Woodford Patient Capital Share Discussion Threads

[spectoacc] 25/8/2019 12:08

Fat
Bloke
Finance.

Woody invests in some naff biotechs. Woody invests in ALM. ALM invests in the same naff biotechs. ALM CEO ditched. ALM no longer supports further funding for the naff biotechs. WPCT has no money to support them (actually negative money - pledges & OD). Biotechs go to zero value a little earlier than they would have done otherwise.

Add the STOB/ESL stuff, the CIR/WPCT Board stuff, the RAV/Guernsey stuff. The huge Touchstone/IP Group stuff.

All heading the same way IMO.

[sweet karolina2] 25/8/2019 10:32

Why isn't that in a WPCT RNS?

[daffyjones] 25/8/2019 09:53

It has emerged that two early-stage healthcare companies he ploughed new money into in February have dropped in value to almost zero.

Precision Biopsy, which focuses on prostate analysis, and SciFluor Life Sciences, a drug developer, were once worth a total of $226m. They are held by the Woodford Patient Capital Trust (WPCT).

It is understood that WPCT decided to write off millions of pounds after the technology incubator Allied Minds said it would no longer invest in the loss-making start-ups. Stockbroker Numis says it has assumed “zero value” for the two assets.

WPCT announced on June 19 that its net asset value (NAV) had fallen by 4% after it was forced to write down the value of unquoted companies. Precision Biopsy and SciFluor were among those companies. Woodford put $4.5m of new investment into the pair in February.

Allied Minds pulled back from life sciences after Precision and SciFluor failed to raise new financing. Woodford owns 8.9% of SciFluor, which was worth $95.4m at its peak in 2016. He has a 21.7% stake in Precision, which was worth $130.7m at its peak. The subsequent write-downs have wiped $30.4m from Woodford’s investments.

Woodford Equity Income has a 21.6% stake in Allied Minds, whose shares have fallen more than 91% since their peak in 2015.

[diku] 25/8/2019 09:13

£100k a day???...fantasy world...

[1oughton] 25/8/2019 09:01

He's taking his £100k a day for as long as he can.Awful man.

[rcturner2] 25/8/2019 08:33

Woodford is finished and the only thing that matters is how the endgame plays out.

[ak47high] 25/8/2019 08:08

hxxps://www.thetimes.co.uk/article/neil-woodfords-worthless-tech-bets-ptllqm8b9#

[chucko1] 25/8/2019 01:19

Quoting from the article:

Link assesses Mr Woodford’s investments at least every six months and said Industrial Heat’s “development had not progressed at the rate upon which previous reviews were based”.

So what new things have Link learned about cold fusion the past 6 months? More than that, what did they think had been the significant progress the 6 months prior that warranted a 357% valuation uplift? Especially as IH are in the habit of publishing close to nothing. To me, they are more culpable, even, than NW - it’s akin to corrupt police.

[andy] 24/8/2019 21:28

Woodford mentioned near the end of this piece:

[ak47high] 24/8/2019 16:57

hxxps://www.thetimes.co.uk/article/only-a-miracle-will-save-woodford-5cfsnppwr

[sweet karolina2] 24/8/2019 12:37

A relatively rare locking the stable door after the horse has bolted piece, but interesting none the less.

[topvest] 24/8/2019 12:37

Blimey. The WEIF is 43% below the poor performance of the FTSE all share index over 5 years. 4% down versus 39% up. From inception it’s -5% versus 38% up. Post suspension, and further inevitable losses and write downs, what will the record look like?

[diku] 23/8/2019 23:43

That bloke in that picture is a day dreamer...

[eeza] 23/8/2019 19:52

And, of course, then there's Barnett.

Deja vu, all over again, again.

[topvest] 23/8/2019 18:31

He’d be doing brilliantly if he had shorted all his fund positions. Surely, the time has come for him to openly admit he’s been rubbish and has lost any edge he had. I won’t touch anything he is a major shareholder on and I’m sure many others take the same view. It’s all a very unusual situation. Who knows where it will end.

[topvest] 23/8/2019 18:24

Does anyone actually believe the rubbish that Woody issues anyway? Over the last five years he definitely wins ALL prizes for worst fund manager in the UK and possibly the world.

[topvest] 23/8/2019 18:22

But they would then create a massive overhang on their small cap holdings and most are at all time lows already.

[topvest] 23/8/2019 18:20

Of course, if they write the unquoted stuff down to their real value (close to zero) they could reopen.

[buywell3] 23/8/2019 16:27

BUR starting to lose strength

[spectoacc] 23/8/2019 15:21

Strewth, that's sh*t.

Only change in IFF is NRR out, CARD in (held it previously, but moved up with NRR sale).

Wanted to see if it was LLOY he'd punted into WEIF. My guess is that his "Liquid FTSE100's" have turned out to not be doing so well, & the scale of the mis-valued unicorns has become (more of) a problem.

[daffyjones] 23/8/2019 15:17

July portfolio updates for WIFF and WPCT are finally out. But Mr Transparency has now removed the top ten holdings information of WEIF from his website. Now will only give the sector and geographical breakdown.

While investor dealing in the LF Woodford Equity Income Fund is suspended, and we work to reposition the portfolio, we will only be showing the sector and geographic allocations of the fund. We firmly believe this in the interests of investors.

[spectoacc] 23/8/2019 15:14

Agree re Dec, don't think anyone bar Woody/Link think they'll have offloaded all the unlisteds by then. Unless, of course, they offload them at the price they're actually worth... ;)

[daffyjones] 23/8/2019 14:23

WEIF 28 day suspension update has been posted a few days early (was due on Monday)



Nothing particularly of interest. Fund is remaining suspended (duh) but they still think they can reopen by December. They published a new prospectus earlier this month with some minor changes, one of which was to include a benchmark comparator - they've chosen the FTSE All-share Total Return. Since the suspension of the fund its share price is down 11.15% compared to a 1.5% rise in the All-share TR.