UPDATE 1-Woodford fund administrator to cut valuation in three more holdings

(Adds share price reaction)

By Pamela Barbaglia

LONDON, Sept 26 (Reuters) - Woodford Patient Capital Trust plc, a listed trust run by money manager Neil Woodford, said on Thursday that its administrator would cut valuations on three of its holdings due to a "challenging fundraising environment."

Woodford's flagship equity income fund has lost 12.83% since its suspension on June 3 and will be frozen until December.

The decision to suspend the fund's activity has prompted an outcry from lawmakers and investors, a probe by regulators and share price losses or outflows from Woodford's other two funds.

The three latest valuation adjustments will result in a net asset value's reduction (NAV) of about 3.1 pence per share.

The fund's board didn't disclose the details of the companies affected but said its administrator Link Fund Solutions wanted to proceed with the valuation review as challenging market conditions would harm the ability of these businesses to raise cash in the near term.

Shares in Woodford Patient Capital Trust plc were down 6.6% at 0723 GMT.

This is the second time that Woodford's holdings have been downgraded.

A similar decision was taken on Sept. 12 in relation to another unnamed portfolio company resulting in NAV's reduction of about 4 pence per share.

Healthcare and biotech was a favoured Woodford sector, making up nearly a quarter of the fund's portfolio, including listed stocks.

But six British Woodford biotech holdings made losses last year, UK company filings show. (Reporting by Pamela Barbaglia, editing by Sinead Cruise and Jason Neely)