Keyword results: EIF

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Woodford Patient Capital Trust breaches bank covenants after another huge asset write-down

After a massive writedown in the carrying value of Industrial Heat was imposed on Woodford Patient Capital Trust (WPCT) today, the company is almost certainly more than 20% geared and thus technically in default on its bank loans. It has hyet to 'fess up but you can do the math...

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One chart that shows the true failure of Neil Woodford CBE better than any other

This one chart shows the true failure of Neil Woodford better than any other.

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Screwed by Neil Woodford’s demise : NEX listed Rutherford & its £400 million joke valuation, statement needed ASAP

The IPO of Rutherford International (RUTH), formerly Proton Partners, only happened because Neil Woodford was prepared to commit £100 million of other folks cash to it on a ludicrous valuation. That move increased the management fees he banked materially but will cost his investors a packet as I explained, again, in bearcast earlier. But now Rutherford is utterly fecked by Woodford's firing by EIF and needs to issue an RNS asap.

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Video: Neil Woodford fired & disgraced today, here is Tom Winnifrith predicting it all in April 2018!

Neil Woodford, Britain's best known fund manager, has today been fired by his flagship Equity Income Fund which is to be wound down. Some in the corrupt deadwood press, like the Mail on Sunday, were still praising Woodford up to the date before EIF was gated in June. Others have turned bearish over the past few months having previously drunk the cool aid. But we first warned about Woodfoird in 2015 and 1000 articles and podcasts later, we were clearlty first and our journalism has been utterly vindicated as you can see HERE. Site Editor Tom Winnifrith gave a keynote address at UK Investor 2018, in April of that year, predicting exactly what would happen and highlighting numerous red flags. You can see that video below

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Tom Winnifrith Bearcast: Oxford Nanopore sneaks out results on Friday 13th - Utterly grim news for Neil Woodford

Oxford Nanopore is the flagship unquoted in the Neil Woodford portfolio both at EIF and WPCT. Yesterdaty it snuck out red flag strewn results and on a number of counts this looks utterly grim for Nomates.

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The Grim RUTH – Neil Woodford steps on a £12.5 million landmine

Oh dear. Oh dear. That’s another fine mess you’ve got me into say unit holders in the Equity Income Fund (EIF) and shareholders in Woodford Patient Capital Trust (WPCT) today as hapless Neil reveals another £12.5 million black hole.

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Woodford Patient Capital Trust: Don’t be Fooled by 'the Discount to NAV' - sell

At 57.3p the shares in Woodford Patient Capital Trust (WPCT) trade at bang on a 30% discount to stated NAV. There has been an enormous amount written about the Woodford fiasco since it started to unfold but a couple of points are worth making...

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Neil Woodfjord (Geddit?) dog Thin Film launches fundraise seemingly without Woodford. Uh-Oh…..

Having promised to raise funds in May, OsloBors-listed Thin Film (THIN) has finally got around to launching its tin-rattling exercise. But having been promising funding by the end of May (having admitted that it did not have sufficient funds for the year), the last we heard (on 31 May) was that it was in the process of finalizing details of the forthcoming equity issue to secure adequate financing which drew a cynical response from me. Well, the truth is out now…..

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Tom Winnifrith Bearcast: should Neil Woodford go to prison?

I start with reports in the Times about share sales by EIF over the past week which just go to show that this fund will be gated until Christmas or beyond. Then I discuss whether Neil Woodford should go to prison for what he has done and having considered the evidence I argue that he should.

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BREAKING: Neil Woodford begs IFAs to stick with him in an email which is just not true

Disgraced fund manager Neil Woodford has sent an email to IFA's begging them to not only stay with him but to send a templated email to their clients urging them to do the same. The Woodford email is below and, sadly, scores low on the veracity front.

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Neil Woodford – what of the regulatory response?

