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% 29.60 29.60 30.20 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 - 269

Woodford Patient Capital Share Discussion Threads

Showing 11476 to 11497 of 11650 messages
Chat Pages: 466  465  464  463  462  461  460  459  458  457  456  455  Older
DateSubjectAuthorDiscuss
06/11/2019
14:20
The trouble with old speccy is that he never says anything that has not been said before, and better, by previous posters! BTW I wonder what name he was parading under before May this year when this moniker first appeared here. He was boasting that he was posting here long long before that with such accurate prescience. He was lying then or he's lying now.
mochyn
06/11/2019
14:00
Spectoacc seems to be unaware that nobody takes him seriously despite his many thousands of "posts". Perhaps he believes that the deafening silence is a sign of approbation.
the air marshall
06/11/2019
08:30
Can't deny I like RUTH - not on valuation, but because if Woodford fools are going to lose their cash on anything, I'd much rather it was in building cancer treatment centres than eg pallets with microchips, or sub-prime lenders, or IH. Slightly amazed by this line tho: "Our largest shareholder continued to support the business with further equity injections of £35m in H1 with a further £12.5m received in early September." And absolutely no mention of it no longer being the largest shareholder - the WEIF holding now being with Link. Nor any mention of future funding commitments. Nor of WIM getting wound down and closed within next 3 months or so.
spectoacc
06/11/2019
08:25
RUTH H1: https://www.investegate.co.uk/rutherford-health--ruth-/rns/half-year-report/201911060700043709S/ Increased turnover, increased losses, net current liabilities of £9m but a new debt facility.
jonwig
06/11/2019
08:09
@chucko1 = glad I'm not the only one with a dim view of Schroders! Tho as said before, I'd probably do the same if I were them - a guaranteed £3-5m pa, all the blame to be heaped on Woody for all that goes wrong. Could that OD still stymie WPCT? Probably. Intrigued to know who's doing the renegotiating, Neil or the WPCT Board. Who is the more inept?
spectoacc
06/11/2019
08:06
It’s not only the eccentricity of Woody, but I fear for Schroders’ well-being also. Maybe my own, too, as I’ve barely stopped laughing since they decided to get involved (to whatever degree, in fact), and the share price of WPCT jumped 33%. As one keeps saying, what is bought is bought. Everything spent and more. What has been written up 357% is now written back down by a greater amount. How many more are lined up perched over the edge of a valuation cliff? I really ought to have stopped laughing, but then that analyst at Stifel springs to mind and I’m off again.
chucko1
06/11/2019
06:27
chucko - I doubt there's a shorter term which is printable. Maybe "egregious eccentricity" is more accurate.
jonwig
05/11/2019
22:30
Jonwig, I would not use the word “stupidityR21; in isolation. However, I am not a trained psychiatrist, so I cannot offer up the correct group of words to use in conjunction. I can think of some, but they never end up doing justice to the subject matter.
chucko1
05/11/2019
20:19
Jak - this is the entry in the WPCT prospectus: The Company does not intend to deploy long-term gearing but may employ gearing of up to 20 per cent. of Net Asset Value, calculated at the time of borrowing, for the purpose of capital flexibility, including for investment purposes. It looks straightforward enough! The word 'covenant' doesn't appear in the prospectus (standard search of pdf). And the bald statement above doesn't look as though it has a covenant which needs testing. WPCT's CH pages have the Charge over the company which was created in January 2017, which seems odd as the overdraft was granted long before then. It's a 53-page document in dense legalese and can't be searched for keywords. (I haven't read it.) I don't think any posters here have a holding in WPCT (or the funds) - our interest is purely academic together with, of course, intense curiosity why a man can exhibit such stupidity and lure others on behind him who should know better.
jonwig
05/11/2019
19:52
jonwig, It would be normal to test a bank covenant on a regular basis. It wouldn't be reasonable to test it on a daily basis but a quarterly basis would be fine (monthly also may be an option). Hence the simple explanation that would explain why (a) on the one hand a calculation suggests that the covenant has been breached, but (b) WPCT are not reporting a breach and have not declared one, would simply be that they have to the end of the month/quarter to sell assets to restore the portfolio to being compliant. JakNife
jaknife
05/11/2019
16:42
Great news just released by Autolus.Orphan drug status given by the FDA to one of its products which is saving children’s lives...How wonderful is that ?
ltinvestor
05/11/2019
15:04
@ Spec - often bad news on day1 leads to a drop, and day2 continues it. I've always thought that a lot of investors still use newsprint, or IFAs give their views with a time lag. Either would explain it. Lucky to be aware of the daily 7 o'clock shocks!
jonwig
05/11/2019
14:24
As a minor point - I see no reason why Schroders would have anything to do with the negotiation over the OD yet - it's only an intention to appoint. Also hadn't noticed how weak WPCT was today, And still awaiting this mooted sale of the junk from WEIF. Could it - perchance - include 9% of a particularly poorly-performing investment trust?
spectoacc
05/11/2019
12:29
The new captain of the Titanic is now on the payroll and has spotted the the huge iceberg off the starboard bow but is powerless to avoid the inevitable.
schofip
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
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