Share Name Share Symbol Market Type Share ISIN Share Description
Woodford Patient Capital Trust Plc LSE:WPCT London Ordinary Share GB00BVG1CF25 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.25 0.84% 29.85 29.85 29.95 30.45 29.75 30.30 833,873 16:29:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -3.8 -0.5 - 271

Woodford Patient Capital Share Discussion Threads

Showing 11276 to 11296 of 11675 messages
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DateSubjectAuthorDiscuss
24/10/2019
08:19
boooooooom
bullet ant
24/10/2019
08:16
Here comes the mega surge !!!!!!!!!!!!!!
bullet ant
24/10/2019
08:16
Gimme gimme gimme more.
bullet ant
24/10/2019
08:06
The NAV is still from the land of make believe, ppl are currently paying a huge premium for this tosh.
fpladdict
24/10/2019
07:59
Woodford has refused on many occasions to sell the Autolus stake.Petre Kellner will buy it today if offered!!
ltinvestor
24/10/2019
07:54
Yes existing objective and policy suggests we keep on collecting our fees whilst it lasts...now if they said we need to change our policy it would make them look like mugs...
diku
24/10/2019
07:36
I am unimpressed. Schroeder's will still be milking the cow to the detriment of PI's. Clearly the board have had to dangle huge fees to persuade anyone to take this on. Coupled with the statement that the portfolio will be maintained in line with the existing objective and policy means more of the same.Add in the forthcoming enormous churning fees, one can expect the performance of wpct to be mediocre at best.The mm has marked this up 12% as I write, anyone sensible will sell into this rally and use the proceeds to put a new toilet into their house.
tartshagger
24/10/2019
07:35
Big confidence boost this. Also a hurdle price of 77p is some bar to get away with when at 30p... Well done the board it would appear.
scrapheap
24/10/2019
07:34
That's not hard
1oughton
24/10/2019
07:32
Woodford is not in Shield Therapeutics (STX) since I started buying in the 30p’s, so I must be onto a long term winner imo NYBoy out plays Woody!
ny boy
24/10/2019
06:45
@Jonwig - I'm sure it'll dcb, I just find the RNS utterly bizarre. Schroders can't "reposition" a portfolio that has next to nothing to sell, unless they eg keep the OD, sell Autolus, and use that small amount of money elsewhere? How are Schroders going to look in 3 months time when the junk gets dumped out of WEIF - or will Link manage to ignore those valuations? Edit - just found a more recent Top 10 than HL's, from Aug 19 - Woody appears to have taken this off his website: 1. Rutherford 2. Benevolent 3. Atom Bank 4. Oxford Nano 5. IH 6. Immunocore 7. Kymab 8. Mission Therapeutics 9. Ratesetter 10. Autolus This reflects the sale of OSI, the drop in Benevolent AI valuation (I assume), and the halving of the Autolus stake after selling in the market. Bear in mind those changes still left WPCT with a serious OD (£117m, don't know if still correct), and a load of stocks held in common with the liquidating WEIF - most of them, in fact. Ratesetter were going to float once. Maybe Oxford Nano's will reappear. But just a look at the top handful show the mess WPCT is in - they can't realise any of them, and the prices WEIF will get can only be guessed at, but are - ahem - highly unlikely to be NAV-accretive. Talk in the press of WEIF holders losing up to another 50%, which seems harsh when lots of quoteds in there, but we all know for eg what IH's actual valuation should be. Perhaps Softbank will buy IH? I wish Schroders luck with their reputation. Can they keep the show on the road long enough to get past the WEIF overhangs? Or partake in some of the sales to realise cash - any cash?
spectoacc
24/10/2019
06:42
Spec - I'm musing. Schroders will know what we know (eg. true nav) and then a lot more. They might even be lifting the lid on IH. Basically, I'm wondering if I should look to buy at 8 o'clock. but no, I'll go out for a walk!
jonwig
24/10/2019
06:27
@Jonwig - NAV 63p to 77p seems perfectly reasonable - for anything other than WPCT! What's real NAV? 20p? 20p to 77p seems more of a stretch. I'm surprised at Schroders - a decent name, as you say - you'd think they'd say "hang on, many of these holdings, eg IH, are worthless, and that lack of value is about to be exposed with WEIF dump their holdings". Now - what if adding Schroders' name is enough to get a large fundraising away, enough to keep many of the unlisteds going a while longer, perhaps to buy back WEIF's 9%, and genuinely have something to "invest"? I agree on the OD, I think NT will extend another year. I still say the announcement is nonsensical tho. Schroders aren't taking on an IT with cash to invest, or assets to juggle around. There is no market for most of WPCT's junk. Who's going to buy it when they could have it from WEIF? Edit - @Jonwig, just to be absolutely clear, where do you see Schroders being able to exit WPCT positions? Autolus is about the only semi-liquid thing, and doesn't even cover the OD. Edit II - a reminder of WPCT's Top 10 as per HL: Benevolent AI (presumably already written down in half, tho with WEIF still to dump) Oxford Nano (allegedly a good co but have apparently pulled their float - WEIF still to dump) Autolus - quoted on Nasdaq, should be realisable Crossco(1337) Plc - no idea, never heard of it, is 8% of the fund? Rutherford - arguably valueless, "listed" but completely untradeable, WEIF to dump IH - nearly 7% of WPCT. Need say nothing on this one, other than "WEIF to dump" Immunocore - any value? Oxford Sciences - this is long since sold, list must be seriously out of date IH, again Mission Therapeutics Most of the liquid stuff - half of Autolus, the OSI - has been dumped already. So take the above list with a pinch of salt.
