It is just five days to Rogue Bloggers for Woodlarks and we are at just under 33% of our target so can the 93% of listeners yet to donate please do so HERE. In today's podcast I cover the quarter of a billion quid blown, largely by Neil Woodford, at Rutherford (RUTH) and how that made Woodford,personally, even richer. I name and shame a couple of those who enabled that scam. I look at Wildcat Petroleum (WCAT), Guild ESports (GILD) and Cellular Goods (CBX) and the piss poor Times' idea of breaking news, I mention Optibiotix (OPTI),look at Eve (EVE) which seems to be a zero to me, at spineless and busted Cineworld (CINE) and in detail at ADVFN (AFN) and its woes.
The Schroder UK Public Private Trust (SUPP) (formerly Woodford Patient Capital Trust, WPCT) announced its full year results for calendar 2021 on Thursday. The headline was that NAV was, after the company’s three-monthly recalculation with regard to its unlisted dross, 48.08p – strongly up from 35p at FY20. So good news?
Schroder UK Public Private Trust (SUPP) – the former Woodford Patient Capital Trust has today announced the sale of seven assets for a total of £51.9 million. Well done, you might say – until you read that this represents as discount of some 19% to the forex adjusted (as at 25 January) valuations as at 30 September 2020. Not so hot, all of a sudden.
You member Rutherford (RUTH), the company listed on NEX, now Aquis, on a bonkers valuation with Neil Woodford opting to put cash in at a far higher price than was needed so his funds could cut their unquoted holdings and book gains on earlier investments so earning more management fees for the disgraced multi-millionaire fund manager? Yes, that one. It is still going but it seems to have burned its way through all of Woodford’s investors’ cash and some…
On the surface, Neil Woodford has had quite a good week. Well, apart from the after-hours shock of another write-down in an un-named asset held by WPCT (and presumably his Equity Income Fund, WEIF). Not to mention grim results from Oxford Nanopore snuck out yesterday and the continued suspension of Eddie Stobart (ESL). And not forgetting the additional £12.5 million he has had to find from WEIF for the totally illiquid, unprofitable, non-dividend-paying Rutherford Health (RUTH, formerly Proton Partners) when he is supposed to be repositioning WEIF towards FTSE100 stocks. And we are yet to hear from Verseon (VERS) and Xeros (XSG) in relation to how funding rounds are going. No, apart from all that, he’s had a good week – relatively speaking.
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus Funds, the FTSE All-Share, put on 1% and Equity Income followed suit with a 1.11% gain in NAV per unit. But Income Focus ran up a storming 2.94% gain. It will be interesting to see how. Meanwhile joke NEX-listed Rutherford Health (RUTH) – the former Proton Partners – presented Neil with a £12.5 million bill for newly minted equity and this morning Oslobors-listed Thin Film has announced a new debt facility to keep the lights on – and yet another round of redundancies. As for other pending disasters, there is still no news from Eddie Stobart (ESL) in relation to its promise to release interims in early September, nothing from revolutionary washing machine outfit Xeros (XSG) in relation to its attempted £5-10 million fundraise and from Verseon (VERS) there is just deafening silence.
Woodford Patient Capital Trust (WPCT) has today issued a shocking statement “Debt facility”. It shows that its banks ae now getting nervous and pulling all the strings. Boy, Neil Woodford must be glad that he has already sold most of his shares. The news also has grim implications for the Equity Income Fund.
When no-one was looking, Neil Woodfords’ Equity Income Fund’s (WEIF) Interim Report to June of this year was slipped out. If Neil was hoping nobody would notice he’ll be disappointed as it was picked up by The Sunday Times and Citywire……..and ShareProphets. Readers of the Sunday Times will think that WEIF only lost 11.2% since being suspended as the kids there clearly can't do basic maths. ShareProphets readers know it is far more……
Apologies for the background noise in the Thomas Cook (TCG) segment, a workman at the Welsh Hovel has not quite understood how I have to pay his bloated fucking wages. I also discuss Rutherford (RUTH)_and how it will destroy the reputation of Neil Woodford but not in the way Nigel suggests and Optibiotix (OPTI)
Woodford Patient Capital Trust (WPCT), which is considering Neil Woodford’s future as manager, announced its NAV as at the close of play of Friday this morning (just) at 11.57am. We had been warned that Link was marking down the value of investee Industrial Heat by the equivalent of 3.4p per WPCT share. But it seems this was not the only bad news….