Woodford Patient Capital Share Discussion Threads

[henchard] 12/9/2019 18:33

Benevolent AI, Oxford Nanopore or Industrial Heat surely got to be the shortlist, as it'll have to be one of the biggest holdings to have such an impact on WPCT's NAV. I'll go for a further writedown of IH.

[henchard] 12/9/2019 18:24

Maybe we should have a sweepstake on which company has whacked down WPCT's NAV to the tune of 4p a share!

[williamcooper104] 12/9/2019 18:23

Their HQ in Oxford Science Park??? Not my idea of swish

[henchard] 12/9/2019 18:20

After hours RNS:

Asset Valuation

Link Fund Solutions Limited ("Link"), through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of Woodford Patient Capital Trust plc (the "Company"). Link, with the support of an independent valuation firm (IHS Markit), undertakes the valuation of the Company's unquoted assets in accordance with the Financial Reporting Standard (FRS) 102 and International Private Equity and Venture Capital Guidelines (IPEV).

The Board has been notified by Link that Link intends to reduce the valuation of one of the Company's holdings. This valuation change is expected to impact the Company's net asset value by approximately 4.0 pence per share and will be reflected in the Company's net asset value as at close of business 12 September 2019 (which will be announced to the market on 13 September 2019). The Board is unable to comment further on this revaluation at this time due to confidentiality obligations, but it will provide a further update to the market when able to do so.

[dr biotech] 12/9/2019 15:51

Wouldn’t really say they are R&D..more product development. Labs make the chemicals used to treat the sample before analysis. It’s the analysis part that is cutting edge, I didn’t see that R&D dept.

Nanopore make instruments rather than drugs, so it’s a bit different to a pharma lab. No GMP yet which makes life simpler.

[scrapheap] 12/9/2019 13:11

Article on citywire saying the price is rallying as it was the equity income fund not WPCT which funded the rutherford new monies.

"Patient capital rallies as cash pledge to top stock falls on Woodford fund"

[dr biotech] 12/9/2019 12:16

I've recently spent some time in the labs at Oxford Nanopore - they are a nice bunch. Their HQ is pretty swish, but I didn't really get the impression that they are about to become a multibillion pound company. I really tend to deal with the science rather than commercial so I could well be wrong, but I had the feeling that some of their offerings were more miss than hit. Of course its very early days for that sort of tech too.

They had quite a lot of new equipment in their labs - a lot of the startups I've been too have tended to buy it second hand. I did think that perhaps they are spending more than most in a similar position. Of course if woodford et al stumped up a lot of money early doors then thats what happens.

[jonwig] 12/9/2019 05:57

daffy - true, but I thought the commitment to fund RUTH was from WIM, rather than WPCT. If WPCT is a funder or co-funder, they will surely have to RNS it? Doesn't mean they will, though!

diku - pictures are prorogued!

[diku] 11/9/2019 23:33

What no pictures...

[daffyjones] 11/9/2019 22:45

@jonwig "Nortrust would have blocked it"

Northern Trust stated that "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)"

They must have already factored in the existing £80million commitment to PP/RUTH.


This latest drawdown means that Woodford has now forked over £47.5M of the £80M commitment in the last four months. Still plenty more that they can get out of him if the squeeze hard enough.

[buywell3] 11/9/2019 19:34

Nice work if you can get it

and you can get it if ... ...

[jonwig] 11/9/2019 16:13

Rutherford Health - eight directors total pay about £670,000. Woody will now hold over 50% but doesn't seem to have a seat..

The money raised just now is for working capital, yet they've just opened a new PB centre in Berkshire owing to "demand". They are playing him for a fool - and who wouldn't in their position.

[spectoacc] 11/9/2019 15:13

WEIF or IFF, ridiculous in either! Not in IFF's remit, and WEIF promised to sell all unlisteds "within 6 months". Proton/Rutherford have him over a barrel.

[jonwig] 11/9/2019 14:38

Just guessing, but it must have been WEIF, surely? Nortrust would have blocked it.

[picnic] 11/9/2019 14:33

RNS from Rutherford Healthcare today stating that Woodford had subscribed for
7.1m shares at a maximum price under the agreement of £1.76.raising £12.5m.

[jonwig] 11/9/2019 13:15

He won't get a performance fee, as any outperformance has to make up the shortfall from previous years. (The nav has to pass 100p plus the hurdle rate before the calculation gives a result, so around 140p!)

[pjj71] 11/9/2019 12:20

given the ongoing collapse in NAV and slight reversal here, WPCT could swiftly be trading at a premium to stated NAV... I wonder if woodford will get a bonus for that ?1?

[chucko1] 10/9/2019 17:35

EJ, there have been so many examples of NW making barely credible statements and following up with actions which are barely the right side of the white line. It would be an act of hope over experience to think there will not be further instances, should they decide to keep him there a while longer.

In this regard, the “available information” is the current pattern. Good luck to those who think it can change.

[spectoacc] 10/9/2019 16:59

@Erogenous - you should follow this thread more. Most of WPCT's holdings require more cash, which he's no longer in a position to provide (note how much of it he previously provided from WEIF instead).

So WPCT doesn't have a NAV IMO - it is has a "Not Asset Value".

Hence "...I suspect therefore that the discount more properly reflects the true value of the underlying investments with an element of "hope" value"
is a nonsense IMO. What the price represents is a vast pool of PI's who are taken in by a daily-produced NAV.

Proof? How about Woody selling down 60% of his WPCT holding at the seemingly vast discount? He has a £6.3m holiday home FFS.