Woodford Patient Capital Share Discussion Threads

[1tcm1] 21/9/2018 09:15

Forgive me for being quiet. I need to hide in a corner somewhere and recuperate.

[jonwig] 21/9/2018 08:45

I've tried before, but still can't find a website for Industrial Heat. All I know is that it's been involved with some VCs and lawsuits. In what way is its share price reliable as an indicator of value? Uplift on fundraising only. It's unquoted isn't it?

[prewar] 21/9/2018 08:28

Good rns today hence the price movement.

[dr biotech] 21/9/2018 08:11

I went to a very good talk by the well known Physicist Frank Close whilst I was doing my PhD about cold fusion and all the mistakes that were made by the two profs. Some really sloppy science, mixed in with the ability of some precious metals to absorb gigantic amounts of hydrogen. I cant say I know enough about industrial heat and how much cold fusion is part of their portfolio, but I'd be worried if it was the majority.

Having said that if woodford can sell down some of his stake then it would have been a great investment.

[jonwig] 21/9/2018 07:49

For those (like me) who had to look it up:

[dr biotech] 21/9/2018 07:21

Pons and Fleischman anyone?

[jonwig] 21/9/2018 06:27

This is the Citywire article which begins "Winterflood Securities, broker to Woodford Patient Capital (WPCT), has pitched the struggling investment trust as a potential safe haven in a stock market downturn."

[daffyjones] 20/9/2018 22:54

Did we ever get to the bottom of the Autolus ADR shenanigans?

This from the interim report:

The ordinary shares of Autolus, following the recent IPO, are not, at the period end, listed on NASDAQ but are fungible into the ADRs which
are listed on NASDAQ. Given the nature of the ordinary shares, these are valued by direct reference to the quoted NASDAQ ADR price.
Subsequent to the period end, the shares were converted in September 2018 to the listed shares. For portfolio composition, Autolus, as its [sic]
fungible to the ADRs, has been treated as a quoted investment.

[daffyjones] 20/9/2018 22:52

Well Woody still thinks it is a safe bet according to the risk rating in the KID. Still rated at just 3 - lower than most bond-only funds.

[topvest] 20/9/2018 21:26

To be fair on the interim results they have managed to tweak debt down. £15m of cash generated from investing activities saved the day. How long this can continue is anyone's guess, but still surviving at the moment.

Did anyone see the Winterflood article today giving the view that this might be a prudent investment to hold in a stock market crash (the writer is a shareholder)? He has to be joking. There is nothing safe at all about this investment trust.

[minerve] 20/9/2018 18:11

solonic

Those parasites you refer to create a healthy, liquid secondary market which is needed if we want a healthy, liquid primary market.

[ltcm1] 20/9/2018 18:09

Solonic - you present as a highly intelligent person.

How come you are 20% down on your investment here then???

[jonwig] 20/9/2018 16:17

chucko1 - I find the man's tone too much that of a salesman rather than a custodian of his investors' funds, such as Nick Train, Terry Smith who give a genuinely fair view, warts and all.

Autolus was mentioned as a success, yet as you say it merely stabilised a flat performance over the period. Maybe Northern Trust has indicated it wants an overdraft reduction from his winners?

[truthteller3] 20/9/2018 15:53

Beautiful, solonic.

[solonic] 20/9/2018 15:43

jonwig, most of the normal posters knew that because we read our stuff punctiliously. We do not need your supercilious commentary because, frankly, it is worthlessly partisan.

Tell it, rather, to your bosom pals at Shareprophets.

Perhaps not, though, on second thoughts, as it will enable them to drown the thread in futile emunctory prattle.

[chucko1] 20/9/2018 15:42

Jonwig, I suppose the Autolus sale to EIF did some of that (19.8% to 17.9%) as well as there being no change in NAV attributed to the vast majority of the portfolio (unquoted). This could all still work out, but it’s a bit of a race against time.

[jonwig] 20/9/2018 15:30

The discussion here of WPCT doesn't seem to extend to noticing the announcement of interim results this morning:



To quote: "The Company has faced some challenges, but the portfolio is in extremely good shape, as evidenced by the positive progress being delivered by several of the larger holdings, which are maturing rapidly". [That's the only mild concession to reality I can find.]

And: "Meanwhile, Purplebricks continues to disrupt the property market with independent data* suggesting that the company sells more than three times the number of properties than the next largest UK brand." [Lost almost 30% since 30/06, but no worries there.]

What's not to like?

An important measure I think, is gearing. Debt: equity was 17.9% at 30/06 against 19.8% at 31/12. Some £13m of overdraft was repaid. [Let's be fair!]

[lewis121] 20/9/2018 15:07

A propos of nothing, I have just watched the Citywire interview of James Anderson of Scottish Mortgage and was deeply unimpressed...

[porsche1945] 20/9/2018 10:13

nicely invested in Lind T and Fund S, have earned serious $$$$ over last two and a half years, going to sit back and enjoy watching pos go down the toilet.

[chucko1] 20/9/2018 09:44

Daffy, you point to what I consider the major risk - NW is cornered on liquidity. He needs some further liquidity events soon otherwise the gathering storm is just going to blow even stronger.