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 Shares Traded Last Trade
  -0.35 -1.09% 31.65 2,126,920 16:35:06
Bid Price Offer Price High Price Low Price Open Price
31.70 31.90 33.00 31.70 33.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -3.85 -0.47 288
Last Trade Time Trade Type Trade Size Trade Price Currency
16:54:37 O 92,703 32.026 GBX

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Date Time Title Posts
22/10/201923:38::: WOODFORD PATIENT CAPITAL TRUST :::11,051
15/10/201913:01Unforseen circumstance-
06/6/201913:15Woodford Patient Capital Trust201

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Woodford Patient Capital (WPCT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-22 15:54:3732.0392,70329,689.06O
2019-10-22 15:35:0631.6513,9374,411.06UT
2019-10-22 15:24:5731.853,7321,188.64AT
2019-10-22 15:24:5731.85370117.85AT
2019-10-22 15:24:5731.851,904606.42AT
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Woodford Patient Capital (WPCT) Top Chat Posts

DateSubject
22/10/2019
09:20
Woodford Patient Capital Daily Update: Woodford Patient Capital Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker WPCT. The last closing price for Woodford Patient Capital was 32p.
Woodford Patient Capital Trust Plc has a 4 week average price of 29.85p and a 12 week average price of 29.85p.
The 1 year high share price is 91p while the 1 year low share price is currently 29.85p.
There are currently 908,639,238 shares in issue and the average daily traded volume is 7,227,826 shares. The market capitalisation of Woodford Patient Capital Trust Plc is £287,584,318.83.
10/10/2019
22:37
daffyjones: Broker note from Stifel rates it a Hold at 40p: Https://stifel2.bluematrix.com/sellside/EmailDocViewer?encrypt=878f7dac-7bb1-4e45-927a-5d6a43c604b4&mime=PDF Reminder that Stifel rated WPCT a Buy at 86p last November and a Hold at 66p in June "Bull Case 1) Unquoted investments at 79% of NAV and 'non-traded quoted' investments (24% NAV) are now maturing and the initial portfolio should be through the J-curve with scope for realisations. In a normal private equity type situation we would expect to see realisations from the more mature investments at gains above prior valuations. 2) A number of investments have reached demonstrable milestones in the last year or two 3) The historic share price discount to NAV is high at 38%, however, considerable uncertainty exists on the longer term valuation of the unquoteds (79% NAV) and ‘quoteds with no trading’ (24% NAV). 4) Ongoing Charge Ratio (OCR) is low at only 0.18%, with no management fee and the manager has to deliver a significant NAV performance (NAV >143p) to get paid any performance fee Recommendation WPCT continues to be a high risk investment, given the problems at the management company (Woodford Investment Management), structural leverage and illiquidity in the portfolio assets. For the share price to have a significant recovery, we think there need to be catalysts such as: 1) Realisations of sizeable unquoteds at or above previous valuation, 2) Reduction in leverage in line with boards target, 3) Successful renewal of a bank facility 4) Clarification and certainty over long-term management team and arrangements. Whilst there have been a number of statements from the board on their intentions in recent months, there has been little in the way of actual developments, although the refreshing of the board members should be helpful. Until we see some delivery on their intentions,we maintain a Hold recommendation."
19/9/2019
11:59
cc2014: well from July to September (that's just a few months) the NAV of WPCT has fallen 30%. One can imagine the IFA's suggesting to their clients there's a discount to NAV and that sort of fall can't continue. These IFA's and their clients won't have poured through the holdings like we have. From a one minute review it looks a decent enough investment. However, take Industrial Heat. This is a bit rough and ready. In WPCT accounts it shows at 6.25% of the portfolio. Since the NAV from above was about 100p when the accoutns were published, it's worth 6.25p of the share price. Sooner or later it will need new money which Woodford can't provide due to the bank gearing problem. Up until the day before it takes new money it is worth 6.25p and the day after it is worth well maybe something, maybe zero. So, the NAV is going to keep getting destroyed. Unless of course for balance Industrial Heat succeed in which case the share price of WPCT is going to £1000 per share.
17/9/2019
16:41
topvest: Blimey.... they have found a bigger fool to invest in the cash guzzling BenevolentAI. That's obviously what has been behind the recent increase in the WPCT share price. Gives both companies a bit of breathing space.
