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 11501 to 11521 of 11725 messages
Chat Pages: 469  468  467  466  465  464  463  462  461  460  459  458  Older
DateSubjectAuthorDiscuss
07/11/2019
09:37
BlackRock still dribbling out PFG, done well to offload IMO.
spectoacc
06/11/2019
19:01
timnet, The top 10 holdings can be found here: Https://static.woodfordfunds.net/prd/2019/09/wpct-trust-facts-woodford-funds-082019-1568793810.pdf What price to put on Rutherford Health for example? Some have suggested it should be a zero. (And I apologise but I was working off of old information - Oxford Nanopore is no longer the top holding, it's only the 4th.) JakNife
jaknife
06/11/2019
18:17
As with so many things Woodford, the buzz around Oxford Nano was that their only competitor was valued at $60BN, so on that basis it made the £1.5BN look trivial. How many of these cleverly weaved stories did we hear over the years from Woodford's empire??? World domination only seemed a tantalisingly short distance away, be it plastic pallets or washing machines, a cat allergy cure, capturing the Salmon fertilisation market, the estate agency market, the male pill, a new jet engine, cold fusion, an algorithm that would save billions on clinical trials, the list went on... He was like Paul Nicholls turning up mob handed for the Tingle Creek!!!
ltcm1
06/11/2019
18:15
My original question was: "Anyone know if there are any other significant revaluations still to be made by Link, and if so which ones?" The only direct responses have been: "But in terms of your question - ie other significant revaluations - they'll likely occur on WEIF's impending sale of the unlisteds/unicorns. Some suggestion that might be only another c.20% or so off." (SpectoAcc) and "The largest position is Oxford Nanopore - worth 8p on NAV. The most recent fund raise valued the business at £1.5bn. Yet it has sales of a mere £33m and most recently generated an EBIT loss of £63m. It has enough cash to last around about 12 months." (JakNife) Thank you for these comments. Anyone else care to add to this?
timnet
06/11/2019
16:42
Had an interesting "debate" with someone over on CityWire re "What if one of these co's WEIF is being forced to sell turns out to be worth billions". They've already been putting several of them in the NAV at billions :)) To be fair, Oxford Nano don't seem too bad a business, albeit another "Oxford industrial estate" one. But not at a made up 10 figs.
spectoacc
06/11/2019
16:41
Neigh, neigh, Dobbin.
harijan
06/11/2019
16:39
Industrial Heat wasn't even the largest illiquid holding in the WPCT portfolio. The largest position is Oxford Nanopore - worth 8p on NAV. The most recent fund raise valued the business at £1.5bn. Yet it has sales of a mere £33m and most recently generated an EBIT loss of £63m. It has enough cash to last around about 12 months. It's difficult to see how a valuation of £1.5bn is justified, if WPCT can sell it's stake at more than 10% of that implied valuation then I'm a horse!
jaknife
06/11/2019
16:03
@timnet - largely agree with @ltcm1 but there are a few listed holdings (Autolus for eg), and some that have a reasonable amount of value supported by other investors (eg Atom Bank). But most of the junk (listed it in a post somewhere above) is either valued by later funding rounds from other WIM entities, or finger-in-air nonsense from Link. The issue for WPCT isn't so much the Not Asset Value, as the debt. If that OD doesn't get rolled over - and even if it does, as it won't be rolled permanently - where will WPCT raise the money to pay it off? They've already sold much that has a realisable value (eg OSI, half AUTO). Also worth remembering Woody's investment record - beyond bad in WEIF, no reason to suspect there's winners in WPCT. But in terms of your question - ie other significant revaluations - they'll likely occur on WEIF's impending sale of the unlisteds/unicorns. Some suggestion that might be only another c.20% or so off. But don't think that makes WPCT good value - sticking to my final value of 0-20p. Amazing that Woody still has supporters on here, after all that's been predicted - and has happened.
spectoacc
06/11/2019
15:47
timnet the NAV is a pointless, meaningless number because it only ever represents hope value here. None of these companies pay dividends or even have any assets beyond their labs and company formation, which admittedly do have some value on the open market. The only basis for buying into this fund is you have done your numbers on future returns - but clearly that is all but impossible here. I think you have to believe in the science to invest, there isn't any traditional way of valuing what they are doing, much like with the dot-com companies.
ltcm1
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
Chat Pages: 469  468  467  466  465  464  463  462  461  460  459  458  Older
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