Wood­ford-backed tech firm to float

Daily Mail - - City & Finance -

NEIL Wood­ford is set for a much-needed boost after a biotech­nol­ogy com­pany he backs told in­vestors it planned to float within a year.

Ox­ford Nanopore, which has de­vel­oped pock­et­sized DNA scan­ners, is con­sid­er­ing a dual-list­ing in Lon­don and Hong Kong – and could be val­ued at £1.5bn.

It would mean Wood­ford’s funds, which own about 12.5pc of the Ox­ford Univer­sity spin-out, could be sit­ting on shares worth nearly £190m.

The hold­ing would hand the em­bat­tled fund man­ager a fresh life­line.

Un­der Fi­nan­cial Con­duct Author­ity rules, no more than 10pc of a fund man­ager’s money can be in un­listed com­pa­nies. At the moment around 7.8pc of the Wood­ford Equity In­come fund is in pri­vate com­pa­nies but that would drop to 5.4pc if Ox­ford Nanopore floated on the stock mar­ket.

The com­pany has been lauded as a Bri­tish ‘uni­corn’, mean­ing it is worth more than $1bn (£760m). IP Group, an­other ma­jor in­vestor with 18pc, stands to gain around £270m from a list­ing.

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