Share Name Share Symbol Market Type Share ISIN Share Description
Woodford Patient Capital Trust Plc LSE:WPCT London Ordinary Share GB00BVG1CF25 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.25p -8.63% 34.40p 34.40p 34.75p 36.00p 33.60p 36.00p 14,085,311 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -3.8 -0.5 - 313

Woodford Patient Capital Share Discussion Threads

Showing 10301 to 10322 of 11000 messages
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careful, The small hike in interest rate is not the issue. The issue is the bank is telling WPCT what it can and can't do ahead of a formal breach of conditions. When the inevitable breach does happen, what is the Bank going to do to force WPCT to rectify it - ie pay down more debt to get back below 20%? All WPCT can do is sell stuff and it has very little stuff it can sell quickly. The market will also see WPCT coming. WPCT ends up chasing its own tail on this. The bank will not lose. Ultimately I still think a Zero, whilst possible, is unlikely but 20p by Christmas is highly likely.
sweet karolina2
I just Googled Libor rate. it said 1.95% a little knowledge is dangerous.
@careful: I'm not sure if you're serious or not... The bank has effectively just taken control of the mandate, which is full of cash consumptive companies. When does BenevolenAI next come back to market? Or Oxford Nanopore? All these companies now have a massive liability hanging round their necks in the form of Neil Woodford, sitting on their share register like a nasty gargoyle. Every company in WPCT now has the opportunity they need to crunch Woodford down their register with a highly dilutive round. Not all will choose to do that, but some will be forced to by any incoming investors. No fund manager would hand over that commitment, to cease investing, unless the gun was pointed at their head. And frankly, Northern Trust had little option but to do this. If they'd forced liquidation then they faced a meaningful risk of driving UP the gearing, as the valuations evaporated before their eyes. They had to "show support"... But it's not support. It's a gun to Neil's head.
Previous borrowing was LIBOR+1.35%, now LIBOR+1.5%. I guess that amounts to a gentle warning and, as pointed out, it wouldn't pay NT as lender to screw them at this point.
Careful, 3m GBP Libor is 0.80%. So that makes a current rate of 2.30%. Not too sure where you got your 1.95% from because that isn’t even USD Libor. Or any other Libor that I can think of. But the rate is irrelevant - what would it matter if they moved the spread to 500bps? For the short time remaining on the loan, it is in NT’s best interest to help WPCT sell assets without undue time pressure, and hence avoid overly distressed bids being the sole liquidity providers. That way, they get paid, but what remains in WPCT afterwards is anyone’s guess. NT’s sole aim is to get their loan repaid at 100% of face value. Any minor additional revenue is of no interest to them in these circumstances. This is basic credit stuff.
Dream on. If the lender won't allow them to invest without permission that is a tad onerous for an investment company! This is effectively now "controlled" by the lender until they get their money back.
If the true nav is say 40p, the gearing level exceeds 30%.
biggest bill
Libor +1.5%. One wonders what the arrangement fee is on that? The challenge for WPCT is the published NAV is declining at a fair speed which will put more and more pressure on the gearing percentage.
Libor +1.5% Libor 1.95% today. Not too onerous 3.45%. If lenders are not too worried why should we be?
I don’t agree with the MF. If they sell new shares that undercut Woodford (or any other forced seller) then they will just drop the price further. You don’t want a forced seller as a holder at any point.
dr biotech
topvest, appreciate your point, but the lender is not worried. They get their cash back whatever happens. Gearing of 17% will not touch the lender.
First sign (via RNS anyway) that their debt is a problem... "The Company's borrowings as at 4 September 2019 were GBP113.7 million. While the absolute level of borrowings has fallen since the last update on 29 July 2019, the gearing position has increased marginally to 17.1 per cent. of net asset value as a result of the recent reduction in the Company's net asset value. The Company's existing Facility contains provisions that limit borrowings to an amount based on the value of both the quoted and unquoted holdings (the "Borrowing Base"). In the event that valuation changes in the quoted and/or unquoted assets in the portfolio result in the amount drawn under the Facility exceeding the Borrowing Base, the Company is required to reduce borrowings as is necessary to bring the amount drawn under the Facility to a level within the Borrowing Base. The Company has agreed with its lender greater flexibility around certain obligations relating to the Borrowing Base for a period of time while the Company pursues the disposal of certain unquoted assets. WPCT has agreed to make no further investments during this time without the prior consent of the lender (such consent already provided in relation to certain existing commitments). WPCT has agreed a revised interest rate with the lender of LIBOR + 1.5 per cent." No investments without prior consent of the lender and an increased coupon. Lender worried!
Interesting pint from the fool article link above: "Furthermore, with many of the investee companies being loss-making, and requiring more rounds of funding to have any hope of reaching commerciality, it’s not in their interest to see Woodford sell his shares to a new investor. This raises no cash for the companies themselves. Far better for them to keep Woodford locked in by offering any interested investor new shares at a discount to Woodford’s selling price. This raises cash for the companies, rather than for Woodford, but puts further downward pressure on their valuation and on Patient Capital’s NAV."
A range of opinions today on the WPCT discount to NAV: hTTps:// "some analysts told FTAdviser they believe the shares are now a buy." hTTps:// "For now, I see the trust as uninvestable."
Is Woodford finally selling Autolus with 7.7 m shares transacted and an uplift of 21%?
Selling NSF now is typical Woody selling after being much more positive about prospects at double the price. He should have sold a long time back. It's going to zero as it is too highly leveraged.
c when buywell goes away the post rates drop u notice that ? that's cos buywell invites comment
I like pressing the "top posts" button on my infrequent visits to this minor septic tank. The posts there probably reflect what people really think and there's certainly more wit on display. Unlike the jonwig posts.
Oh dear, Wally's back! We've had 3 blissful days free from his sanctimonious guff. I can smell the incense, LOL. P.S. "IH" has nothing to do with rockets, OK? Ignorant sod.
Thanks, a good read. His attempt to push NSF & PFG together cost NSF a large amount of cash - now he's dumped at 40p. Also liked: "The manager also last week offloaded around £42,000 of shares in Thin Film Electronics (THIN.OL) as the Oslo-listed specialist in printed electronics announced it was ‘seeking alternative forms of financing to meet its financial obligations’ after a proposed private placement of shares was cancelled. Woodford sold around £100,000 of shares in the company in July. Woodford invested $42 million (£34 million) in the company in 2016. The shares have crashed by more than 97% since then." £42k - doesn't even cover Woody's fees. Down 97%. Ace investor! Good luck making that up on BATS. And: "Malin, which also invests in Immuncore, has written down its stake in the business ‘because of an ongoing financing round which will be completed at a lower company valuation than implied by our previous valuation estimate,’ it said in half-year results." As we've all been saying to WPCT investors - your unicorns are misvalued, in many cases via later, much smaller funding rounds at ever-higher prices. Reality is that valuations are significantly lower. Immunocore is one of the better ones - wait till the likes of Benevolent raise more cash. It's not rocket science, which in IH's case, is a pity.
A round-up of Woodford's latest dealing (not wheeling as the wheels came off a long time ago): Did he see himself as the master deal-maker getting NSF and PFG hitched up? "Sick transit glorious Monday."
Thus spake twinky topvest the supreme prophet who has now made 1000 predictions, none of which has come true! Silly little troll....
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