Keyword results: Link

Crime-Scene
PREMIUM CONTENT

Harcus Parker now has 10,000 Neil Woodford litigants and is poised to strike against Link

 The strictly private and confidential letter was sent to the 10,000 but thanks to Winnileaks I bring it to you in full … Enjoy. 

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Crime-Scene
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BREAKING: Harcus Parker update on its Neil Woodford case against Link

An email went out yesterday to those folks who have signed up with Harcus Parker to pursue Link over its Neil Woodford negligence. Marked Private & Confidential it is not to be forwarded to anybody. Thanks to Winnileaks I can publish it in full and do so below. It explains why the approach of Leigh Day is costly and wrong and what will happen next.

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Schroder UK Public Private Trust (formerly WPCT) – Annual Report: Monster write-downs but still a Bargepole

Schroder UK Public Private Trust (SUPP) – formerly Neil Woodford’s Patient Capital Trust (WPCT) has released its Annual Report for FY20 and the shocking write-downs are all too apparent, although no surprise to ShareProphets as we warned of this all along. The good news is that the gearing has been paid off and the company now finds itself with over 3% cash now that investee Kymab has been sold. But the red ink is everywhere, and led to another severe drop in NAV as write-down after write-down took their toll.

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Bearcast
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Tom Winnifrith Bearcast: Oh the irony - Link of Neil Woodford infamy needs proof of who I am

I start with problems getting hold of my father’s estate because Link are fuckwits. Then onto Woodlarks where I make the usual request to the, now, 97.5% of you yet to donate, please do so HERE. Then a detailed look at IMC Exploration (IMC), Eurasia Mining (EUA) and Verditek (VDTK) with new evidence of its lying to investors goading me into action.

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Boom

Link Accused of Throwing Good Money after Bad at Former Neil Woodford Fund

Link seems to have a habit of shooting itself in the foot at the former Woodford Equity Income Fund as it prepares to defend itself against a legal onslaught from Harcus Parker on behalf of 6,500 folks whose investments were mis-managed into the ground by Neil Woodford, overseen by Link acting as authorised corporate director (ACD). Most recently, it has announced that it has invested some of the fund’s cash into a company called Mafic and the mainstream media has been having a field day as cash supposedly due to be handed out to beleaguered Woodford investors has headed in the opposite direction.

Bearcast
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Tom Winnifrith Bearcast: what is it with politicians and sleazy American blondes?

I start with Boris and the blonde and what it says about double standards for the public sector (our servants) and the private sector.  My big political scoop of the day, BTW, is HERE.  Then I discuss procrastinating ahead of a Woodlarks training walk. The weather is foul here in Wales but off I go so as you listen, think of my suffering and donate HERE. Then it is onto Hargreaves Lansdowne (HL), poodle journalists, Link and Neil Woodford.

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Boom

BREAKING: Sharesoc really must stop misleading folks on the Neil Woodford Claims – update from Harcus Parker

Having spent the Woodford years attacking the chap who exposed disgraced fund manager Neil, while giving Mr Woodford a free pass, the organisation that claims to stand for private investors continues to mislead folks about claims against Woodford, or rather his ACD, Link.

Beggar

Corrupt & twisted Journalism from Lucy Burton as disgraced and bent fund manager Neil Woodford announces comeback with more lies

Lucy Burton of the Sunday Telegraph will this morning be celebrating her scoop of the year. It may win her prizes such is the corruption of modern journalism. In a faustian deal she gets to break the news that disgraced and crooked fund manager Neil Woodford is planning a comeback. In return she publishes a blow off interview in which Woodford paints himself as the victim of what happened, tells blatent lies and those lies go unchallenged. This is not journalism it is revolting PR ands Ms Burton should be drummed out of the industry. She won’t. She will be praised and promoted. And the deadwood press wonders why it is ever less trusted and its reader numbers slide?