01/9/2019
12:01
topvest: Yet another deluded commentary. The under-performance has been due to two things: 1. Neil's ability to pick awful companies; and 2. The value style is being trounced by momentum. In my view 1. >> 2. in terms of the rationale, but 1. is ignored. "The portfolio delivered a disappointingly negative return during the period under review, in conditions which remained unfavourable for our disciplined, valuation-oriented investment approach. Conversely, the broader UK stock market delivered a robust double-digit return during the period, with leadership – as has been the case for much of the last three years – coming from oil, mining and other large global-facing companies. These conditions have all the hallmarks of a momentum-driven market. Momentum investing involves buying assets when they have risen in price and selling assets when the price has fallen, with little or no regard paid to the fundamental value of those assets. It is the anti-thesis of our fundamentally-anchored investment approach which will, as a result, tend to under- perform in such conditions. In the UK, this momentum has manifested itself in a narrow fixation on businesses that are seen as beneficiaries of a reflationary global growth scenario that we simply did not (and do not) believe in. It has come despite increasing evidence of problems in many emerging market economies, most prominently, China. The fund has very little exposure to these parts of the market because of macroeconomic concerns and on valuation grounds. This lack of exposure to sectors such as Basic Materials, Oil & Gas, Consumer Goods and large financial groups such as HSBC, explains a significant proportion of the fund’s under-performance. Instead, the portfolio has been biased towards the few areas of the market which continue to offer valuation appeal. This has resulted in a meaningful exposure to domestically-focused businesses, which have been left behind in the late-stage bull market conditions that have prevailed, and therefore represent the most attractively valued stocks in our investment universe. Nevertheless, this positioning proved unhelpful during the period, with continued Brexit uncertainty weighing on the share prices of many business that have a reasonable exposure to the UK, irrespective of their starting valuations. This explains a further part of the portfolio’s underperformance during the period, with negative contributions from the likes of Provident Financial, Redde and Eddie Stobart Logistics. Meanwhile, we also saw a negative contribution from some of the portfolio’s earlier-stage healthcare stocks, including Autolus, Circassia and Mereo Biopharma. Here too, share price weakness was not fundamentally-driven. Indeed, each of these three businesses delivered meaningfully positive operational progress during the period under review, but this was not enough to prevent their share prices from declining in a market environment which remains hostile towards this sort of investment opportunity. More positively, some of the portfolio’s exposure to UK housebuilding started to perform well for the portfolio, including Barratt Developments and Taylor Wimpey. We also saw bids for BCA Marketplace and Nightstar Therapeutics during the period. There are many ways through which under-valuation can ultimately be realised, and corporate activity is one of them. We would expect to see more bids going forward."
02/7/2019
09:20
daffyjones: Interesting to go back and read Woodford's reaction to the 65% share price fall in 2016 after it failed its key clinical trial. Https://woodfordfunds.com/words/blog/circassia-reaction/ All the usual Woodford hallmarks: "All of this should be borne in mind when considering the stock market reaction to this news which has seen Circassia’s shares fall by over 65% today. We would expect an announcement like this to be greeted by a share price decline but it is the nature of the stock market to over-react to negative news, with the immediate reaction typically much greater than long-term fundamentals would justify. That is almost certainly the case here – this is a significant disappointment for Circassia but we remain supportive shareholders and from here, we continue to see long-term value in the shares." If he had just admitted he had got it wrong and had sold out after that share price collapse, he could have still managed to get 102p a share. Instead he held on, insisting he was right and the market was wrong, for the next three years as the shares fell a further 80%. Investment genius right there.
27/6/2019
08:28
daffyjones: Within the space of just 2 days, we have seven posts from our beloved TA expert telling us the charts show the WPCT share price could collapse below 50p, or rise to 70p, or stay the same at 65p. Just fantastic insight here. buywell3 - 12 Jun 2019 - 16:03:48 - 7822 of 8538 If it breaks then 50p could get a visit a few days later 60p now is key buywell3 - 12 Jun 2019 - 10:03:06 - 7793 of 8538 DJIA to 21000 within weeks IMO. FTSE to 6000 in sympathy. Hence 65p for WPCT today would be a good result with such impending macro buywell3 - 12 Jun 2019 - 07:46:57 - 7763 of 8538 65p is now the test If it breaks above 70p is the next resistance level buywell3 - 11 Jun 2019 - 15:21:56 - 7715 of 8538 So now it looks like another fight at 60p once more However like I said if 60p breaks 50p is the last resistance on the chart buywell3 11 Jun '19 - 08:41 - 7646 of 7678 60p resistance. But if it should break IMO a quickish rise to 65p might follow buywell3 - 11 Jun 2019 - 07:32:08 - 7642 of 8539 this could rise to say 70p I am not saying it will happen BUT at some point those short will cash in TA suggests it might be today buywell3 - 11 Jun 2019 - 07:09:07 - 7639 of 8539 One chart support bottom line has been crossed at 65p = bad There is one other at 50p ... no more after that
05/6/2019
08:21
orinocor: The WPCT share price is holding up very well. I'd have thought shorters would have been all over this like a rash. Wrong again.
13/5/2019
08:49
spectoacc: @Jonwig - seems to me the unlisted stuff doesn't count if it's declared it'll float in next 12 months, and the cancellation/reissue was to extend/give another 12 month period. Could be wrong, but looks highly suspect, nearly as bad as the Guernsey listings :) Since I'm anti-Woodford but not necessarily anti-WPCT, how about this - the forced selling from WEIF collapse (not far off the right word) actually benefits WPCT as it gets to buy what may yet turn out to be some decent punts, at full NAV and not at WPCT share price. So whilst we look to buy into decent co's forced down by Woodford's selling (VSL, NRR etc), WPCT gets to do that with the unlisted stuff. Woodford's stock-picking record may imply otherwise of course. [Edit: "After Oxford Nanopore told Mr Woodford of its flotation plans, the fund manager was able to sell his 2.15m shares back to the company, which were then cancelled and reissued as new securities, said two people close to the situation.“In effect this buys Woodford 12 months,” one analyst said."]
