Keyword results: Woodford

EVE
EVE
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Would You Adam & EVE It – Sales Down 19% As Formal Sale Process Update Suggests 0p Doom For Shareholders

AIM-listed member of the Woodford disruptive revolutionary front, Eve Sleep (EVE), has updated the market this morning on its formal sale process and trading. The news is not good and I suggest that anyone holding shares here is truly certifiable.

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AVO
AVO
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Advanced Oncotherapy – Yet Another Placing To Kick The Fat Lady Down The Road By Only A Few Inches

AIM-listed Advanced Oncotherapy (AVO) is certainly keeping its Brokers – SI Capital and Allenby – busy. Only in April the company raised £1.7 million, although the funds weren’t in the bank when the announcement went out. In March the company rattled the tin for £2 million – plus an additional loan of another £1.5 million. Now it has rattled the tin once again – to raise just £800,000 (before expenses) as the company strains to keep its head above water.

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Schroder UK Public Private Trust (Former Woodford Patient Capital) – 2021 Results And Why The Shares Have Much Further To Fall

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?

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ITX
ITX

Itaconix – “pleased to update the market on current trading”. Hmmm...

Describing itself as “a leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products”, Itaconix (ITX) states that it “is pleased to update the market on current trading”. So what of the detail and a currently slightly higher to 5p share price?...

Bearcast
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Tom Winnifrith Bearcast: The TTF disinvites me and spares the FT's blushes on Woodford

I have today been disinvited from the Woodford TTF event, so if you paid £75 to hear me, ask for your money back. I’m sure the FT’s happy, and I discuss what you will NOT now hear. I also discuss today’s April Fool on ShareProphets - which some of you fell for! Finally, I look at 4D Pharma (DDDD); Verditek (VDTK) – is that the Fat Lady I see?; Eden Research (EDEN), and the issue its auditors will have; and musicMagpie (MMAG), with today’s share price lurch in mind.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Warned that I must not talk about sucking PR cock even with reference to the FT which does!

Apparently, the chap from the FT may object to me reminding those at the April 5 Woodford event that his paper, like the wretched Mail on Sunday, Daily Mail, Sunday Times et al DID suck Woodford’s PR cock.  Elsewhere, I discuss Red Rock Resources (RRR); Skibiotherapeutics (SBTX); Amigo (AMGO); Avacta (AVCT); Inspirit (INSP); and Mirriad Advertising (MIRI).

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HL
HL
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Hargreaves Lansdown shares are back to a six year low...time to buy?

A busy geopolitical Tuesday on the markets, but a far from impossible day for anybody (being very boring) and holding a massive FTSE 100 position. A busy UK earnings day too and, whilst I was amused listening to the thoughts of the InterContinental Hotels Group (IHG) CEO earlier, its shares are back above the 50 quid level (as seen – but not maintained – in 2018, 2019, 2020, 2021 and now 2022). Still, I am looking forward to staying at a Regent Hotels and Resorts location (if the lottery win ever comes through). Whilst I wait for this, my thoughts turn again to the company which says it aims ‘to give you all the tools, information and support you need to make the most of your money’, Hargreaves Lansdown (HL.).  I am sure many folks stuffed into Woodford funds by Hargreaces as Hargreaves itself sold down its managed fund holdings in the same Woodford funds might not agree with that boast!

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ITX
ITX

Itaconix – 2021 results date to ‘avoid peak period’… or to enable a bailout equity raise attempt before it?

Shares in company describing itself as “a leader in plant-based specialty polymers used as essential ingredients in everyday consumer products” Itaconix (ITX) are currently more than 18% higher on the day to 5.85p, so what’s the news?…

ITX
ITX

Itaconix – “trial for Sustainable Superabsorbent”. Ramptastic!

Self-described “leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products”, Itaconix (ITX“is pleased to announce that it has supplied product for the first production trial using the company’s plant-based superabsorbent, VELAFRESH SAP80”. But what of a share price currently up by more than 20% to 3.65p in response?…

ITX
ITX

Itaconix – “in line with market expectations”… but they’re not good & smell that cash burn!

Previously writing on self-described “leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products” Itaconix (ITX), last month as the shares rose to 6.25p I questioned new major application order from a leading European supplier, or not?, concluding caveat emptor, avoid / sell. The company now states that it “is pleased to update the market on trading for the full year to 31 December 2021”, so what of a further share price fall currently to 4.2p?…

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Rutherford Health (formerly Woodford Favourite Aquis lobster-potted Proton Partners) – Where Is The Financing Update, Or Is It A Visit To The Corporate Hospital In The Sky?

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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ITX
ITX

Itaconix – “pleased to report that growth in demand…has continued”. Er...

Previously writing on Woodford dog (oops, sorry) “a leading innovator in sustainable plant-based polymers used as essential ingredients in everyday consumer products”(!) Itaconix (ITX), I noted a “pleased to provide… update on its commercial progress and current trading” last month. Today a further “trading statement” – and the shares currently towards 8p, 25% lower in response!…

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Tern – rewards for failure

After yesterday’s latest tin rattle by Tern (TERN) to raise up to £4 million gross at 18.8 pence per share, a discount of 16% to its grossly over inflated share price, I have had a look at its performance over the last four years.

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TMO
TMO

Time Out Group – General Meeting approval for (as warned here) material dilution...

Previously writing on visitor-related media and marketplaces group and former Woodford pick Time Out (TMO) I noted it is (as warned here) material dilution ahoy again. There has now been “Results of General Meeting, Placing and Open Offer”…

Boom
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BREAKING: Accounts for Woodford Investment Management Out Part 1 - Did Neil Woodford tell the Telegraph Porky Pies?