Boom

BREAKING: ShareProphets which exposed Neil Woodford backs Harcus Parker as lawyers most likely to help victims and do so quickly

As the BBC and most in the City recognise, it was this site which exposed disgraced fund manager Neil Woodford with more than 1,000 articles, podcasts and videos starting in 2015. Now we are working with law firm Harcus Parker as the outfit most likely to get redress for victims and quickly. And here is why. 

Criticism of Woodford fund sales: is it justified?

The sale of a bunch of biotech assets by Link from the Neil Woodford portfolio which used to be known at his Equity Income fund has received criticism as the buyer immediately offloaded some of it at a massive profit. Surely that means those assets were sold too cheaply……or does it?

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….And the good news is: Woodford biotech dogs sold

Of course, the bad news is that the worst of them haven’t been sold and the buyer, Acacia Research, got a thumping discount. The news of the discount should come as no surprise to ShareProphets readers, as Tom Winnifrith, Cynical Bear and I have all warned of as much. And with the absolute dogs left over, there is surely more pain to come for Neil Woodford's motley crew of hard-up former investors into hs Equity Income Fund.

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Purplebricks – Woodford overhang hitting the market: another reason to SELL.

It was announced yesterday afternoon that Link Fund Solutions sold 0.52% of AIM-listed Purplebricks (PURP) on Wednesday. Why is this significant? Well, this is the stock overhang from the ex-Woodford Equity Income Fund (WEIF) and there is still 11.93% to go.

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I kid you not Schroders thinks the former WPCT medium risk although it admits investors are CERTAIN to lose money!

This is an amaingly honest yet utterly dishonest admission from Schroders which managesthe  Schroders UK Public Private Trust (SUPP), the dog formerly known as the Woodford Patient Capital Trust (WPCT).  It is also a damning indictment of the disgraced Neil Woodford. Schroders has published a new Key Information Document, a KID.

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SUPPing from Woodford’s cup as Link draws the hatchet again

The dog’s breakfast that is Schroder UK Public Private Trust (SUPP) – formerly Neil Woodford’’s Patient Capital Trust (WPCT) has announced that Link is taking the hatchet to the portfolio net asset value once again. Oh dear……

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Link in the frame as the shadow of Neil Woodford still looms over his old Patient Capital fund

The shadow of disgraced fund manager Neil Woodford still overhangs the Woodford Patient Capital Trust (WPCT), now renamed Schroder UK Public Private Trust (SUPP), as a line in the sand approaches fast. Of course, the same applies to Link which still seems to be the formal fund manager which appears to have been happy to sign off on any old rubbish to bolster the fund’s official NAV.

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RM2
RM2
PREMIUM CONTENT

Neil Woodford Dog RM2 to be fork-lifted off the AIM Casino at last

There is no doubt in my mind that disgraced Neil Woodford’s revolutionary pallet company RM2 (RM2) should never have got anywhere near the AIM Casino and through keep-the-lights-on refinancings (largely paid for by Neil Woodford with other peoples’ money) it should have been removed a long time ago. But Neil needed the listing as he tried (and failed) to keep within his 10% proportion of investments  unlisted limit so despite protestations from within, the AIM listing continued. Well, this morning it is all over bar the shouting.

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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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Dead-Donkey
PREMIUM CONTENT

Neil Woodford Redemptions-less Watch: reading between the lines

Well, there were no redemptions yesterday as both Woodford Income Focus and Woodford Equity Income are now gated. But the letter from Link (the ACD) telling Income Focus’ investors of the suspension of dealings seems to me to be a little misleading as it looks to me to be an attempt to re-write history.

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Buffett

And so, Farewell then.......

So,

Farewell then

Neil Woodford.

Clown

Neil Woodford objects to winding up of his flagship Equity Income Fund - says he "cannot accept" decision

Soon to be ex-fund manager, Neil Woodford has not taken the decision to wind up his flagship Equity Income Fund and fire him at all well, as you can see below. But he is disgraced, will soon lose his other mandates and will almost certainly now face a full FCA enquiry. None the less some of his followers have not lost faith. Some folks are just so daft...

