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Rutherford Health (RUTH), the former Proton Partners which listed at what was always a joke price on the Aquis (then NEX) lobster-pot, backed by a Woodford promise which cost his investors another £80 million, has finally admitted the game is up. It is to be liquidated. That’s around £240 million down the drain. This is a crime and you know who the main criminal is. 

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I previously covered the ignominious delisting of Rutherford Health, formerly Proton Partners, from the Aquis lobster-pot. But I fear the denouement for this Woodford favourite has only just started, as a quick trip to Companies House shows and for those left holding the baby – the remains of Neil Woodford’s Equity (lack of) Income fund (now LF Equity Income Fund) and Schroder UK Public Private Trust (SUPP) – there is surely more bad news to come.

NEWSFLOW

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At 3:42pm yesterday it was announced that Aquis lobster-potted Rutherford Health (RUTH) – formerly Neil Woodford shambles Proton Partners – is to delist, thus bringing to an end what must have been the most outrageous listing by Neil Woodford on the market today. This follows a management restructuring – getting rid of the CEO, the Chair and a raft of NEDs – after the company failed to raise new money and the cash ran out, leaving it reliant on bridging finance and the arrival of a Chief Restructuring Officer.

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Aquis-listed Rutherford Health (RUTH) – formerly Proton Partners – announced this morning that it has secured bridge financing from shareholders including Neil Woodford’s former stamping ground of Schroder UK Public Private Trust (SUPP) – formerly Woodford Patient Capital – and LF Equity Income Fund – the unsaleable rump left over from the Woodford Equity Income fund – to raise up to £10 million in the form of various loans costing 15% per annum. The old saying that if you owe the bank a quid you’ve got a problem, but if you owe the bank a million quid then it is the bank which has the problem is writ large here.

NEWSFLOW

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Oh dear, oh dear, oh dear. It was already clear that Aquis lobster-potted Rutherford Health (RUTH) was in big trouble as funds from a placing back in August had not arrived and last Friday the company had promised news of bridge financing this week. Back on 25^th October my back-of-an-envelope calculator suggested that the company was already on the brink and on Thursday this week – at lunch time when nobody was looking - the company announced the departure of the CEO and the chairman. Did somebody say rats and sinking ship?

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Last Friday Aquis-listed Rutherford Health (RUTH) advised that it was in discussions to secure bridge financing and that a further announcement would follow this week. This followed the non-appearance of placing monies originally announced back in August which were repeatedly put back. Is the company out of cash yet?

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Aquis lobster-potted Rutherford Health (RUTH)  - formerly Neil Woodford favourite Proton Partners – has announced a deal to open new health clinics in partnership with BUPA. Great, whizzo……but there is just one tiny little thing wrong here!

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Aquis lobster-pot listed Rutherford Health (RUTH) has announced yet another delay in its acquisition of Proton Partners International Health Care Investments LLC, UAE. The deal, originally announced on 31 August 2021 – along with a placing which is also delayed – was due to complete 21 days on from a share swap deed dated 28 August. Then it was 11 October 2021. Now it is 16 November and the ShareProphets bookies are offering generous odds on yet another extension after that.