Woodford Patient Capital Share Discussion Threads

[jonwig] 25/10/2019 06:33

Citywire says there were lots of willing managers of the trust, Schroders won a competitive review:



Analysts are mixed, from 'buy' through 'hold' to 'sell'.

[excav8] 24/10/2019 22:35

He could have invited them in and come back straight after easing himself.
If he has assessed companies to have significant value growth he has to be extremely honest and transparent and reproducible quarterly

[smcni1968] 24/10/2019 22:18

He liked like he needed to go to the toilet desperately

[excav8] 24/10/2019 20:45

Can advfn admit that Panorama last night showed that Woodford was not prepared to be interviewed on this Trust. The main question is if valuations for the companies within
are sound and bankable?

[jonwig] 24/10/2019 20:39

SP has a story which, if only half true, is gut-wrenching.

It suggests that WIM will have made £25m in year to 31/03 and paid the lot out in dividends to NW and CN. If liabilities (redundancies, etc.) were then settled, WIM could be wound up before Christmas and wouldn't need to file any accounts for the year past. You could say they've done a runner.

His sale of WPCT shares to settle a tax bill looks even more incongrous.

[topvest] 24/10/2019 19:51

Yes, trouble is that will cause problems with the debt.

[chinahere] 24/10/2019 19:48

They aren't taking fees for a while. I reckon they may 'kitchen sink it' before properly declaring it a Schroder branded fund.

[topvest] 24/10/2019 19:39

Maybe very deeply hidden! Call me old fashioned, but can anyone name a WPCT portfolio investment that is due to make a profit and positive cash flow in 2020?

[dr biotech] 24/10/2019 19:30

Schroders would have gone into this with their eyes wide open and presumably think their targets are achievable - and their targets have used a base of current NAV. Not rushing in to buy, but perhaps there is more value hidden inside than we thought.

[topvest] 24/10/2019 19:18

I’m genuinely surprised that Schroders want to be associated with this disaster. The downside is much worse for them than picking up a few million of fees. Schroders are a class outfit, which is something definitely not associated with WPCT. It’s obviously really good news for WPCT and maybe indicates that there may be some value. For those still owning shares, what a lucky break and another fantastic opportunity to exit for some value. I suspect there is a big portfolio write down coming before Schroders start charging their fees.
Maybe the plan is to raise new equity and use this as a technology vehicle for Schroders. Maybe trying to catch up with Baillie Gifford? If I was a Schroders shareholder I wouldn’t be impressed.

[topvest] 24/10/2019 18:11

I’m genuinely surprised that Schroders want to be associated with this disaster. The downside is much worse for them than picking up a few million of fees. Schroders are a class outfit, which is something definitely not associated with WPCT. It’s obviously really good news for WPCT and maybe indicates that there may be some value. For those still owning shares, what a lucky break and another fantastic opportunity to exit for some value. I suspect there is a big portfolio write down coming before Schroders start charging their fees.
Maybe the plan is to raise new equity and use this as a technology vehicle for Schroders. Maybe trying to catch up with Baillie Gifford? If I was a Schroders shareholder I wouldn’t be impressed.

[chucko1] 24/10/2019 17:11

Yes, but they get to choose the investments. They don’t go down the local fair and play lucky dip.

Unless, of course, they sell the WPCT investments to some other Schroders fund at carrying value, and put something decent in there instead! They could even hire Neil to advise them on that (the off-market swap, that is).

[jonwig] 24/10/2019 16:44

Comments on this FT article suggest Schroders have picked a winner, as they already have a division which fits (Adveq). And £1m a year for doing ... not a lot!

"With USD 10 billion in assets under management, Schroder Adveq focuses on specialised investment solutions that provides our institutional clients access to select private market segments through primary, secondary and direct/co-investments."

[chucko1] 24/10/2019 15:15

Although I am ‘transitioned’ to this new board, just to let you know - I’m still laughing.

[jonwig] 24/10/2019 15:10

EJ - I created it on PBB, but daffy's link shows it's also FBB.

[skinny] 24/10/2019 15:10

Ok - I've deleted the post - can't believe its offended someone! :-)

[jonwig] 24/10/2019 15:06

Skinny - yup, that's what I did. I can't ban blue users, it's up to each to filter.

Dr B - I imagine come December, we'll have another EPIC so another thread anyway!

[daffyjones] 24/10/2019 14:53

New thread here



but seems silly to move just because of the Ant's juvenile postings. They'll drop off the header eventually - usually just takes a few days.

[dr biotech] 24/10/2019 14:45

Shame to move as whilst this thread had some..erm characters it was generally quite good. Or at least it had little spamming.

Question is will the new management still use link as the “independent values” or will they change tack and when? We all look forward to seeing IH’s new price.

[chucko1] 24/10/2019 14:25

Hello. This makes more sense.

[clocktower] 24/10/2019 14:04

Thank you j.