Redde Northgate Share Discussion Threads

[bc4] 17/10/2019 10:03

That Ltcm guy has been on every Woodford owned share with the same spiel and scaremongering he is truly a horrible person with no scruples a very sad person who knows nothing at all about REDDE

[bc4] 17/10/2019 09:47

Look this company is REDDE not Woodford paying 10% plus divi, record profits just announced winning new contracts at these levels if anybody wants to sell there will be plenty of buyers especially for income seekers

[cariley] 17/10/2019 09:26

The notification does not say that Woodford had 19.86% before the transfer. It says he had 19.86% at the time of the "previous notification".

Most likely his position was somewhere in-between 19.86% and 5%.

[zangdook] 16/10/2019 13:25

Thanks, I missed that, carelessly.

As far as I can tell the Woodford Income Focus Fund is still active and under Woodford Investment Mgmt control, though Woodford himself has resigned. It's only publishing its top ten holdings atm so I don't know if it holds any REDD, but among the top ten (at 31 August) is PAY which also had a "down to below 5%" RNS yesterday.

[sphere25] 16/10/2019 10:57

A little bit further up from where the thresholds are shown, there is a cross next to the following:

"Other (please specify)iii:
No trading in the stock - voting control interest over stock transferred to new
manager"

So the threshold says Woodford is less than 5%, but in light of the recent news, that just says Woodford has zero (regardless of the reporting threshold requirements) because the overall position of 19.86% has been transferred to the new manager.

The last time Woodford disclosed via RNS was on the 13/06/19, when his position went from 28% to 19.86%, which ties in with the current position. However, there was a monster exchange of volume in early September exceeding 50 million (highly irregular and anomalous volume for Redde), which IMO hasn't been explained by the holding statements.

Perhaps some further stock has been sold and there is a delay in getting the up to date picture, which would suggest further RNS to follow. We have seen funds taking months to report the changes in their holdings, ignoring the rules in having to disclose as they cross each one percent threshold. This can all be somewhat murky at times, but taking this at face value (at the present moment in time), there appears to be a sizeable position to sell and we now await any further information.

[zangdook] 16/10/2019 10:25

Presumably if he's transferred a disclosable amount to the new manager, another RNS will be along shortly.

[zangdook] 16/10/2019 10:20

Sphere
Are you sure? There's no mention of the new manager, it just says Woodford has gone from 19.86% to under 5%. Even if part of that reduction is the transfer, might he not have sold some since his last notification and not disclosed it yet as he was still selling?

Unless I've misunderstood the rules, the main market requires notification every % from 3% for UK issuing companies, and every 5% from 5% for non-UK issuing companies. AIM requires it every % from 3% for every company. So if Woodford is "under 5%" that means he's over 4%. However the fact that every single notification yesterday said "under 5%" leads me to wonder if they've got it right.

[ltcm1] 16/10/2019 10:06

bc4 Woodford may be out of Redde but the shares have not been sold, just transferred to the new managers of Weif.

So expect an avalanche of selling in the coming months.

[sphere25] 16/10/2019 09:49

Read the holding statement wrong. I went straight down to the thresholds and it looked like the Woodford holding had moved from 19.86% to less than 5%. Normally, the bulk of these holding statements do show a movement (due to buying or selling) in the position of the holder of the stock so clearly too accustomed to that.

In this instance though, it's actually a transfer of the stock from Woodford to the new manager, so the Woodford position has gone under 5% (can't fully recall the 5% vs 3% disclosure requirements - might be where the reporting fund is based), but the overall stock position to be settled still stands at 19.86%.

Overall, at least there is clarity now. The market knows the stock is being held back by this overhang and will re-rate once the stock has been settled. The previous large exchange saw buyers in size at the 107 mark so I'd be surprised (in light of the current rating and how far the stock has already fallen) if it doesn't get settled around similar levels.

[fenners66] 15/10/2019 23:18

Are you sure he hasn't got a WTF fund ?
As in WTF a blind monkey with a copy of the FT and a pin could have outperformed you !

[zangdook] 15/10/2019 18:46

Presumably these Woodford notifications (there are others for ALM, ARIX, BRW, CRST, CSP, DDDD, ESL, INHC, MTPH, PAY, PURP, SENS and TRX, and maybe more?) are coming out today because he's been given the boot and his fund taken away from his control, so the selling may not have finished (and presumably hasn't, unless by coincidence he finished the same day he got the shove).

I'm puzzled the notification says "under 5%" when the Rule 26 requirement is for any holding over 3% to be declared. If he's between 4 and 5% they ought to say how much exactly. Today's Woodford notifications are all quoted as reducing to <5%, so maybe whoever prepared them ignored the difference in reporting requirements between AIM and the main market?

Another complication is that this is not his only fund, he still has the Income Focus fund IIRC, and if he has some REDD in that then he may not be selling it all, but it will still count for the RNS. I don't know if residual holdings in the WEIF still count as Woodford now it's no longer the *W*EIF? Or does the "under 5%" refer only to the WIFF?

[donemyhomework2] 15/10/2019 16:53

Roughly 46 million shares left Woodford; clearly expect an RNS on new owners

[sphere25] 15/10/2019 16:52

Post edited

On initial read of the holding statement it looked like the new Woodford position had fallen to less than 5%, but it’s just a transfer of the holding. Holding statements need to be clearer.

The 50+ million volume in early Sep also still goes unexplained by the holding statements.

[w1ndjammer] 15/10/2019 16:40

lets see who bought woodford stock

WJ.

[sbb1x] 15/10/2019 15:58

Arent you that guy that works for share price ...

[ltcm1] 15/10/2019 15:55

Anyone know what Shareprophets have said about Redde??? Are they arguing the bull case on this one?

[bc4] 15/10/2019 15:18

There you go Woodford down to less than 5%

[rogthepodge] 15/10/2019 14:18

ltcm1 is my little stalker. He has many monikers! He keeps telling everyone I owned Globo. I didn't and I don't even know what it does. But this common mistake repeated by many different aliases, gives lie to his or her modus opeandi. ADVFN should ban the practice of phony multiple aliases. It is arguable that this deceit creates a false market. Why doesn't the F.C.A. do something, or tell ADVFN to tighten up?

[aleman] 15/10/2019 13:58

I was watching an investment video somewhere recently that value investors struggle in the slowdown leading up to recession but then outperform greatly in the recovery period. This is because there are some mature value companies that are indebted "old tech" and get wiped out by structural changes in their market that pass the baton on to "new tech" upstarts in recessionary periods. Stockmarkets discount prices of such companies in a slowdown before a recession hits until they eventually reach "priced to maybe go bust" in the middle of recession. As the recession ends, interest rates fall and recovery takes hold, the surviving indebted "old tech" companies then live on for another growth cycle and those priced to go bust then turn out to be very profitable bargains and give short-term outsize returns from the starting point of excessive - even double figure - yields.

[bc4] 15/10/2019 13:28

HA HA we will see on the 30th of October PS the only stink around here is YOU

[ltcm1] 15/10/2019 12:53

This stock has a stink about it and all the appearance of fool's gold.

There is a common theme with Woodford's income picks and it is profit warnings and management miss steps.

The chart is also indicating there is about to be another profit warning here.

rogthepodge talking this one up should be a further red flag, he made similar bull calls on Globo, Purp, Slater and Gordon amongst others.

If rog turns up here treat it as a SELL signal.