The Woodford Patient Capital Trust has issued four million new shares to meet investor demand.

In its half-yearly update yesterday, the trust announced it was to launch a tap issuance programme that is understood could raise up to 10% of the trust's £800 million net asset value (NAV). Since its record-breaking float in April, the trust has consistently traded on a hefty premium, which currently sits at 15.1%. The trust's shares fell by nearly 3% on the news.

The four million new shares, which equate to 0.5% of the trust's launch NAV, were issued at a price of 115.7p per share with a value of £4.63 million.The trust, managed by Neil Woodford (pictured), originally aimed to raise up to £500 million but this was later raised to £800 million on the back of strong investor demand.

In a note to investors, Killik said: In light of the current premium rating, the board intends to implement a tap issuance programme to satisfy excess demand in the secondary market.

'New issues issued will be done so at a premium to NAV and will therefore be accretive to existing shareholders.'

In a stock market announcement, the trust said: 'It is expected that such admissions will become effective and that dealings in the new ordinary shares will commence on 17 August 2015. The new ordinary shares will rank pari passu with, and will have the same rights as, the ordinary shares of the company already in issue.'