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 Shares Traded Last Trade
  +0.00p +0.00% 83.90p 139,508 10:11:11
Bid Price Offer Price High Price Low Price Open Price
83.70p 84.00p 84.00p 83.70p 84.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -3.44 -0.42 693.9

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17/10/201823:38::: WOODFORD PATIENT CAPITAL TRUST :::4,648
21/9/201808:28Woodford Patient Capital Trust199

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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 83.90p.
Woodford Patient Capital Trust has a 4 week average price of 79.50p and a 12 week average price of 77.80p.
The 1 year high share price is 96.75p while the 1 year low share price is currently 70.50p.
There are currently 827,000,000 shares in issue and the average daily traded volume is 1,432,395 shares. The market capitalisation of Woodford Patient Capital Trust is £693,853,000.
daffyjones: Another profits warning this morning for a Woodford pick, this time Crest Nicholson. Reminder that Woody piled into housebuilders last year at the very peak, then doubled his stake in Crest Nicholson in February, and owns over 10% of the company. Share price is down almost 50% over the past year. Woody posted his usual drivel in May about the company being fundamentally undervalued, the market getting it wrong etc. Share price has fallen a further 25% since then. hxxps:// EDIT: Just noted that Woodford bought even more Crest Nicholson shares in July, taking him to a 14% stake in the company.
jonwig: @ ltcm1 - your investor is in good company. A private company (Commonwealth Fusion Systems) in partnership with MIT has recently announced some important developments in the field of cold fusion. Https:// Https:// If you look at the list of investors in this venture, you'll see a few familiar names: Http:// [No, not N W] Now the point about this is the relative transparency of the process. Nothing about 'Industrial Heat' confers the same sense of legitimacy. For some six years it has been associated with a convicted fraudster. We have no idea of the size of the investments which lifted its share price by 375%, nor the identity of the investors involved. Just as an aside. In theory, the valuation of a private company can be at the share price of the latest funding round. So a single, small investment in I H could be made at a 10,000% higher value than before. WPCT's nav would be marked up accordingly and earn him a performance fee. Of course, that's the stuff of fiction!
researchanalystman: Itm - oh please"The one word you will never hear from WPCT is this one - EPS. In case you are not aware it stands for Earnings Per Share. I've never heard Neil talk about earnings, p/e, profit, iDo please note This is WPCT - it is not repeat not an income fundWhen you have a successful embryonic company . Eps doesn'tCome into it.. revenue or borrowings or share raising are usedto Invest or expand the "successful" so its grows and developsIncome/ eps comes much later as you I'm sure you're well aware.So many examples in the U.S. classic amongst many is amazonYou also don't give up your share in a great company that you got in at the beginning by selling it too soon. ( remember you being taught let winners ride?)Do please remember this is forum for a closed fund and as such is protected from the risk of forced sales (once the successful initial leverage is paid off from investing addtional cash in the success stories. )True market pressure might result in a weaker net asset value or share price but the holdings can be kept for the recovery if needed in a massive bear market)
researchanalystman: "AstraZeneca is beginning to look a lot like Tesco"Both companies use similar accounting practicesADVICE & COMMENTTerry Smiththree major costs from its reported profits, namely:• Restructuring charges• "Exceptional" legal costs• Intangible asset amortisationIn other words, major costs were being ignored in the calculation of profits. It is this approach to accounting which is beginning toremind me of Tesco.Historically, Tesco also managedeight changes in the definition of return on capital employed over the period 1998-2011, years when Terry Leahy was chief executive (I examined these in an FT Money column in September 2014, How investors ignored the warning signs at Tesco).AstraZeneca moved to reporting "core" earnings in 2007. In 2012, it moved to excluding all intangible asset amortisation and impairment charges as opposed to only certain amortisation charges. In a pharmaceutical company, almost all the assets are intangible - namely the drug patents. This change led to reported "core" earnings in 2012 going up. Quelle surprise. While this accounting treatment would not fool a decent analyst, who in any event would be looking at cash flows rather than earnings, it certainly seems to have fooled some people.The other way in which AstraZeneca is beginning to resemble Tesco is its vast increase in invested capital at the expense of returns. As you may know, I regard return on capital as the single best measure of financial success for a business (as does Warren Buffett for what it's worth).In my September 2014 article, one of the planks in the argument that Tesco was headed for a fall was a chart - reproduced here - whichcontrasted the steady upward march of Tesco's earnings per share (EPS) which seemed to have mesmerised investors with the more or less continuous fall in its return on capital employed (ROCE).Alongside the Tesco chart is one showing AstraZeneca's ROCE for the period 2001-16. You will see that the returns fall from a superior 28.4 per cent in 2001 and a wonderful 40.9 per cent in 2006 to a barely acceptable 11.9 per cent over the period (and have been as low as 5.1 per cent recently).This is hardly surprising given that invested capital, the denominator in this calculation, has risen 114 per cent since returns peaked in 2006. Even "core" EPS has risen by just 10 per cent in total over the same period, and that's with the benefit of all those "core" adjustments.It certainly looks as though all that additional capital has not been very well invested. An example may be the 2007 acquisition of US biotechnology business MedImmune for $15.6bn.MedImmune had revenues of just $1.3bn and its main product at that time - a nasal flu spray called FluMist - had failed to live up to expectations. Yet AstraZeneca paid a premium of 53 per cent to MedImmune's share price before the company