Schroder Uk Public Private Share Discussion Threads

[daffyjones] 12/4/2024 10:44

Five years later, the FCA seem to be finally waking up.

Neil Woodford’s understanding of risk ‘defectiveR17;, FCA says

The former star stockpicker Neil Woodford has been hit with a warning notice by the Financial Conduct Authority over the spectacular collapse of his fund five years ago, with the watchdog accusing him of having “defective understanding” of liquidity risks faced by the fund.

In the warning issued on Thursday, the FCA said it intended to take action against Woodford and Woodford Investment Management (WIM) in respect of their conduct in the management of the Woodford Equity Income Fund (WEIF) before its suspension in 2019.

The FCA said Woodford held “a defective and unreasonably narrow understanding of his responsibilities for managing the WEIF’s liquidity risks”, while also claiming that he had failed to ensure the company had appropriate liquidity when making investment decisions.

In the notice, the FCA said the investment decisions made by Woodford and WIM materially increased the risk of and resulted in the WEIF’s liquidity profile “becoming unreasonable and inappropriate”.

It added: “They also materially increased the risk that the WEIF would need to be suspended and thereby place those investors who did not redeem prior to the point of suspension at a disadvantage.”

In a separate final notice to Link Fund Solutions (LFS), the company in charge of the fund’s liquidity, the FCA said it “failed to act with due skill, care and diligence in its management”. It also stated that it failed to manage the liquidity of the fund and ensure that concerns about the liquidity position were acted upon.

The warning notice marks the FCA’s intention to take action but Woodford will be able to make representations to its regulatory decisions committee before it decides what action to take. Woodford’s lawyers have said he will challenge the FCA decision.

[chucko1] 09/4/2024 10:47

"libellous", Johnwig (with a meandering "h")? You're so puffed up I would take care whenever you are close to sharp objects, for fear of spiralling uncontrollably into the outer atmosphere. Similar to where Captain Mainwaring ended up - you ought to rename one of your avatars - "the air marshall" strikes me as the logical choice, although there appears to be a broad variety from which to select.

[johnwig] 09/4/2024 00:25

bamboo2. This was not 'a deliberate attempt to mislead the unwary' and it is libellous to suggest that. I make it quite clear that jonwig and johnwig are different entities in the heading of my honest and free INOV thread. The new thread was founded because jonwig was banning many posters of integrity who disagreed with his manipulative troll-posts. That is his habit, otherwise why would he have started and controlled in his own nefarious interests that inordinate number of ADVFN threads?

[bamboo2] 04/12/2023 16:34

CC2014

Try this...



Note that the thread author is johnwig

If this person is filtered you may need to unfilter to show the thread.

johnwig is possibly someone who thought it amusing to use a name very similar to an existing poster jonwig.

Unfortunately advfn management don't have the sense to control this kind of behaviour which seems a deliberate attempt to mislead the unwary.

[cc2014] 04/12/2023 10:51

Have we moved threads. I thought we had but there doesn't seem to be one for INOV.

Anyway NAV down again by 5% to 23.5p in the qtr.

Share price remains in the dog house at 15p

[spectoacc] 10/7/2023 15:30

Brilliant isn't it, the fun never stops at WPCT/SUPP/INOV:


"Tim Creed, lead fund manager and head of private equity investments at Schroders, reiterated that Revolut was a high-quality business with a proven long-term growth track record, given its shift from solely currency exchange to a ‘multi-product, multi-country’ banking service.

‘Revolut really can do a lot of things in a lot of geographies, which means the ceiling for Revolut is very, very high. In fact, we would argue that it’s one of Europe’s best venture-capital-backed companies,’ he said.


Well, that sounds good. But:


"...In annual results for 2021, auditor BDO warned the company’s [Revolut's] revenues could have been ‘materially misstated’ as it was unable to verify about two-thirds of revenues."

[cc2014] 10/7/2023 15:26

ffs. Why does this stuff take so long to come out. It's no wonder the PRA didn't want to give them a licence.

