Schroder Uk Public Private Share Discussion Threads

[jonwig] 01/10/2020 09:06

The Times says -

Savers trapped in Neil Woodford’s collapsed investment fund have been hit with more than £15.5 million in fees from firms involved in selling its assets.

Investors in the Equity Income fund were also warned yesterday that they may have to wait until the end of next year before the rest of their locked-up money is returned. Link Fund Solutions, which is managing the winddown, said in an update published alongside the fund’s delayed annual report that it may take “some time” to sell remaining assets.
The report is here:

[cfhaigh76] 01/10/2020 08:12

Hi chuckol, sorry to disappoint but not a fake name. Have long watched the bickering on these BB's and not fancied getting involved. The few posts i have put up ask reasonable questions (IMO) but don't seem to get much of a reply.
Been invested for just over 6 months and waiting for an exit point - really struggle to see much good news in the longer-term. We will have to wait and see :-)

[chucko1] 30/9/2020 17:09

Relative to the NAV, yes, not encouraging. Relative to the share price, kind of OK.

[scrapheap] 30/9/2020 15:52

Disappointing.

[spectoacc] 30/9/2020 08:16

The whole of IH isn't worth £14m, let alone Woodford's stake in it :)

That list quickly gets down into junk - fractions of a %, and zeros.

Atom & RUTH have more to be written off IMO. ON still looks the only winner, stake valued at c.£68.7m - can it go high enough to clear the OD? Dribbling out more AUTO can cover the fees.

Interesting comments about Schroders actively looking for outside investors to support some of the holdings - at the same time as trying to set up their own early-stage IT...... Could be a boon to SUPP holders if it happens. Cherry-picks what's salvagable at SUPP, but at least means those co's survive. If they were brazen enough to actually buy stakes off SUPP with new investors' money, all the better.

Personally I doubt their new IT will get off the ground, but then there's clearly plenty of "marks" out there, judging by SUPP s/p.

The fact PJT can't seem to give away some of the former WEIF holdings says all you need to know about the credibility of SUPP's NAV.

Far more Ratesetters than ONs.

Would expect the OD, due for repayment 15th Jan, to get rolled another year without quibble.

[cfhaigh76] 30/9/2020 08:13

Mixed feelings on the update and NAV - not as bad as i feared it could be but struggling to see any stand-out good news.

Will be interesting to see whether the share price reacts.

Anyone else have structured thoughts either way?

[jonwig] 30/9/2020 08:04

There's a list of valuations further on, IH at £14.3m which seems to be unchanged from 31/12. (It was barely mentioned in the FY accounts.) It was written down before then.

[spectoacc] 30/9/2020 07:28

Full analysis to follow at some point, only read the headlines. Big unquoted write-off somewhere, and Forex benefited again, not detracted.

The Board seem to think these two statements go together:



Summary

• NAV of 45.44p per share, a reduction of 1.5% since 31 March 2020 (46.13p per share) and 8.1% since 31 December 2019 (49.46p per share).


• Portfolio continues to benefit from the significant weighting in healthcare companies which have proved resilient over the full half year period, including particularly strong performance in the second quarter.



Edit - they quote ATOM & Ratesetter as having done the damage, which means IH is still in there at the full £14m. Top 20 holdings are more than 90%. Debt still over £100m.
If Schroders Juniors have entirely changed the portfolio by the end of next year, as they're promising, they'll have deserved their fees.

[the air marshall] 29/9/2020 14:34

Hilarious piece from Johnwig over on the crooked thread..

[johnwig] 29/9/2020 13:07

winnichucko, I'm very surprised you haven't come up with a bid for Wrexham F.C. now the object of corporate action apparently, just down the road from your shed. It's becoming very fashionable for some of the folks moving in the nether regions of small-time tip-sheets to try and gain some semblance of a good name, and of course like all of your endeavours it need not be successful. It's still great publicity.

You could co-opt spectoacc into the consortium as your chief valuation consultant. After all he could stick his finger in the air and come up with a value of half what the others are using. Or he could stick his finger in his backside and come up with something fundamentally more disgusting, erm sorry, enticing.

It's gonna be like taking candy from a baby because the current owners are amateur fans exactly like us SUPP share-holders who know nothing about money. Especially so when they find out you are both fully-qualified nuclear physicists expert in exotic energy sources. (We won't tell anybody about when, for the purpose of intimate research, you set fire to your own farts and singed each other's bottoms.)

Finally, as a Keystone appointment, you could hire jonwig as your P.R. person. He is the world expert in silencing dissenting views, putting out fake messages, and subtly altering the public face of your entity whenever that becomes necessary.

Together you are certain to emulate Trump's enormously, bigly sparkling victory in the forthcoming erection.

[spectoacc] 29/9/2020 08:35

Still no NAV, a week late compared to last qtr.

Having a chuckle at the performance figs:



Average since launch - losing 14% pa in NAV, and 27% pa in share price (31st March data). That's every year.


There's also an alphabetical Top 20 - heck, imagine if some of those had further funding, maybe they'd turn out OK?


But oh:

"Reaction Engines

Developer of innovative high performance engine technologies to enable space and hypersonic travel

Reaction Engines is developing its innovative SABRE engine to enable space and hypersonic travel more efficieint and more accesible."


How very Woodford, enabling him & Craig to reach Planet Ego faster.


(Shortest description reserved for IH - "Pioneering researcher of alternative energy generation technologies. IH, formerly Industrial Heat, is an R&D stage company that is investigating alternative energy technologies".
Says all you need to know.)

[spectoacc] 27/9/2020 08:34

Lol - wonder if that "useful" info is Woody's address(es).

Still no word on how, when, and for how much they'll dump the remaining dross. Approaching de minimus for WEIF investors, but still highly relevant to SUPP, who hold much of it in commom

[jonwig] 27/9/2020 06:59

Times (exerpt):

Investors in the failed Woodford Equity Income fund will finally discover what is left in their investment on Wednesday, 460 days since they were last given full accounts.

Link Fund Solutions, the company in charge, which decided to freeze and then shut down the fund without consulting investors, confirmed that it will publish the accounts, having delayed on three previous occasions. Link, which is facing legal action for alleged incompetence in its handling of the fund, said it would also provide other details on September 30 that investors “may find useful”.

[spectoacc] 26/9/2020 19:16

The little fella's on about TORO is he, lol. As @chucko1 says, divis been great (2c/qtr), with a capital return last quarter of over 14c, & more chunks to come. But they've also been doing bi-annual tenders prior to that, at 85% of NAV.

And it's still down less than SUPP even now, which has paid out, erm..

Perhaps a SUPP shareholder can say when they think they'll ever get a payout, beyond greater fool theory?

[jonwig] 26/9/2020 17:37

chucko, Spec - I hardly know TORO at all, but it does show that total return is the key metric! Though it does take a bit longer than a quick blink at a chart.