Share Name Share Symbol Market Type Share ISIN Share Description
Woodford Patient Capital Trust 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
  -0.45p -0.47% 95.80p 95.20p 96.45p 96.50p 95.00p 95.25p 474,366 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.3 -0.7 -0.1 - 792.27

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Date Time Title Posts
19/9/201723:28Woodford Patient Capital Trust126
17/9/201711:59::: WOODFORD PATIENT CAPITAL TRUST :::1,172

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Woodford Patient Capital Daily Update: Woodford Patient Capital Trust 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 96.25p.
Woodford Patient Capital Trust has a 4 week average price of 93.50p and a 12 week average price of 93.50p.
The 1 year high share price is 106.50p while the 1 year low share price is currently 86.15p.
There are currently 827,000,000 shares in issue and the average daily traded volume is 732,873 shares. The market capitalisation of Woodford Patient Capital Trust is £792,266,000.
the air marshall: I'm really feeling rather happy. When trolls like LK and Plug were merrily crowing over some minor blip or other in the share price of some other investments not so long ago, I went out and bought a large lump of WPCT. Those shares are now showing a gratifying profit. I don't feel inclined to liquidate at the moment. The trolls are not sufficiently intelligent to realise that making mindless 'sky is falling' posts is not the name of the game. The whole point is to buy low and sell high. You're actually allowed to make money. From his posts I deduce that LK (and a few recent posters here) has got it the wrong way round. Anybody can see from his garbled unintelligible posts that he could never actually have made a real profit. He's always advocating that people sell when the shares are low:
mad foetus: What does "10 years of growth to achieve its existing valuation mean"? Where are these rules written down?I don't much like PURP, but it is a disruptive company, and all that matters is its share price and the willingness of the market to believe that it will be able to generate profits in future.Or to ask the question the other way around, at what time since it was launched would you have bought shares in Amazon? Or would you have stood by, saying it was overvalued, while it 100 bagged?The only rule in investing is to make money.
jonwig: mazarin - how the NAV is arrived at is here, From post #1013: There are strict rules for valuing unquoted companies: Http:// Valuation guidelines, p11. I don't see the point of spending money on a daily NAV when so much of the portfolio is unquoted. As for how the share price is determined, it's quite simply supply and demand with trades going through market makers*. I suspect there will soon be selling by frustrated holders who bought in the 2015 gold rush and want rid. If I actually knew what moved share prices, I'd be rather richer than I am. *EDIT: it's actually traded on SETS too, though not many participants it seems.
wtacraig1: Prefer to see the share price rise supported by an eqiuvalent rise in the NAV. Danger is that this increase is froth and demand created by hype. No doubt the natural balance will reestablish itself in due course.
topvest: I think its the wrong time in the economic cycle to be buying this trust. This stock (as all the US tech bubble stocks) will get hammered when the next downturn comes. Best time to buy this is at an equivalent time to March 2009, albeit hopefully nothing as deep as the last recession. What struck me in the latest annual report is the £75m overdraft. This is a strategic error in my book as such debt is only really advisable when you have a liquid portfolio. Lets say that the share price drops 50% on a stock market bear phase. If NAV drops to 60p and share price to 45p they are going to be forced sellers on their illiquid portfolio to avoid a covenant issue. That would be a disaster. Why take that risk at this point in the cycle? Its also pretty obvious that the premium has turned to a discount and now that discount is widening. This phase has not finished. The trust has a good long-term model but its the wrong time...10 years into an economic recovery, a widening discount on poor performance and a very imprudent bank overdraft. I will keep on my watch list.
woodpecker25: On a positive note... Purplebricks up over 15% today following £50mil placing this morning. Share Price has almost doubled in 3 months. WIM holds 29% of PURP.
jonwig: topvest - you could be right. I think the NAV will be less volatile than the market due to valuation rules. But the share price could well fall if the market does. Hence the discount widens. Lack of a dividend makes it less attractive, and I suppose there's still the background aim to issue more shares.
jonwig: Citywire has an article noting that WPCT is now at its cheapest, relative to NAV: Woodford Patient Capital Trust might be worth a look for anyone who didn’t join its £800 million record flotation in 2015. Neil Woodford’s trust has so far disappointed investors like me who leaped at the chance to back the star manager’s passion for early stage medical and technology stocks. After an early rally the stock slid back and at just under 90p is still a long way off its 100p launch price. However, the shares have rallied from a post-Brexit low of 81p, helped in part by the revival in healthcare and biotech prompted by the election of Donald Trump. Nevertheless, its share price gain has not fully reflected the advance in the net asset value of the underlying portfolio, the result being the discount has widened to 6%, close to the low reached after the EU referendum vote. It then goes on to analyse Z-scores of various trusts: Http://
dr biotech: I am pretty sure that he has all his money invested in either the WPCT or his equity funds. He is doing a live webcast as I type. NEIL WOODFORD says: Today 2:00 pm Kelvin (and others that have asked similar questions), The weakness of the WPCT share price and NAV since the start of 2016 has been the product of the pretty severe sell-off in shares across healthcare, biotech and early-stage quoted stocks, both here in the UK and in the US. Much of this, we believe to be driven by short-term positioning and rotational activity amongst the fund management community. We don’t believe that it is driven by a correction of over-valuation, nor by a deterioration in fundamentals. We remain very pleased with the underlying progress of the businesses in which we have invested in the trust. Indeed, in what has been a pretty short space of time since launch, our expectations for the underlying performance of many businesses in the portfolio have been exceeded. This is a long-term vehicle. We hope to deliver good performance in the short-term but believe we should be judged over the 3 to 5 year time scale we have talked about consistently since launch. Kind regards Neil
jonwig: If he's looking to raise new equity, his options are getting a bit limited. Ideally, he would like a substantial share price premium so that he can tuck the offer price between nav and share price His other option would be to to offer "C" shares at, say, 100p, and when these are fully invested have them convert on the basis of nav ratios. But this would fail to attract if the existing ords fell to a discount. His quoted holdings will carry a market valuation, but has he adjusted unquoteds at all?
Woodford Patient Capital share price data is direct from the London Stock Exchange
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