Woodford Patient Capital Share Discussion Threads

[spectoacc] 15/10/2019 08:21

Winding up to "..Begin in mid-Jan", strewth! Why? Why not today?

Edit - oh, because under EU rules, 3 months notice has to be given to investors. LOL.

...But the fund will "..Continue to be repositioned" during those 3 months.

Gone from a sh*tstorm to a perfect sh*tstorm.

[jonwig] 15/10/2019 08:20

The FCA's advice to WEIF investors:



@ CWA1 - most on here would suggest a very round figure!!

[diku] 15/10/2019 08:16

How do you value something that keeps falling...when does the waterfall end?...

[spectoacc] 15/10/2019 08:15

Again I ask - why now? Why not £8m in fees ago?

Be interesting to see how BlackRock manage the Unicorns disposals, and the effect on prices/WPCT's NAV, ratios, and overdraft.

Timescale will be key - there's still some huge holdings in WEIF in very illiquid co's.

Edit - @CWA1, I've always said "0p-20p" for WPCT NAV. IMO this makes the 0p more likely.

Does it also push all the remaining commitments onto WPCT, at least as long as WIM is invovled? WIM can't survive just on IIF IMO.

[cwa1] 15/10/2019 08:14

Anyone care to suggest, to a non follower of this situation such as myself, what kind of price(if any) makes WPCT look attractive? Cheers.

[diku] 15/10/2019 08:14

Feel sorry for those who got sucked in by high profile names...

[diku] 15/10/2019 08:11

Why give money to a fundi?...5 star managers and 4 star managers...3 star Managers and 2 star Managers and 1 star Managers...all a gooble-dy-ghook...

[jonwig] 15/10/2019 08:10

The fees he gets from WIFF will insufficient to cover the overheads of WIM (fixed fee and legal costs), and of course WPCT is a drain on his resources. He'll be begging the board to replace him (or will even resign). Then I'm sure his own WPCT holding will be on the market: no wonder the price is falling right now.

[this_is_me] 15/10/2019 07:52

If CC2014's sensible analysis is correct it shows the advantage of investment trusts - when the chattering classes panic the manager doesn't have to. Although I sold out before the price crash (more luck than judgement) I understand that the point of early stage investments is that you need to wait years to enjoy those that become 10 baggers while some crash and burn. I have had a few 10 baggers and a few busts with the more speculative part of my portfolio. It would be a pity for holders if a fire sale resulted in selling far too early and throwing the baby out along with the bathwater.

[spectoacc] 15/10/2019 07:37

Wow. HOW THE HELL HAS IT TAKEN SO LONG.

We all said - no chance of December re-opening, not one single unicorn had been dealt with.

WIM is finished IMO, though Neil has enjoyed multi million fees during the gating.

WPCT has vast number of holdings in common with WEIF, and WEIF holds 9% of WPCT.

Perhaps the WPCT Board can explain itself?

[orinocor] 15/10/2019 07:33

15 October 2019
Woodford Patient Capital Trust plc
LEI: 2138008X94M7OVE73I77

Company Update

The Board of Woodford Patient Capital Trust plc (the "Company") notes the statement by Link Fund Solutions Limited ("LFS"), the Authorised Corporate Director of the LF Woodford Equity Income Fund ("WEIF"), that: (i) the decision has been taken by LFS not to re-open WEIF and instead to wind it up as soon as practicable; and (ii) Woodford Investment Management Limited will, with immediate effect, cease to be the investment manager of WEIF.

As previously announced, the Board has been undertaking a review of the Company's management arrangements and will make a further announcement in due course.

[orinocor] 15/10/2019 07:31

WEIF to be wound up.
Respect to the guys on this thread who said this was a certainty

[spectoacc] 15/10/2019 07:02

@CC2014 - see post 10670.

[diku] 14/10/2019 23:29

What no more header pictures?...

[cc2014] 14/10/2019 22:34

It's my view he sold some of his construction/housebuilders in WEIF into the rise on Friday as some of the trade flow was irrationale. I feel for him on this one as the market has finally started to turn his way in this area. He needs cash and I guess therefore has little choice.

[barnetpeter] 14/10/2019 22:26

I reckon the true nav here is about 17p. Some of these unquoted are worthless imo.

[daffyjones] 14/10/2019 22:13

He's also sold off his stake in GYG, apparently off-market with Lombard having taken over his 20% stake at a price of 40p per share. Woody invested at IPO at 100p, and was buying more as recently as January before starting to sell up in July.

Another example of Woody's front investments, Woody was mates with the people behind this loss-making yacht decor company

[spectoacc] 14/10/2019 16:08

Woody dribbling out of PFG I see, still c.15% to go. Doing well to offload them to be fair, tho what a fiasco that one's been. And probably barely ranks in the Neil Woodford Top 10 Utter Fiascos.

[biggest bill] 14/10/2019 15:04

I think the fall in nav might be another writedown of one of the unquoted investments, one of the smaller ones this time. Watching the nav fall like this is like Chinese water torture, one drop at a time.