01/3/2019
18:29
topvest: Yes, he sold some NSF - see the RNS. I’m inclined to agree that this is a sensible deal for both entities, albeit it should have been using a lower WPCT share price as a reference point. Whether the 5 holdings transferred are worth anything like the transfer value is highly questionable though. Time will tell.
27/11/2018
21:52
daffyjones: CAPITA - A BAGHOLDER'S TALE June 2014 - CPI share price 1137 – CPI makes the top ten in the launch portfolio of Woodford's flagship fund. Feb 2016 – share price 1030 - "Capita weakened sharply after issuing its full year results. The company continues to show strong organic growth, and both earnings and dividend growth remain at attractive levels. Investors appear to have focused on the company’s net debt, however, which came in slightly higher than expected and some analysts now fear that a rights issue may be required to delever the balance sheet. We think that this is unlikely and are much less concerned about the strength of Capita’s balance sheet. We believe it remains well-placed to deliver very attractive rates of growth.” Sep 2016 – 670 – “The largest detractor from performance was Capita, which issued a profit warning towards the end of the month. We have always accepted that there was some cyclicality within Capita’s business but a number of other issues have arisen, some of which are one-off in nature. As you would expect, we have met the management and are reassured that the company is already doing some of the things it needs to do in order to restore the business to a healthier growth trajectory. Although the market is clearly worried about the sustainability of Capita’s dividend and the prospect of a dilutive rights issue, we are confident that the dividend is safe and that an equity issue will not be required. The market’s reaction looks disproportionate. We added slightly to the holding towards the end of the month at a very depressed share price level." Dec 2016 - 535 – “We believe the market has over-reacted to the series of profit warnings. In our view, the share price now profoundly undervalues the fundamental long-term attractions of this business. At times like this, it is essential that one does not compound the impact of a fundamental disappointment through an emotional reaction to a share price fall." Jan 2017 – 509 – “it is critical that we do not compound that mistake through an emotional reaction to the disappointment of the share price fall. Our view is that the market has over-reacted to this series of negative trading updates. In turn, this has driven Capita’s share price way below the intrinsic value of the business. We have, therefore, retained conviction in the long-term investment case and took advantage of the depressed share price to add to the fund’s position in the company.” Feb 2017 – 416 – “We have said before that we were disappointed by events at Capita last year, which combined to undermine market confidence in the business and the credibility of management forecasts. We have spoken to management several times as these issues have unfolded, including a recent conversation with the new chairman who appears keen to ensure that the business takes appropriate steps to move on from last year’s challenges. In our view, Capita’s share price continues to profoundly undervalue the fundamental long-term attractions of the business. It will take time to rebuild credibility and value at the company but we believe the management changes announced earlier this month will mark an important step on that journey.” Dec 2017 – 392 – “Capita performed poorly, following the release of its interim results. Although the results were broadly in line with expectations, there were a number of complicating one-off elements and a mixed outlook statement. The shares declined by 12% on the day of the results which looks very harsh to us in the context of Capita’s already low valuation. The shares yield over 7% here which suggests that some investors fear a dividend cut may be required. Clearly that eventuality cannot be completely ruled out, but having met Jon Lewis during the month, we are reassured that decisions around capital structure and the dividend will be informed by a clearer long-term strategy for the business. In the meantime, we have maintained the portfolio’s exposure to this business, seeing the potential for significant value creation in the future as Capita is restored to the high quality, successful and well-run business that it used to be.” Jan 2018 – 182 – “Since the profit warning on Wednesday, Capita’s share price has broadly halved, which has clearly been unhelpful to recent performance. I am pleased that we have seen from the company what we thought would be coming. This is a complete reset for Capita. The new chief executive, Jonathan Lewis, has mapped out a clear new direction of travel for the business and it is one with which I completely agree. This reset has been met with a massive fall in the share price from an already very depressed level. In the current market conditions, perhaps we should not have expected anything else. After all, Capita represents many of the things that this market loathes at the moment – it is exposed to the UK economy. This is the reality of what we have been writing about for some time now. Markets are being driven by momentum. Valuation is irrelevant – it simply does not matter in the stock market at the moment. This has been a poor investment, but it is one that has the capacity to become a significantly better one from here. I would go as far as to say that the business will be in better shape at the end of 2018 than it was in 2016. It will have infinitely better leadership, a stronger balance sheet, better cash flow, more conservative accounting policies and a lower pension deficit. The mistake I have made, albeit I didn’t know it at the time, was in owning Capita in 2016. It is not a mistake to own it now. And so, I will not be compounding the previous error by behaving in an irrational and valuation insensitive way now. I would be doing you, my investors, a massive injustice if I was to abandon the investment discipline that has guided me for 30 years in this industry.” Nov 2018 – 107 – Woody finally sells out completely, with the shares down 90% from the launch of his fund.
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