When a bank cannot look after it's own money there's a problem.

[spectoacc] 10/7/2023 15:15

Gone a bit quiet on here, so here's another gem:

[spectoacc] 26/5/2023 07:35

BelevolentAI cutting half its workforce. Another Woody winner, held on to by the Schroders Juniors even when it listed (down 80% over a year, but was still 4.9% of INOV at last AR):


"..Is to cut about half of its workforce as it redraws its strategy in response to the revolution in artificial intelligence.
BenevolentAI, which went public via a blank-cheque merger with a €1.5 billion valuation last year, is cutting up to 180 of its 360 staff and is reducing its laboratory footprint in an effort to save £45 million. It said Nicholas Keher, 40, had resigned as finance chief, after just over a year, to “pursue other business interests”.


Sell ONT & the few others that are listed, return the cash to shareholders, offer a rollover into SBO, stop ripping fees out, stop punting the cash into useless Tim/Roger/Ben picks.

ATOM bank is no.2 at 13%, and can't see that fairing much better atm. But give shareholders the choice.

[solonic] 25/4/2023 16:37

New thread established, EPIC: INOV

[chucko1] 24/4/2023 16:10

It may not be a "great investment", but it's a fair etch-a-sketch.

[cc2014] 24/4/2023 12:17

New ticker INOV.

Another great investment not...

[johnwig] 22/4/2023 08:59

I am currently too busy to set up a thread under the new EPIC code which is INOV. Perhaps one of the rational, normal posters will oblige? There are plenty of you. The Air Marshall sounds like a suitable adjudicator? V funny last contribution.

[scrapheap] 21/4/2023 09:58

Farewell SUPP - unlamented and unmissed.

Wonder how much time and effort was spent on the new ticker choice.

[spectoacc] 20/4/2023 20:37

Thanks @daffy, had missed that.

Hope you're well. Difficult to believe SUPP still rumbles on!

[skyship] 20/4/2023 14:41

As I posted on Monday: "May well be a load of old crud; yet still money to be made down at these levels."

Well, thankyou SUPP - taken the turn at 14.6p. Perhaps too soon; but happy with the 10%.

GLA...

[daffyjones] 20/4/2023 14:25

Link and the FCA announce they have reached a settlement of the enforcement case relating to the collapse of the Woodford Equity Income Fund. If approved, the scheme will provide up to £235m in compensation for those who were invested in WEIF at the point it was wound up in June 2019. WEIF was valued at £3.61 billion at the time of its collapse. £2.54 billion has since been paid out to investors.

In September, the FCA had required Dye & Durham, the prospective purchasers of Link to set aside £306m for a potential redress scheme in addition to a £50m fine. This led to the collapse of the sale. Today Link Group announces it has sold its Link Fund Solutions business to the Waystone Group.

If approved, the redress scheme would mark the end of the FCA investigation into the Woodford collapse.

[pugugly] 19/4/2023 17:45

Or to look at another way: Are the unquoted worth less than 18% of their claimed NAV. Possibly and also if a market turns down and ONT collapses could be close run. Valuation of ONT within SUPP below thanks to bamboo214 Apr '23 - 19:41 - 1357 of 1376

Supp holding 23,334,390 ONT shares.
23,334,390 x 2.37 = £55,302,504.30

Supp mcap = £118,225,435.18

ONT currently represents 46.78% of the Supp mcap

[chucko1] 19/4/2023 17:30

So did many others in the past. So far, their batting average is a precise .000. The term "others" includes investment funds, commentators, along with fools and unfortunates.

That said, with no debt anymore, the maths are very much in the favour of being long the thing. However, there still remains a path to further punishment, and that is a combination of extended higher global rates and the low level of competence so far exhibited by the Schroders "Juniors". Not forgetting the cash bleed due to payments to their employers.

[johnwig] 19/4/2023 17:22

Thanks for that, trollwatch.