Woodford Patient Capital Takeover Rumours (WPCT)

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Woodford Patient Capital Takeover Price

Woodford Patient Capital Takeover Forum Posts

Here's a post I made on the BTG thread today. All shareholders received their take-over money (£8.40 per share) yesterday or today. "It's also gratifying to note that the idiot-troll Tom Winnifrith pos(t)ing as Cockney Trader said this amongst many other troll posts just a few days before the takeover was announced at £8.40 "CockneyTrader 26 Oct '18 - 23:35 - 5837 of 6169 0 0 1 I see £3-4 as fair value." Hee Hee. I bet he lost a ton of money on that one! Couldn't happen to a more suitable prat."
The crisis surrounding Neil Woodford has put paid to a merger between two London-listed finance companies. Sky News has learnt that Honeycomb Investment Trust and P2P Global Investments have abandoned talks about a‎ £1bn tie-up in recent weeks because of institutions' concerns about the combined company's exposure to Mr Woodford. Woodford Investment Management (WIM) owns about 22% of Honeycomb and is understood to have been keen to see the deal with P2PGI complete. The transaction had been engineered by Pollen Street Capital, the manager of both investment trusts. It was to have been structured as a takeover of Honeycomb by P2PGI. Several of P2PGI's shareholders understood to have believed they were being asked to overpay for Honeycomb given the so-called Woodford 'overhang'. One fund management source said that Aberdeen Standard Investments and Premier Asset Management had objected to the deal, forcing it to be aborted.
Maybe Woodford is on manouvers??? Perhaps he plans to sack the board and install Andrew Tinkler to sort this Kier shambles out. Or he's got the Non Standard Building Company lined up for a takeover! Is this the old maestro announcing 'HE'S BACK', the buying boots are firmly strapped on???
@jonwig @itinvestor - I struggle with up-to-date major shareholders info too, tho I see Woodford holds not very many of Syncona itself anymore. I also don't know the US listing rules on max holdings - can Syncona go above 30% of Autolus without consequences, unlike here? If not, how can they take part in a share issue, and who else might take Woodford's large holding? If Autolus do find willing funding providers, then at what price, and at what dilution to Woody's stake? Which realistically may need placing at the same time, since WEIF is finished IMO. (A takeover of Autolus would, of course, negate all that). The WEIF listed unlisted investors are a whole 'nother debate - MERC, IPO/Touchstone, ALM, WPCT, & more. IPO in particular seems interesting.
Anyone taking over as fund manager of WPCT would be taking a bigger hospital pass than Theresa May got from "call me Dave". Once sacked from WPCT, the first thing Woodford could do is flog the 8% of WPCT held in return for the unlisted rubbish he dumped on WPCT. Then as he flogs off the commonly held companies he will make no secret of the valuations achieved. Much as I would like to see Woodford get all he deserves, I think the best chance for WPCT is for him to stay until a takeover deal can be arranged which reflects real NAV. There might be a short term bounce in the SP though on the initial news, but where will the SP be when it happens. Best of luck to anyone trying to trade this long or short, I prefer to watch from the sidelines as the story unfolds.
You guys have correctly stated WPCT will go to zero on account of the overdraft problem and the future funding. The only options are some sort of 'takeover' and transfer into another fund say at 35p. Or get in a new fund manager and have a RI to try and save the thing. My point is some sort of radical action has to be taken or WPCT won't survive.
These are my thoughts chucko1. We could be looking at a bagel here in just a few weeks time. There is no way anything is going to IPO under current management. This is like HBOS without access to mortgage capital. Unless there is a takeover WPCT is going to rapidly starve to death.
My God, the press are still way off. That article links to another talking about WPCT now being vulnerable to a possible takeover due to the widening discount. Hello?? Where are the decent holdings? Who are they valued by? How much more money do many of them need? What does WEIF's impending collapse mean for WPCT valuations? What about the WPCT debt in relation to the falling NAV? What about the WEIF holding in WPCT that will eventually have to be dumped? Will that holding get larger first? How else will Woody get more junk out of WEIF, other than force WPCT to buy it? Can't beat that previous comment - "It's called Patient Capital because you have to be ill to invest in it".
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