Woodford Patient Capital Share Discussion Threads

[careful] 15/10/2019 11:29

Looking at these numbers.

Net asset value (official set) = 63.91p per share.

Total asset value = 63.91p x 908m = £581m.
Debt £130m.
value of investments £581+130=£711m.

Today market cap at 34.2p £440m.


Seems if the whole lot was liquidated the arguments on this thread that WPCT is worthless are ridiculous.
Are you suggesting that the official investments asset valuation of £711m could be as low as £150m?
that is what it would make the NETT asset valuation of this trust worthless.
(after subtracting the £130m debt)

Why quote a daily net investment asset valuation if it is hugely overstated?

[porsche1945] 15/10/2019 11:29

If fund managers losing money was a crime about 4/5ths of them would be behind bars, most funds are hopeless, expensive, a pigs trough, like pensions, for everyone except investors.

[ltcm1] 15/10/2019 11:19

jonwig - has Woodford done anything wrong though???

Last time I looked losing money wasn't a crime.

Woodford has a business partner plus Link Solutions managed the fund. Perhaps others are to blame??? I mean what on earth were these Link people doing if they didn't flag up the technical construction of all the Woodford funds was completely wrong and highly exposed to a downside shock???

Admittedly it is hard to argue Woodford was not aware of the situation though, but there are a lot more people than him involved surely.

[earthian] 15/10/2019 11:06

Ladies and gentlemen, boys and girls, the Magical Mystery Tour has reached its final destination: Woody End.

We hope you've enjoyed the trip. Please feel free to tip the driver (egg cup provided at the front of the bus for donations).

Yours sincerely, Hard Grief Lands Down

[trying2getrichquick] 15/10/2019 11:06

The best things in life are free
But you can keep them for the birds and bees
Now give me money
(That's what I want)
That's what I want
(That's what I want)
That's what I want, yeah (that's what I want)
That's what I want
Your lovin' gives me a thrill
But your lovin' don't pay my bills
Now give me money
(That's what I want)
That's what I want
(That's what I want)
That's what I want, yeah (that's what I want)
That's what I want
Money don't get everything, it's true
What it don't get, I can't use
Now give me money
(That's what I want)
That's what I want
(That's what I want)
That's what I want, yeah (that's what I want)
That's what I want, whoa
Money don't get everything, it's true
What it don't get, I can't use
Now give me money
(That's what I want)
That's what I want

[jonwig] 15/10/2019 11:05

@ ltcm1 (#10736) - no the FCA will withdraw his licence. Well, we hope they will!

[trying2getrichquick] 15/10/2019 11:04

Update on their website -

SITE UPDATE IN PROGRESS

We are publishing some new content on our website. The site will be unavailable for a few seconds.
Apologies for any inconvenience.
The Woodford Team.

[rocketblast] 15/10/2019 10:48

WOODY is setting up a new fund to pay for his separation. The new fund is called WOODY it sells PLASTIC LOGS TO DESTROY THE ENVIRONMENT...should be a winner for people like you ...

[ltcm1] 15/10/2019 10:27

Regarding Mr Woodford, as from today is he now free to set up another fund???

Does anyone think that may be his plan and he might be making calls right now trying to raise finance???

[timnet] 15/10/2019 10:24

You all probably know the answer to this: So if WEIF isn't going to be paying fees to WIM, and WIM are unlikely ever to be paid for managing WPCT, how is WPCT going to be managed? Are we going to achieve charitable status?

[cc2014] 15/10/2019 10:23

"Mr Woodford said: “This was Link’s decision and one I cannot accept, nor believe is in the long-term interests of LF Woodford Equity Income Fund investors.”

this says it all really about NW's headspace.

He knew he had to get liquidity for the redemptions of WEIF but he didn't do it in a way the market believed him as he continued to hold onto some of his favourite holdings.

Over and over again he caused his own problems...

[ltcm1] 15/10/2019 10:23

To be fair to Thomas Cook directors most people think it was the previous regimes that were to blame, a job as big as running TC is always going to need high pay. The failure was really the product of decisions taken fifteen years ago.

[semper vigilans] 15/10/2019 10:11

I am not invested here, but watching the Thos. Cook directors being grilled by MPs this am shows the inadequacies of the system: there seems to be little downside for directors after they have taken big salaries for failure.
PLC annual reports now have pages of meaningless waffle and its easier to hide the detail - the opposite of what was intended.
Hiding behind auditors seems to be the trend.

[wskill] 15/10/2019 10:06

The board of directors must be brought to book and prosecuted for this complete dereliction of duty .

This disgraceful episode should not be brushed under the carpet as they have always done in the past this crime has deprived working people of their hard earned savings.
But this seems to be ok in the UK as we have seen with the banks in 2009 not a single one ended up in a court for their criminal actions.

[old_wheels] 15/10/2019 10:01

Don't panic, it will all work out fine. This minor blip hasn't even made it to the news page on Hargreaves Lansdown's website.

[montyhedge] 15/10/2019 09:49

Of course he would say that, massive ego.

[jonwig] 15/10/2019 09:45

@ ltcm - and, as Basil Fawlty would have said, "Catharsis is off."

I really can't believe that Woodfinger said "This is a decision I cannot accept." The psychotic makeup of the man would feed a dozen PhD theses.

[montyhedge] 15/10/2019 09:39

I bet the hedgies short his holdings, forced seller.