Investors in the Woodford Equity Income fund are to get their next tranche of money before the end of the month.

Link Fund Solutions, which controls the Fund, has confirmed that it will pay out £183.15m of cash to investors next week, following the sale of a number of assets. The sum is made up of amounts received by the Fund from Acacia Research Corporation.

In a letter to investors, Link revealed that following next week’s pay out, a total of £2.45bn will have been distributed to investors since the commencement of the winding up of the Fund.

The letter also stated that Link intends further capital distributions to be made “as and when suitable amounts of cash have been raised” from the sale of the remaining assets of the Fund, which includes further proceeds received from Acacia.

Link, however, indicated it was unable to advise on the exact timing and amount of these future capital distributions, as this is “dependent upon the sale of the Fund’s assets”.

AJ Bell personal finance analyst, Laura Suter, commented: “There’s no sign of Link and the asset managers shifting the remaining illiquid assets in the fund. There’s no mention of a timeline or any progress having been made on the sale of the assets, with Link just saying the sale ‘may take some time’. This means the process will drag on for even longer for investors, who just want to get as much of their money back as possible and move on from the sorry saga.

“It’s also frustrating that investors will have to wait even longer for the fund’s report and accounts for the year ending March 2020, with Link delaying their publication again from the end of this month to the end of September.

“This is another blow to investors who haven’t had access to a proper report and financial statements for the fund since the interim report for the six months ending 30 June 2019, well over a year ago. When they finally arrive the accounts will provide a bit more clarity to investors on the sale process and costs involved, but will now be over six months out of date by the time they are published.”

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