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
  0.00 0.0% 33.60 33.55 33.90 0.00 0.00 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -3.8 -0.5 - 305

Woodford Patient Capital Share Discussion Threads

Showing 10326 to 10347 of 11725 messages
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DateSubjectAuthorDiscuss
06/9/2019
15:46
Autolus is up because Woodford has sold at a lower price. Perfect example - everything he owns is marked down in price until the forced seller sells and then the price jumps as the overhang is cleared. How do you think that same scenario works with illiquid private stocks that need funding? Extremely badly is what I would guess. This is going bust in my view, although if holders are lucky they might get 10-20p.
topvest
06/9/2019
15:34
Autolus up 39% so far today.Good riddance Woodford!
ltinvestor
06/9/2019
15:30
OK so an article on NMA says the stake sold is that of WEIF and Focus has already sold out BUT WPCT is still a shareholder and retained its stake... Seems good news therefore.
scrapheap
06/9/2019
15:11
Was still a top 10 holding as at 31/7/19 so hopefully so...
scrapheap
06/9/2019
15:09
Does WPCT still own Autolus - it's price is really surging in the last couple of days (still a long way to go mind you)
scrapheap
06/9/2019
14:59
with (disputed) net assets of 73.1p per share = £664 net assets. borrowings £114m. official value of assets = 664+114= £778m. There must be something in this bran tub that could be sold to reduce gearing if required. Cant see a debt problem here.
careful
06/9/2019
14:58
careful, Only you believe the NAV here, everyone else thinks its way overcooked and will have to be revalued downwards at some point in the not too distant future. When that happens, they will breach their loan conditions again. A new fund manager coming in would not accept that NAV, he would want it revalued before commencing his tenure, IMO.
andy
06/9/2019
14:46
even better, less onerous. trying to make the point that +1.5% does not seem to signal a high risk.
careful
06/9/2019
14:44
careful, Each currency has its own LIBOR Google will obviously default to US unless otherwise specified ~1.9% is the USD LIBOR. The GBP LIBOR is about 0.8% Euro LIBOR - Overnight -0.46871 % 09-05-2019 JPY LIBOR - 1 week -0.07750 % 09-05-2019 USD LIBOR - 1 month 2.04213 % 09-05-2019 CHF LIBOR - 3 months -0.86700 % 09-05-2019 GBP LIBOR - 6 months 0.80738 % 09-05-2019 USD LIBOR - 12 months 1.89100 % 09-05-2019
analyst
06/9/2019
14:23
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
06/9/2019
14:11
I just Googled Libor rate. it said 1.95% a little knowledge is dangerous.
careful
06/9/2019
13:36
@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.
skatersav
06/9/2019
13:35
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.
jonwig
06/9/2019
13:27
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.
chucko1
06/9/2019
13:18
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.
topvest
06/9/2019
12:30
If the true nav is say 40p, the gearing level exceeds 30%.
biggest bill
06/9/2019
12:29
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.
cc2014
06/9/2019
12:29
Libor +1.5% Libor 1.95% today. Not too onerous 3.45%. If lenders are not too worried why should we be?
careful
06/9/2019
12:03
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
06/9/2019
11:57
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.
rcturner2
06/9/2019
11:50
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!
topvest
06/9/2019
08:22
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."
andy
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