Boom
PREMIUM CONTENT

Neil Woodford Redemptions Watch: One step for a small man........it's all over bar the shouting

And so Link, the Authorised Corporate Director of Woodford Equity Income (WEIF) – Neil Woodford’s flagship fund and the main source of income for Woodford Investment Management – has announced that Woodford has been sacked as fund manager, and that rather than be un-gated come December the fund is being wound down. In other words it is in full redemption mode. It will be interesting to see how much of the £3.025 billion it was supposedly worth at yesterday’s close will survive the fire sale which surely follows. But what of the other two Woodford funds, Income Focus and Woodford Patient Capital (WPCT)?

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EXCLUSIVE: Shocking Analyst Report Woodford Patient Capital Trust Essentially Worthless

Neil Woodford has been fired from his flagship Equity Income Fund today, vindicating our more than 1000 articles and podcasts exposing him since 2015,  but his problems do not end there. I recently commissioned a resting fund manager to produce a detailed bottom up analysis of Neil Woodford’s Patient Capital Trust (WPCT). That report  from a man known as “The Badger” landed with me last night and is shocking in its conclusion: the Trust is essentially worthless. The Badger writes:

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Beggar

Breaking: Neil Woodford fired from flagship Equity Income Fund, fund to be wound down

Link, the ACD, to Neil Woodford’s flagship Equity Income Fund has, after liaising with the FCA, announced that the fund will not be un-gated, allowing investors to redeem units in December, but will instead be wound down. And Neil Woodford’s Woodford Investment Management has been fired with immediate effect. That is the death knell for it. Our extensive warnings, in more than 1000 podcasts and articles since 2015, HERE are now utterly vindicated, Neil is finished.

PREMIUM CONTENT

Industrial Heat – is there yet more bad news pending from this Neil Woodford dog?

Annual Accounts of Limited Companies have to be lodged at Companies House wthin nine months of the reporting period end. Of course, the likes of BP and Shell manage to produce theirs within around four months and if massive organisations like those can do it in four months one might wonder why Neil Woodford’s cash-guzzling dog Industrial Heat – IH Holdings International Limited, to give it its proper title – can’t do it in nine months. You see, its FY18 accounts should have been in on 30 September, but Companies House has them marked as overdue.

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Collapsing-Reactor
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BREAKING: Neil Woodford Redemptions Watch - WPCT shares halve since the gates came down at Woodford Equity Income

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, put on 0.22% but his funds lost 0.35% and 0.40% in NAV per unit respectively – yet another day of grim underperformance. Meanwhile, having diced with the 40p per share mark, Woodford Patient Capital (WPCT) finally threw in the towel and fell to just 38p and is just 37p in opening trading this morning. Back at the start of June, when Woodford Equity Income was gated, WPCT shares were trading at 76.5p: the shares have halved in four and a bit months!...

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PREMIUM CONTENT

Woodford Patient Capital releases Interims – and ‘fesses up that its stated NAV was a fiction

Susan Searle, Chair of Woodford Patient Capital Trust (WPCT), really does have some explaining to do as WPCT released its half-year numbers to the market this morning – reporting deadline day. Quite apart from the shocking performance of the fund under her watch, and the total mess it is in, we have been treated to an admission that the quoted NAVs released by the company have, quite simply, been wrong - a work of fiction.

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Collapsing-Reactor

Neil Woodford Redemptions Watch: the relative and absolute slide continues

Yesterday the FTSE All-Share index, Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, put on 0.99%: it had a good day. That didn’t help the Woodford unit trusts, however, as according to Morningstar Equity Income lost 0.37% in NAV per unit and Income Focus dropped 0.34%. Woodford’s Equity Income fund size was £3.7 billion when it was gated at the start of June. Now it has fallen to £3.02 billion – yet the FTSE All-Share has gone up over the same period.