spectoacc
24/10/2019
06:25
Spec - existing policy is as set out in the prospectus, not necessarily keep the same portfolio constituents. They'll be tons better than Woody at picking ideas.
jonwig
24/10/2019
06:22
I can see NT extending the overdraft after this, and they have the repute to be able to squeeze more from some unquoteds. They could also do some imaginative financing such as offer warrants to subscribe to new ords. (Then they could support some cash calls.) A lot of investors will see this as a reason to buy in. If the discount were to reach 20% and Schroders achieve 77p nav, that would be a doubling of the share price from here.
jonwig
24/10/2019
06:21
That's brilliant, but - am I missing something? They talk about "...Manage the portfolio in line with ...existing investment objective and policy", yet there is no "investment" to be done with WPCT. It has no cash. It has negative cash. Its holdings are mostly unrealisable, and generally need a lot more money. It's largely nonsensical - they're talking as if Schroders can bring a new approach to running WPCT. Unless they can somehow churn the portfolio, how can that be the case?
spectoacc
24/10/2019
06:13
Will the share price bounce this morning? Portfolio Manager Appointment The Board of Woodford Patient Capital Trust plc is pleased to announce that it has agreed heads of terms to appoint Schroder Investment Management Limited as the Company's portfolio manager. Shortly following the appointment, which is expected by the end of 2019, the Company will be renamed Schroder UK Public Private Trust plc. Schroders intends to manage the portfolio in line with the Company's existing investment objective and policy. It will bring together its successful and established investment approach across both quoted and unquoted companies to manage the Company for the long-term, in support of positive outcomes for shareholders and British enterprise. Schroders has extensive experience across both public and private markets and has the relevant sector expertise, including across healthcare and technology, and will operate a team-based approach to manage the Company's portfolio. Schroders' beliefs are aligned with the Company's philosophy of identifying and providing access to investment opportunities irrespective of public or private ownership structure. Susan Searle, Chairman, commented: "Following a competitive process, we are delighted to be appointing Schroders as the Company's portfolio manager. Its careful and considered long-term approach to investment, backed by its substantial research resources in both public and private assets, makes it the natural choice to manage the Company's portfolio. "I would like to thank our shareholders for their support throughout this process as we have worked to put in place the right portfolio manager against the background of challenging circumstances. Throughout the process, the Board has had a clear focus on achieving an outcome that protects and enhances long-term shareholder value and we believe Schroders is best placed to deliver this. A well-managed handover is underway to protect shareholder value and deliver long-term performance for all shareholders." The Board has agreed a fee structure which aligns the interests of shareholders with those of the incoming portfolio manager. On appointment, Schroders will not take a management fee for three months; thereafter Schroders will be paid a management fee at the rate of 1.0% per annum on market capitalisation up to GBP600 million and 0.8% per annum thereafter. There is no performance fee payable until 31 December 2022, at which point Schroders will be eligible to a fee of 15% of any excess returns above a NAV per share of 77p (the latest reported NAV per share is 63.23p as at 22 October 2019). Thereafter, a performance fee of 15% of any performance above a hurdle of 10% of net assets each year will be payable, subject to a high watermark. Further details will be announced following Schroders' formal appointment.
jonwig
24/10/2019
05:51
Deranged - I think that's a good definition. Still fascinated by Woody's need to slot 60% of his WPCT holding to "pay his tax bill" in July, after taking tens of millions out of WIM in 2018 alone. Granted, his money may genuinely be stuck in WEIF along with everyone else's, but can we rule out a Woodford bankruptcy? Did he borrow against his house to invest in his own fund?
spectoacc
24/10/2019
05:50
How Jupiter got worried about WEIF and its unquoteds in 2015 and exited completely in 2017: https://citywire.co.uk/funds-insider/news/jupiter-comes-clean-over-1-billion-woodford-sale/a1284752?ref=citywire-money-latest-news-list Kept quiet as they feared a run on the fund.
jonwig
24/10/2019
04:34
Bit on possible legal action. (Free to read) https://www.telegraph.co.uk/investing/funds/woodford-investors-seek-legal-advice-claim-against-hargreaves/?li_source=LI&li_medium=li-recommendation-widget
dr biotech
23/10/2019
23:24
Nightmare on Woodford Street?.
essentialinvestor
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