversial US drugs firm Northwest Biotherapeutics and there is every chance the deficit could yet become even greater.
So he will be keeping all digits crossed that today’s debut on AIM of Purple bricks, the online estate agency in which he holds a major shareholding of more than 25 per cent, proves to be a big success with buyers leaving the £1 flotation price streets behind.
Ubiquitous investment bank Zeus Capital has masterminded the flotation which will value Purplebricks at around £250million, which is remarkable considering just over a year ago the business was worth around £7million.
Read more: http://www.thisismoney.co.uk/money/markets/article-3343412/MARKET-REPORT-Web-estate-agent-Purplebricks-holds-keys-happiness-star-fund-manager-Neil-Woodford.html#ixzz3tEd6QoXw
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