With Neil Woodford’s fall from grace following the gating of his equity income fund – which came as no surprise to readers of ShareProphets following our intensive coverage of the last two years. Actually, our first piece discussing Woodford’s woes was way back on 14 April 2015. Take that, the Sunday Times, which is claiming credit for bringing down Neil Woodford because of a piece in March of this year. But now, already, there are calls for changes to the regulatory environment - new rules, new hoops to jump through to prevent this happening all over again.

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The Neil Woodford pain continues as NAV slips and stampede of redemptions continues at Income Focus. Tick-tock, how long to suspension o’clock?

Yesterday I showed that redemptions at Woodford Income Focus Fund (IFF) had been 6% the previous day. This morning it is down again sharply – and so is Woodford Equity Income Fund (EIF) despite the gates being firmly shut.

PPI
PPI
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Another after hours utter Neil Woodford SHOCKER – Worthless Proton calls him for £25m, so who will pay?

I have flagged up repeatedly that one almighty headache for Neil Woodford is that NEX lobster pot listed joke company Proton Partners International (PPI) has a legally binding right to demand up to £70 million in equity investment from Nei Woodford’s funds. Given that its shares have traded once in the 3 and a half months since its scandalous IPO this is a real nightmare.  At 5PM today we learned Proton has called Woodford for £25 million…questions, questions…

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CORRECTION: Neil Woodford – a better day today! (All things are relative, not fired by anyone till late afternoon)

Well, the Income Focus Fund hasn’t been suspended yet and nobody’s sacked him today. Ooops TW Correction, it has just em erged that the mandate to manage the £330 million Omnis Fund has been terminated by Openwork. Woodford is utterly toxic. So, as Nigel was saying, until late this afternoon no-one had sacked Neil Woodford so that counts as a good day....

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Woodford Income Focus – how long until this is suspended too as the contagion spreads?

The smaller unit trust run by Neil Woodford, the Income Focus Fund (IFF), has had a torrid time ever since it was launched and trades way below the launch price of the accumulation units. But with Neil Woodford now in the headlines for gating his flagship equity income fund and even his staunchest supporter – Hargreaves Lansdown – suggesting that investors consider their position in IFF, much as predicted on this fine website, it seems that redemptions are running at stampede levels. How long can Neil Woodford survive this before he has to gate IFF too?

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How soon will Woodford Investment management go bust?

In short it all depends on the greed of Neil Woodford himself. Let me explain.

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An Open Letter to Susan Searle at WPCT No 2 – Neil Woodford must be fired now to save our company

Susan Searle, the fragrant chairwoman of Woodford Patient Capital Trust (WPCT), where I am a loyal owner of 10 shares, has yet to respond to my polite letter demanding she suspend the shares, fire Neil Woodford and undertake a strategic review. But events now force me to write again in light of Woodford’s incoherent video of earlier.  That suggests WPCT now faces a full blown crisis. The letter follows:

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Letter to WPCT Chair Susan Searle – suspend the shares, fire Neil Woodford for misleading us at AGM & strategic review asap

As you may recall I invested £8 to become a loyal shareholder in the Woodford Patient Capital Trust (WPCT) and attended its AGM on May 16 to give Neil Woodford a right duffing up. Woodford misled that meeting and for that, as well as gross incompetence, he should be fired at once. I have written to our great leader, chair Susan Searle with calls for immediate action. The letter is below:

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Atomic

What now as Woodford Equity Income Fund suspends trading? Shimples: carnage - China Syndrome time

Well shock, horror, probe! As predicted on ShareProphets for months, Neil Woodford’s Equity Income Fund has had to suspend dealing in its units with immediate effect, until further notice, to allow time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks, in to more liquid investments. You can’t say you were not warned here on ShareProphets – and whilst it may be Ouzo time here for Tom Winnifrith and me, spare a thought for Cynical Bear who unpicked so much (and now has to get his dancing shoes out!) So what now?

