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Woodford buys his first unquoted stock

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Woodford buys his first unquoted stock

Neil Woodford has bought his first unquoted stock for his new equity income fund.

Woodford (pictured) has invested £5 million in telecoms firm Gigaclear through his CF Woodford Equity Income fund, which raised £1.6 billion in its offer period last month.

Gigaclear was founded in December 2010 by Matthew Hare. In May 2011 the firm took a majority stake in Rutland Telecom, and started to construct its first fibre to the premises network in the September of that year, which opened service in October 2011 in Hambleton in Rutland.

During 2012 Gigaclear delivered fibre to the premises services in the rural communities of Appleton, Eaton and Besselsleigh in Oxfordshire.

In 2013 four more fibre to the premises networks were completed in Uppingham (Rutland), Erbistock (Wales), Fyfield and Frilford (Oxfordshire).

Gigaclear now has three more fibre networks under construction due to open for service early in 2014 in Oxon and Kent.

The money raised from Woodford, along with an additional £2.8 million from private investors, will be used to build about 25 networks by end of year. The firm hopes to connect to connect to 10,000 homes by the end of the year in an acceleration of its rural broadband programme.

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