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
  0.00 0.0% 33.60 33.55 33.90 0.00 0.00 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -3.8 -0.5 - 305

Woodford Patient Capital Share Discussion Threads

Showing 11476 to 11497 of 11725 messages
Chat Pages: 469  468  467  466  465  464  463  462  461  460  459  458  Older
DateSubjectAuthorDiscuss
05/11/2019
10:58
#163 Jonwig. Yes and now I think about it covenants aren't tested daily regardless, more usually 3 monthly or 6 monthly. So, I agree they haven't breached. Which leads me to the view Schroders will renegotiate before they breach. I dont' see any particular problems here. It's not like a company where EBIDTA is collapsing. Its a fund that can sell some of it's investments. #164. WIM are still working their notice period. I'd missed that. That explains why the NAV hasn't been adjusted
cc2014
05/11/2019
10:40
@CC2014 - c.20p is not oversold ;) Press seem convinced the banking covs are breached but didn't they extend them when they put in place the higher interest rate/restrictions on further investments? Heading towards squeaky bum time for Northern Trust tho, as we all knew would be the case. 5x asset coverage when the assets inc the likes of IH and a huge amount of largely unsellable junk, is not 5x. And - Schroders aren't in charge of WPCT yet, and won't be for months. Edit - governance doesn't seem to have particularly bothered Woody previously, exceeding eg unlisteds limits in WEIF, selling personal holding in WPCT etc. Edit 2 - disappointed my expectation that RUTH would make its call on WIM whilst it had the chance, hasn't come to pass.
spectoacc
05/11/2019
10:10
CC2014 - I don't think they have breached covenants - the press have it wrong! The prospectus says clearly that the debt ceiling is 20% of assets at the time it is taken out and makes no reference to future developments.
jonwig
05/11/2019
07:22
Woody never read this, obv, from 1999(!): https://www.scientificamerican.com/article/what-is-the-current-scien/
jonwig
05/11/2019
07:01
Link to the FT article: https://www.ft.com/content/857df862-fed5-11e9-b7bc-f3fa4e77dd47 ... cut the value of Industrial Heat, which is trying to develop the unproven clean energy technology of cold fusion, because of “a delay in operational progress”. WPCT has drawn scrutiny of its methodology in its valuation of Industrial Heat, which it has written down by 83 per cent since September last year, according to JPMorgan Cazenove estimates, having previously marked its value up by 357 per cent. How on earth do they know there's a delay? There is nothing in the public domain to enable anyone to judge for themselves. Do the math: a fall of 78% is needed to unwind a rise of 357%, so it's actually been marked down by more than that. But still some way to go to zero.
jonwig
04/11/2019
22:47
FT confirming that WPCT has breached its banking covenants. Not clear what penalty can/will be applied. Also coverage of Version, another failed Woody biotech play, which has seen its share price collapse 90% this year alone (on top of massive falls in previous years), once the Woody cash tap was turned off and they were unable to stay afloat. Now in a death spiral, trying to sell and lease back its headquarters but unable to do so. Circling the drain and likely going bust very soon.
daffyjones
04/11/2019
22:07
Industrial Cheat. (Comment on the FT)
minerve 2
04/11/2019
20:54
Missed this from the earlier Klienmanwire article, via CityWire: "It is not clear how much WG Partners is offering for the portfolio, though its initial bid is understood to have been around 20% below the level at which the Woodford Equity Income fund is valuing them." I'd say if WEIF gets 20% under for a chunk of its junk, it's doing very well. Almost all of that will be held in common with WPCT, but if Link do write it down proportionately (they may not), the bigger issue will be how to eventually pay off the OD. And let's hope "eventually" isn't January (tho I accept I'm alone in that view).
spectoacc
04/11/2019
20:42
@Forensic - the scandal is how Link have been allowed to continue to issue a daily NAV figure, when all of us on the other thread (all the ones not filtered!) could see very clearly it was a "Not Asset Value". Serious doubt on valuations been around for ages, been clearly public since the Guernsey listings fiasco, and came to a head with WEIF's suspension. And there's further to go. Though all anyone should really need to know is that Woody himself slotted 60% of his personal holding back in July, on the quiet.
spectoacc
04/11/2019
18:09
Still watching. No rush.
minerve 2
04/11/2019
15:58
The writedown, which the Patient Capital board said would knock 5p off the trust's 62.84p NAV, implies an 80% cut to the valuation of Industrial Heat, which was one of the trust's largest holdings. https://citywire.co.uk/investment-trust-insider/news/woodford-investors-suffer-further-blow-as-industrial-heat-slashed/a1289676Real scandal this one..never seen any evidence it was worth anything let alone the multi bag valuation increase last year.Looked at it when they revalued sharply upward and could find absolutely nothing to justify the increase but thought the management highly suspect with no experience in the field at all. All looks like a rather large con .