It really is Bad News Day for Neil Woodford, as WPCT NAV crosses a line

It never rains when it pours, so the saying goes, and for Neil Woodford it must feel like an extended monsoon period at the moment. With his flagship equity income fund struggling against redemptions and poor stock-picks to leave it with two classes of accumulation unit now below the issue price (of five years ago, when everything else has gone up) now it is the turn of Woodford Patient Capital Trust (WPCT) to take a bow.

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As the five year launch anniversary approaches for Woodford Equity Income Fund, another line in the sand approaches as the race to the bottom accelerates

The horrific performance of Neil Woodford’s Equity Income Fund (EIF) looks set to cross another terrible mark as its fifth birthday approaches on June 19th – less than a month away. We know that EIF has been rooted to the bottom of the unit trust performance league for some time, but most folks would accept that you need to give a unit trust a decent run to see how things work out. Five years certainly looks like enough time for that!

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This week’s big disaster for Neil Woodford: MorningStar puts the boot in to EIF

So much for Woodford’s problems being the nasty press! Only this week, Neil Woodford was complaining bitterly about all these nasty hacks out to destroy his reputation at the Woodford Patient Capital Trust (WPCT) AGM which our very own Tom Winnifrith attended. But MorningStar is a different kettle of fish and its analyst has put up a new report on Woodford’s Equity Income Fund (EIF) which is, quite simply, devastating. In the light of the new report, I would suggest that even the most sycophantic IFA cannot recommend to its clients that they leave cash in this fund. Prepare for an even greater tsunami of redemptions.

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Woodford Equity Income Fund – Red Flags in the end-April numbers

This week saw a bit of a landmark as Neil Woodford’s Equity Income Fund (EIF) crashed below £4 billion in value. It was £4.7 billion at the of February, and £4.4 billion at the end of March – but it peaked at over £10 billion. It is an astonishing collapse of confidence in Woodford. But the end-April numbers revealed a few surprises.

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Woodford – buys 2 more falling knives (AGAIN) as EIF crashes through £4 billion. Good job he’s not a forced seller!

Let it never be said that Neil Woodford is a forced seller of anything, for yesterday we learnt that once again he has topped up with yet more shares in Kier Group (KIE) and a few more Redde (REDD). Except that as at yesterday’s close, his Equity Income Fund had dropped through the £4 billion mark, according to Morning Star. Only at the end of March the fund was worth £4.4 billion. I wonder what he has been selling…..completely voluntarily, natch.

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Reader poll result and this week’s big disaster for Neil Woodford is…..

Well it could have been AIM-listed Purplebricks (PURP) which announced an awful trading update this week and whose shares collapsed (again) to a new low point of 108p. After all, Neil Woodford has been buying the stock all the way down from £5! Or it could be Atom Bank which, having seen BBVA walk from its option to buy the company outright, is now trying to raise £50 million (more on that to follow). But no: the headline for me is that Woodford’s Equity Income Fund has shrunk again, now to a fraction above £4 billion.

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ShareProphets Translation Service: Hargreaves Lansdown – still backing Neil Woodford

As discussed by Citywire, Hargreaves Lansdown’s clients have been voting with their feet on Neil Woodford, despite HL maintaining Woodford’s favoured status as part of its Wealth 50 and buying more for its own house funds. In fact, Citywire goes on to report that HL now holds so much Woodford Equity Income between its house funds and client accounts it is classed as a related party. On Thursday HL produced another Woodford-supportive note and the ShareProphets Translation Service gives its view (original in bold).

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Neil Woodford: “the best time to buy UK shares in three decades”, says the man needing to sell a ton of stocks to stay alive!

Neil Woodford is in the press again, this time thanks to Money Observer which quotes from his recent missive to investors where we are told that this is the best time to buy UK shares in three decades. This, from the man who needs to sell a boat-load of shares to keep going!

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Neil Woodford EIF – new figures show redemptions still a monster headache as the dividend crashes

Neil Woodford’s funds have just released their latest numbers to the end of March – somewhat earlier than in recent months. The Equity Income Fund continues its path to becoming Patient Capital, is still overdrawn, has been selling more of its income stocks to meet redemptions and the dividend has been chopped. What’s not to like?!

