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Woodford – did the FCA or the bank prevent him from fully standing his corner with Kier?

By Nigel Somerville, the Deputy Sheriff of AIM | Monday 24 December 2018


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


A spot of maths and it seems that we were all wrong! In the prospectus for the rights issue by Kier Group (KIE) we were told that Neil Woodford was sitting on 13,797,000 shares, or 14.13%. We were also told that if he took up his rights in full he would hold 22,903,020 shares, or 14.13%. We know that Woodford piled in for more shares after the rights offer was announced. So what did he end up with?

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