WPCT: another writedown for Neil Woodford as Link wields the knife again

At Woodford Patient Capital (WPCT) we learn this morning of a triple valuation write-down which will cost 3.1p per share in terms of NAV. Cynical Bear wonders if two of them are Precision Biopsy (which has actually stopped operations) and SciFluor which Allied Minds (ALM) – in which Woodford has also invested – has stopped funding. The other may be Sphere Medical which went into administration. We are told:

Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: do you believe him?

Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income and Income Focus funds, dropped 0.32% whilst the funds dropped 0.43% and 0.88% in NAV per unit respectively. The underperformance is hardly a surprise to readers of this column, and Link updated yesterday on the suspension of Equity Income noting that since gating at the start of June it has underperformed the FTSE All-Share by a stonking 17.12%. Ouch.

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Red Flags at Night: Woodford Patient Capital hit as Link slashes yet another valuation

Link Fund Solutions is, we are told, responsible for the valuation of Woodford Patient Capital’s (WPCT) portfolio of unlisted and other dogs, with the help of valuation firm IHS Markit. Since the gating of Neil Woodford’s Equity Income Fund (WEIF), Link has got its hatchet out several times and the official NAV per share of WPCT has dropped sharply from 89.61p as at the end of May to yesterday’s lowly figure (as at the close of play on Thursday) of just 72.85p. The last notified hacking was on 23 August (Industrial Heat) and saw 3.4p per share wiped away at the stroke of a pen. Last night at no-one-is-watching o’clock (6.20pm) another 4p disappeared from view. It is death by a thousand cuts.

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Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: a modicum of outperformance……except at WPCT (ouch!)

Neil Woodford’s benchmark for his Equity Income Fund (WEIF) and Income Focus Fund (WIFF), the FTSE All-share index, dropped by 0.41% yesterday but the good news for Neil is that WEIF and WIFF posted gains in NAV per share, with WIFF up by 0.26% and WEIF up by 0.23%. Hurrah – for one day only, he’s beaten the benchmark!

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Collapsing-Reactor

Redemptions Watch: Woodford hit as laws of physics reassert at Industrial Heat

Apart from the long queue of hungry mouths to feed, there is the small matter for Neil Woodford of the unquoted asset valuations which, judging by the difference between the NAV per share at WPCT (78.96p last seen) and its actual share price (43.9p at yesterday’s close), the market clearly does not believe. This morning we learn that Woodford’s play, Industrial Heat, which defies the laws of physics, is to be revalued downwards by Link. It seems that the laws of physics are reasserting themselves in the form of gravity.

Pig

You could not make it up – look who is sponsoring the crony capitalist beanfeast that is the AIM Awards

Each year 1200 crony capitalists dress up in DJ’s and party frocks to attend the AIM awards dinner. Of course, ultimately, it is shareholders like you, ordinar investors,  who pay for this obscene bean feast. They put up the cash the companies pay the advisers who then book the tables at thousands of pounds a pop. Shareholders lose money on AIM, fat cat directors and crony capitalists swill champagne at their expense. What is not to like? So which fine firms are sponsoring this year’s event? You could not make this up…

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Neil Woodford’s WPCT and Equity Income Fund – about that transfer of Atom Bank & the missing links

Call me a total pedant, but a question seems to arise over the transfer of shares in Atom Bank from Neil Woodford’s Equity Income Fund (WEIF) to Woodford Patient capital Trust (WPCT) as announced on 1 March 2019.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bonus Bearcast: WPCT, Proton, EIF, valuations, Neil Woodford's greed and FCA box ticking fail (again)

In this bonus bearcast I look at the failure of the FCA & Link with regard to box ticking and the correct valuation of Proton Partners in light of the latest £25 million fund-raise. This just cannot be right.

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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?

Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford’s flagship Equity Income Fund – May scores-on-the-doors as the losses and redemptions pile up and the noose tightens

Neil Woodford has had a rotten month of May. His pride and joy Equity Income Fund started the month at £4.33 billion but finished at £3.71 billion – a shocking drop of 14.3% in one calendar month and two of the four accumulation units closed below the launch price of 100p almost five years ago. But how much of that was due to poor stockpicking and how much was the flood of his investors heading for the exit?

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