Woodford Patient Capital Share Discussion Threads

[daffyjones] 14/10/2019 14:57

Most of WPCT's investments are in British companies with British (non-)revenues so Sterling's surge shouldn't really have affected them

[scrapheap] 14/10/2019 12:44

0.8p NAV fall is presumably related to the pounds surge on friday....

[wskill] 14/10/2019 10:31

Its about time the directors behaved in a responsible manner up to now they haven't. Surely we can have some recourse in law the way this trust has been run is disgraceful. A run of of all investments is the only way something can be salvaged it will take time of course but a much better solution than the probability that we will have another fire sale of investments.

[spectoacc] 14/10/2019 06:59

Edited my percentages above before anyone noticed ;)

[jonwig] 14/10/2019 06:47

Citywire:

WPCT is in a downward spiral and in a race against the clock to sell some of its unquoted companies to raise cash and renegotiate its £150 million bank facility with Northern Trust by the end of the year.

‘If neither of these developments materialise, this would be a cause for significant concern,’ warned Stifel’s Iain Scouller.

He recommended the trust’s board bite the bullet and put WPCT into ‘run-off’, in which the portfolio would be gradually wound down, its assets sold and the bank repaid and what’s left returned as cash to shareholders.

Although there are said to be some valuable investments in WPCT, it might be safer for investors if Woodford and the board did as Scouller and other analysts have suggested and raise the white flag



The board's job is to run the company, but my feeling is that shareholder approval at a GM is needed for a major strategy move such at this. Most are private shareholders in nominee accounts who either can't or won't bother to vote.

And of course, white flags are very visible, so it would be another "Woodford announces a cut-price sale. Everything must go!"

[jonwig] 13/10/2019 14:36

daffy - "with the IPO market in the UK dead and the WeWork debacle, the idea of a float from Oxford Nanopore is looking increasingly like a daydream".

Great news, he'll have something/someone else to blame for a failed investment.

[daffyjones] 13/10/2019 12:04

Torygraph reporting Woody will struggle to exit Oxford Nanopoor, either by a public float or persuading another private equity company to buy his stake

[elmfield] 12/10/2019 17:36

Who would want to take it on,
Not any worth while manager anyway.

[topvest] 12/10/2019 17:28

Looks like the clock is ticking here. Can they repay the debt? Distressed sales could be on the way soon. Meanwhile the net asset value is nudged down continually.

[chucko1] 12/10/2019 13:18

@Specto, what you seem to be implying is that even people who have thinking challenges (journalists, for example) cannot see any sunlit uplands here. Makes you wonder who does remain non-destructive.

As for those who are actually positive, OMG.

[spectoacc] 12/10/2019 12:39

Generally don't rate the amateurish CityWire but did like this quote re WPCT:

"In short, WPCT is in a downward spiral and in a race against the clock to sell some of its unquoted companies to raise cash and renegotiate its £150 million bank facility with Northern Trust by the end of the year."

[determined] 12/10/2019 11:56

interesting theory, or possibly nobody will take it on with the ridiculous valuations of the unlisted stocks?

[spectoacc] 12/10/2019 11:35

My guess is - they want to leave Woody in place as long as possible to take the flak, whilst they slowly retire/resign/get replaced. That's already been happening. Then when the sh*t really hits the fan, the Board can claim not to have been the ones in place when the worst was happening.

[stewart64] 12/10/2019 10:00

Would have thought the loss of nearly two thirds of capital on an IT is pretty unparelleled in Market history on a mixed portfolio against the backdrop of a 30% total return rise in the general Market.

Begs the question if a 44% discount is overdone. I just don't get what he is investing in tbh, so I wont be taking a punt to find out.

[jonwig] 12/10/2019 07:51

The Telegraph reminds us, re WPCT: "in June, the board stated it was “engaging with shareholders” on the matter" of replacing NW as manager.

it seems not much, though....

Since, no contact has been made with shareholders to update them on the situation, or even ask whether replacing Mr Woodford is what they want.

Psigma Investment Management – which owns 0.6pc of the shares across its fund range and one of the largest firms to own the trust – said it had not spoken to the board. Other shareholders have also complained about radio silence.

A spokesman for Psigma said they expected the firm's views to be considered before a decision is made. He added: “There has been no contact at all from the board of Patient Capital over any of their thinking or potential decision-making.”

Private investors own the majority of shares. Buyers using fund shops Hargreaves Lansdown, AJ Bell, Interactive Investor and Fidelity account for 36pc, yet the Telegraph understands none of the brokers have been contacted.

The trust's failure to communicate will raise questions over its commitment to making major changes.

Moira O’Neil of Interactive Investor, said: “The board of Patient Capital has not been in touch, but we would have welcomed the opportunity for them to discuss the issue with our customers who hold shares in the trust.”


Some posters here have suggested they've tried but can't find anyone to do the job.

[chucko1] 11/10/2019 17:35

Look at the price they ended up getting with AUTL. Crushed the market - clear and obvious seller. The next thing they sell will also be heavily discounted.

Even the liquid stuff, like NRR, got smashed. Look at it now! Rallied loads since he was seen to have completed the liquidation.

[daffyjones] 11/10/2019 16:16

"scour the market for examples of failure and apply those short-comings to ALL the constituents in the Trust"

Johnwig could you name a couple of the constituents in the trust which are NOT failures? Just interested

[scrapheap] 11/10/2019 15:05

cool - so some liquidity at least!!

[henchard] 11/10/2019 14:58

Latest Woodford Autolus share dealings I can find are:

9 Oct: CF Woodford Equity Income Fund, reduced from 6,312,380 shares to 0.
9 Oct: Woodford Investment Management LLP, reduced from 10,613,878 to 2,095,127.
9 Sep: Woodford Patient Capital Trust, reduced from 4,106,044 to 2,095,127.

WIM and WPCT each own 4.7% of Autolus.



EDIT: actually I think the WIM and WPCT 2,095,127 shares are one and the same. That Woodford's total interest is 4.7%.

[scrapheap] 11/10/2019 14:57

this article suggests it too... so that's a bit of a buffer?

hxxps://citywire.co.uk/funds-insider/news/woodford-share-sales-near-1-billion-as-autolus-offloaded/a1265619