kooba
04/11/2019
15:02
I commented on that story when it appeared in the ST just over 2 weeks ago - "£200m-£400m" was the price given. Kleinman is usually pretty good, but hard to say if: "The overall portfolio being pursued by the WG Partners consortium is understood to be valued at close to £500m, according to one insider." means the buyer is paying £500m, or as per the ST story, the buyer is paying "£200m-£400m" for assets currently valued in Woody's books at £500m. One thing's for sure - no one is likely to want to do Woody any favours. Price paid vs NAV the important part, and wonder if the IH revaluation is related. A positive for WEIF holders if it comes off and a lot of the junk can be shifted in one go, and a positive for WPCT (depending on price..) if it goes to someone who might replace WIM in future funding rounds. Altho again - unlikely to be kind to the stub equity.
spectoacc
04/11/2019
14:51
Alex - interesting. It says 'held by WIM' rather than WEIF or WPCT so both could be included. So it's not clear how much value could be attributed to WPCT.
jonwig
04/11/2019
14:44
Looks like there is value in many of the ncompanies: hxxps://news.sky.com/story/consortium-in-talks-to-buy-500m-woodford-portfolio-11853985 many of those also in Woodford Patient Trust and multiple interested parties. So these holdings should be able to be sold between discount and NAV, Which would make today a good buying moment. and it looks like a serious bid being considered. "Other bidders for the portfolio of stakes in listed and privately owned healthcare companies included Rosetta Capital, a life sciences-focused venture fund, and Omega, a hedge fund."
alexhemm
04/11/2019
12:32
Someone was selling into last weeks Schroeder rally in size. You can't trade bounces like that because the mm marks it up massively before the open - he/she's got the insider info way before any PI. I wonder why Woodford didnt invest in a nice little company called Fusion Antibodies (FAB). Not big enough at £15m i guess - however it has inovative products that mark it out in a crowded market, has begun generating cash from sales and the directors have been buying. There is definately no association with IH! What does Dr Biotech think? i'm contemplating tucking a few away in my SIPP :}
tartshagger
04/11/2019
12:24
Is this steaming pile of caap really worth anything or is it just a pigs trough of fees for Schroders now.
porsche1945
04/11/2019
11:33
ShareProphets speculates that the NAV write-down means that WPCT are in breach of the 20% gearing covenant: Woodford Patient Capital Trust breaches bank covenants after another huge asset write-down Https://www.shareprophets.com/views/45675/woodford-patient-capital-trust-breaches-bank-covenants-after-another-huge-asset-write-down
jaknife
04/11/2019
10:16
Incredible isn't it. Any sober village idiot knew full well IH is actually worth zero yet it takes someone with hands on authority to only just begin to spell it out to them. No wonder the share are still trading hands for stupid pie in the sky figures north of 30p.
my retirement fund
04/11/2019
10:16
I see todays news as more of a positive than a negative. As mentioned above the value of IH was a known issue and the writedown has been on the wall for some time. The mark up on one of other unicorns shows that someone else believes in their potential. Obviously more information as to who/how much/what price would be handy. Still wouldn't touch it with a barge pole, but its got to be one of the most interesting stocks to follow.
dr biotech
04/11/2019
09:18
Good morning all. What we learn today is how markets move. IH written down which anyone who had been reading this board for some time will know was certain to happen. So, no news there, nothing that should have moved the share price. Then we have the mysterious write back of 0.7p, which is new information and should have helped the share price. What we find out therefore is that most of the investors in this stock don't do much research, they just look at the discount to NAV and place their trades. Anyways, the endgame is playing out and the discount to NAV is falling. As for valuation to some extent might as well use a pin or a dart as it's going to depend on how many of the unquoteds have a future without no new cash from WPCT. SpectoAcc dart board seems to have numbers between 0-20. A little harsh imho. My view is more like 15-35.
cc2014
04/11/2019
08:27
I disagree @Jonwig, as you know. I don't doubt Schroders have a much better chance of getting it rolled over, on reasonable terms. But the chances of Northern Trust saying "Yeah, no problem mate, whatever write-downs and fiascos happen between now and then" are practically nil. I expect they will roll it over, but on worse terms and for shorter duration, and subject to similar cash sweep and investment restrictions. WPCT has a long way to go to get out of the woods - tho we should also mention this 0.7p write-back, what was that on?
spectoacc
04/11/2019
07:40
I guess it suits Schroders to get all the downgrades away before they take over. They'll want to show improving performance from the start, narrow the discount and maybe somehow raise more equity. (And I'm sure NT have given them the nod about the overdraft.)
jonwig
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