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IPO
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IP Group – is there a read-across to Neil Woodford?

Fully-listed IP Group (IPO) is an investment company which throws money at early-stage companies. At the last count (28 Feb 2019) Woodford’s Equity Income Fund (EIF) was 3% invested. The remit sounds fairly close to that of WPCT – and many companies are indeed the same, as pointed out in previous ShareProphets articles.

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This week’s top disaster for Neil Woodford

Our good friends over at Citywire have again come up with bad news for Neil Woodford, in revealing that investors in his Equity Income Fund (EIF) reacted badly to last month’s sequence of dismal news by cashing out to the tune of £160 million. Having started March with £4.7 billion, EIF slumped to £4.4 billion last month which suggests that redemptions are not the only problem for Woodford.

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Neil Woodford uber dog WPCT releases FY18 Results – what about the cash?

This morning saw Woodford Patient Capital (WPCT) release its annual results for 2018. The key points seem impressive: an increase in NAV per share from 91.33p to 97.61p, more disruption tomorrow (along with the disruptive jam) and running costs are just 0.2% (only because the management bonus is triggered at 10% per year and so far NAV has declined). But they say follow the money ….. what about the cash?

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With a big hat-tip to Citywire, is this the biggest Woodford scandal yet?

Citywire yesterday published an article which stated that Neil Woodford has listed four previously unlisted investments held by  Woodford Equity Income Fund on the International Stock Exchange in….er….Guernsey. Surely even Guernsey’s own residents would agree that this is not exactly the London Stock Exchange! But the odd thing is that Woodford himself seems to have been a tad reticent on the matter – I don’t see any headline proclaiming great success in gaining a listing in Guernsey from Neil Woodford! Why might that be? And that appears to be the nub of the issue.

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KIE

And this week’s biggest disaster for Neil Woodford is…..

Neil Woodford has had another rotten week. Netscientific, which it seems he’s not going to fund any further, saw its holding in PDS listed on Nasdaq via a merger at $10 a share and the shares promptly headed south to close last night at just $7.65 – a drop of 23.5% which won’t help Netscientific keep the lights on much.

KIE
KIE
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Kier-blimey! Today’s Woodford disaster is Kier (again)

Oh dear, oh dear, oh dear. Just when Neil Woodford might have thought it couldn’t get any worse (at least for a day or two), up pops fully-listed Kier Group (KIE) – whose rights issue refinancing saw the humiliation of being bailed out by the underwriters last December -  which seems to have found an extra £50  million of debt since its trading statement of just seven weeks ago……and capped  that with the announcement of a £25 million provision with regard to a redevelopment project at Broadmoor Hospital. As I write, the shares are at session lows of 412p  a drop of 85p, or 17%. Neil sure can pick’em.

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Tom Winnifrith Bearcast: Why Hargreaves Lansdown CAN'T tell its clients to dump Neil Woodford and why the yield on EIF is set to crash

I start with the utterly shite journalism of Jeff Presstrip in the Mail on Sunday which disgraces our profession as I explain HERE. Then it is onto Neil Woodford and two issues. First why HL just cannot tell its dumb clients to sell and, secondly, why the yield on the flasgship EIF will plunge from 4.1% today to something starting with a 2 within a year, if the fund still exists. That is by no means a given. If you enjoyed this bearcast, follow Jim Mellon and support the Rogue Bloggers for Woodlarks HERE.

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Neil Woodford keeps the FCA plates spinning a little longer

It is almost possible to feel sorry for Neil Woodford. Al three of his funds are overdrawn, performance has been dire and those nasty people at ShareProphets keep on poking fun at Britain’s most successful fund manager. And to cap it all it looks as though the FCA has been on his back too. And today dear old Neil has started a big swap of unquoted Woodford Dog paper for…..er….Woodford Dog paper in the form of WPCT.

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