put itself up for sale - a price that one analyst (Brian Lian at CIBC World Markets) described as "extraordinary" and "difficult to rationalise".I guess it's not that difficult to rationalise if you exclude any resulting restructuring costs and write down of the intangible assets acquired from the calculation of earnings. It is no coincidence that AstraZeneca's ROCE peaked the year before this acquisition and that itmoved to reporting "core" earnings that year.Leaving aside AstraZeneca's exploits in acquisitions and accounting, last week's Mystic drug trial problem was hardly their debut. In the past, clinical trials have also failed for drugs billed as potential blockbusters to treat heart disease, strokes, lung cancer, diabetes and blood clots.This is hardly surprising given that the odds of any one compound making it through all the stages of clinical trials and to market are about one in 10,000. Moreover, even when a drug is successful, patents have a limited life and the drug companies are running on a treadmill which requires more and bigger discoveries and product development to drive growth.It makes me wonder what investors find so attractive about them. You might say the dividend, with AstraZeneca's shares now yielding nearly 5 per cent, but with the dividend cover at 1.1x there must be a reasonable chance that the fate of the dividend may also soon begin to remind me of Tesco.I would guess that by now AstraZeneca shareholders are ruing the support they gave to reject the Pfizer bid at £55 a share three years ago.Many investors' approach to these companies, with their accounting issues, remind me of the chorus of another song Where Have All the Flowers Gone? performed by Peter, Paul and Mary in 1962.Terry Smith is chief executive of Fundsmith LLP; the views expressed are personal It might be tempting to view last week's fall in the AstraZeneca share price in isolation, related to the disappointing results of the "Mystic" lung cancer drug trial. However, I suspect that AstraZeneca's problems go much deeper than a setback for a single drug.To paraphrase the title of a Christmas song which was a hit for Perry Como in 1951, AstraZeneca is beginning to look a lot like Tesco.In FT Money nearly two years ago I wrote a column about AstraZeneca's accounting (Why bother cooking the books at all?) in which I highlighted that AstraZeneca's move to "core" earnings in 2007 had allowed its reported results and most of the investment community to exclude
ltcm1: I think a more straightforward way of looking at it is that Woodford has lost 170m odd of cash to date in this fund. That is before we address the question of so much of WPCT being in illiquid and hard to sell assets. As for the Sensyne Health AIM, one of the Woodford elite posted over a week ago in response to my asking why WPCT was going up - 'I know and I'm not telling.' So now we all know and the majority of the uplift will be baked into the WPCT price, offsetting heavy recent falls in ALM, EVE, XSG and the old favourite RM2, which is currently trading 20% below the price Woodford rescued it at.
daffyjones: colonic - it might be difficult for you to process basic information, but it hardly takes a supercomputer to figure out the proportion of WPCT that PRTA comprised previously. Just look at the 2016 annual report - PRTA made up 14.34% of WPCT. And if you look at some of the news reports from 2017 (google "Woodford: Prothena conviction as strong as ever" from November 2017) you'll see that percentage had risen to over 15%. A huge amount to bet on a single company, and a bet that didn't pay off. Woodford hasn't sold any shares in PRTA. The reason why Prothena is now only 3.23% of the WPCT portfolio is that share price has collapsed by so much. Another Woodford failure. ___ July's monthly roundup now out on Woody's website. Curious lack of any references to EVE, Drax or any of the other recent shenanigans. Lots of macro stuff about how China's economy is set up for a big fall, which I agree with, but how is that relevant to any of Woodford's funds?
saltraider: Hands up ... I am really not a 'harsh' sort of a person. Apologies to @orinocor for being excessively terse. The trouble is that there are a fair few people around and about who are trying to manipulate the WPCT share price ... and using some pretty dubious means to do it. They are shorting WPCT and trying to use other 'communications' avenues to add to the pressure on the price at the same time. That includes pushing blatantly fake news. When you step in (@orinocor) and make negative statements based on apparently zero knowledge of the basic WPCT concept, you are just accidentally (and ignorantly ... sorry!) aiding and abetting the manipulators.
daffyjones: Really bizarre how all the WPCT rampers have come out of the woodwork to gloat about a 9% rise in the share price. The shares are still 17% below their launch price. WPCT will need to rise by 45% from its current level in order to meet its cumulative hurdle for Woody to receive a fee. By any reckoning, WPCT is still far underperforming against expectations and against the general market. Yes it's nice that the share price has risen to 83.4p but don't overdo the celebrations. Don't worry, when it gets back to 100p I'll be the first to congratulate you all on finally breaking even.
daffyjones: Some positive press coverage at last for Woody! To be fair he was started from a terrible position in Feb. [Begins:] An unexpected recovery for Woodford Patient Capital Trust has made the struggling investment trust the surprise top performer among the sector specialist funds in March, albeit amid a substantial slump for the wider biotech and pharmaceuticals sector. WPCT was the top performer out of the 13 closed end funds investing in wholly or largely in biotech or healthcare, in terms of both NAV and share price performance, in March, and was a mid-range performer over the first quarter. This contrasts markedly with its poor longer term performance for NAV and share price in absolute terms and in comparison with benchmarks and peers. WPCT achieved a 0.6% rise in NAV and a 6.7% increase in share price in the month, which compared with negative 1-5% changes in NAV for all the other funds and 1.5-6.5% declines in price, for all but one other fund.
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
Woodford Patient Capital share price data is direct from the London Stock Exchange
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