Woodford Patient Capital Share Discussion Threads

[daffyjones] 26/9/2019 08:11

"These valuation adjustments reflect the challenging fundraising environment"

Well of course. Most of these zombie firms had virtually no revenue, and the only person propping them up was Woodford, pumping in millions each time they came with their hands out begging for another top-up. Now he is out of the game these companies are either going to go bust or will have to raise funds at a more realistic valuation.

Really is odd the way Link are just drip-feeding these down valuations instead of just kitchen sinking it.

[spectoacc] 26/9/2019 08:03

A little warning from IMB this morning, also hitting BATS. 2 of the biggest co's Woody's been buying lately, couldn't make it up. He's the world's worst stock-picker.

[rcturner2] 26/9/2019 07:44

So that's another £30m up in smoke?

[jonwig] 26/9/2019 07:38

I've changed the header NAV chart to 6 months. If you look really carefully you might spot the odd day when the NAV rose.

[jonwig] 26/9/2019 07:34

The next writedown could be IH Holdings, where the accounts to 31/12/18 are due by 30/09. They were issued late last year. A bigger part of the portfolio, and only a let's pretend company.

[kev0856153] 26/9/2019 07:30

lol Link have covered themselves every which way -


Link, through its Fair Value Pricing Committee, is responsible for the independent valuation of the portfolio of 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).

[topvest] 26/9/2019 07:28

A very odd way of drip feeding valuations through to the market. Being taken down slowly. Releasing interims 3 months after the half year end is also very poor practice. Shambolic.

[spectoacc] 26/9/2019 07:24

The scandalous drip-drip-drip continues - when will ignorant WPCT holders wake up to the fact that WPCT has a Not Asset Value?

A lot more still to go.

[jonwig] 26/9/2019 07:16

The Board of Woodford Patient Capital Trust plc (the "Company") has been notified by Link Fund Solutions Limited ("Link"), that it intends to reduce the valuations of three of the Company's holdings. These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term.

Following the valuation adjustments, the Company's net asset value ("NAV") will reduce by approximately 3.1 pence per share and will be reflected in the Company's net asset value as at close of business 25 September 2019 (which will be announced to the market on 26 September 2019).

Link, through its Fair Value Pricing Committee, is responsible for the independent valuation of the portfolio of 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 Company will be announcing its interim results for the six-month period ending 30 June 2019, on Monday 30 September 2019.

[sweet karolina2] 25/9/2019 18:49

I wonder what the carrying value for Sphere was in WPCT NAV. Not as much as some of his other soon to be zeroes no doubt.

[liquidkid] 25/9/2019 08:45

Neil Woodford's embattled investment firm gave advice to a Treasury-backed panel that today will recommend that money from pension savers should be invested via open-ended funds to buy illiquid, unlisted stocks. The panel's report says that many ordinary pension savers miss out because their money is not invested in venture capital and private equity and argues that young people today would be 7 per cent to 12 per cent better off in retirement if it were.- The Times

[goliard] 25/9/2019 08:45

Just look at the Sphere website. It's is there.

[jonwig] 25/9/2019 08:38

SP tells us that Sphere Medical has gone bust (administration). Can't find verification.

This is the company Woody invested in heavily, then reinvested. It delisted to be out of sight, out of mind.

[bjfanc] 25/9/2019 08:33

Got double shafted since everybody new for months he was a seller, so share price of IP group was depressed. Then by completing a large placing another discount. Result for buyers more misery for Woodford clients.

[spectoacc] 25/9/2019 06:55

Good spot. Did well to get that price for them I reckon. More misery for gated WEIF holders tho.

[jonwig] 24/9/2019 20:37

Neil Woodford, the former star fund manager, has conducted a hasty cut-price sale of IP Group after dumping his stake of 142m shares in the FTSE 250 intellectual property incubator for around £76m.

The after-market share sale, which was conducted by Bank of America Merrill Lynch via an accelerated book-build, took place at a material discount to IP’s Tuesday close of 61.4p. The sale was provisionally priced at 53.5p per share, dealers said.

It comes as relations have soured between Mr Woodford and IP.
More:

[spectoacc] 24/9/2019 09:23

EDIN (which I'm in) Report to 31st March shows how much cr*p Barnett holds/held - can see CIR, Eddie Stobart, TCG, FCH, IPO, Redde, Amigo, PFG all in there. Only BUR in the Top 10 has collapsed.

Barbell only works if you don't pick utter sh*te for one side of it.

[chucko1] 24/9/2019 09:01

It makes grim reading for those continuing to support Barnett. You may well turn out to be correct regarding the questions that could increasingly come Barnett’s way, and the knock-on effects this may have. I still think it will need something else to catalyse it, and some of his funds are trading at large discounts. But as we have seen, large discounts do not always mean good value! And yet post 2009, some fund discounts were obscene and led to future outsized profits. I would bet against WPCT on that score.

[spectoacc] 24/9/2019 08:24

@chucko1 - now I look, it seems he sold sometime after April:



Looks like he got 4 or 5p for most in July.

[chucko1] 24/9/2019 08:19

How much of TCG did MB own?

[jonwig] 24/9/2019 08:16

You could say Barnett is "Thomas Cook'd".

[spectoacc] 24/9/2019 07:49

Anyone surprised to hear that Mark Barnett held some Thomas Cook? Me neither.

Thinking about Woody's c.500m that might remain in WEIF - at some point it'll go up 20% (no unlisteds, ftse350's only, allegedly) and everyone will say "See, if only he'd been given a chance, it just needed more patience".

It's why Woody investors deserve to have lost so much money.