In his soft interview with Lucy Barton of The Daily Telegraph on 13 February of this year, we are told that Neil Woodford claimed: From the moment of the fund suspension Craig [Newman, his sidekick] and I received absolutely no income, or dividends or any remuneration from Woodford Investment Management, none, and indeed haven’t received any for the best part of two years. The accounts of Woodford Investment Management for the year to March 2020 are now out (two and a half weeks late). So was the disgraced fund manager telling a whopping lie? What do you think?

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TMO
TMO

Time Out Group – interims, & it is (as warned here) material dilution ahoy again...

I noted on Time Out Group (TMO) last week a former Woodford pick with an intra-day ‘London Waterloo & funding update’. Uh oh…. Today results for its half-year ended 31st December 2020 and a proposed equity raise. Uh oh again?…

TMO
TMO
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Time Out Group – a former Woodford pick with an intra-day ‘London Waterloo & funding update’. Uh oh...

Previously writing on former Woodford pick Time Out Group (TMO), in June with the shares around 40p I concluded that I retained prior markets visit “appealing proposition” and financial scepticism… and now a “Time Out Market London (Waterloo) & funding update”-titled announcement from the group made intra-day (10:05am). Uh oh…

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XSG
XSG
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Xeros Technology – fundraising (again!), how ‘pleasing’ really is it from this Woodford dog?...

Xeros Technology Group (XSG“is pleased to announce… the company has conditionally raised gross proceeds of approximately £8.0 million, through the successful placing of 3,333,333 placing shares” and that it “intends to provide… up to 416,586 open offer shares”. Just how ‘pleasing’ really is this though?…

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ITX
ITX
PREMIUM CONTENT

Itaconix – Woodford dog “pleased to report… slightly ahead of current market expectations”, but what are those expectations?!

Shares in long-term Woodford dog, self-styled “a leading innovator in sustainable specialty polymers” Itaconix (ITX) have risen significantly so far this year and the company states it now “is pleased to update the market on a positive year of trading in which the company made substantial commercial and financial progress”. The shares have currently responded towards 5p, a comfortably above £20 million market cap, though 17% lower…

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Stobart Group – its cheerio Aer Lingus

Fully-listed former Woodford-favourite Stobart Group (STOB) has announced that Aer Lingus has not plumped for Stobart Air as preferred supplier for a new commercial agreement starting in January 2023. In other words, Stobart Air has lost the contract – hardly a helpful  development for Stobart Group as it seeks to offload its airline!

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EVE
EVE
PREMIUM CONTENT

Eve Sleep – Interims from former Woodford dog pointing to a brighter future?

Former cash-hungry Woodford dog, AIM-listed Eve Sleep (EVE) has released its interims this morning. On the face of it there is plenty to cheer but a deeper look still offers plenty to worry about for shareholders.

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Sensyne Health – “settles employment tribunal claim”, Red flags bingo?...

“settles employment tribunal claim” announcement from “clinical AI technology company”, Sensyne Health (SENS) including “as previously announced, Lorimer Headley, left the Board and the business on 2 March 2020. He made allegations against the CEO, Lord Drayson. The Board arranged for these allegations to be investigated by an independent law firm and they found that the allegations were not supported by the evidence”. So a favourable settlement for Lord Drayson and Sensyne then, surely?…

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ITX
ITX

Itaconix – the latest bark from this Woodford dog...

Self-styled “a leading innovator in sustainable specialty polymers”, Itaconix (ITX) has updated emphasising “Itaconix Grows Revenues 80% in First Half 2020”. But to what? And what about the bottom-line?...

ITX
ITX

Itaconix – I having previously warned, including of funding concerns...

Previously writing on Itaconix (ITX), last month I noted with the shares at 1.55p Woodford dog updates including “increasing demand”, BUT... noting the context of “revenues for the first four months of 2020… an increase of 42% over the same period in 2019”, to… $0.6 million! and funding still only possibly until the end of August and concluding avoid / sell. Now…

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Stobart Group – Placing (as predicted) at 40p to raise £100m and FY results at no-one-is-watching o’clock

Last time I wrote about former Woodford favourite Stobart Group (STOB), on April 6th, I predicted a placing…..and so it came to pass that on Thursday night it did indeed pass the hat around – time for an Ouzo, methinks! And the discount? Well, the stock closed Thursday (at 4.30pm) at 69.2p, having traded as high as 74.1p and the bookbuilding exercise was announced at seven minutes past six in the evening. On the closing price, the discount was a whopping 42%. Ouch.

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SUPP (former WPCT): Former Woodford Equity Income Fund dumps entire stake

In its FY19 report and accounts, Schroder UK Public Private Trust (SUPP) – the former Woodford Patient Capital (WPCT) announced a NAV per share of 49.46p per share. With a hotchpotch of cash-guzzling investments, no income and an almighty overdraft, even before the impact of Covid-19 it was clear there would be casualties to come, and it largest holding was the joke that is Rutherford Health (RUTH) whose valuation is clearly absurd and only supported by Neil Woodford’s policy of overpaying, it was clear to us at ShareProphets that the stated NAV was a total fiction. Now the former Woodford Equity Income Fund (WEIF) has dumped its entire stake.

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ITX
ITX

Itaconix – Woodford dog updates including “increasing demand”, BUT...

An announcement from Itaconix (ITX) including “as we continue to experience increasing demand for our detergent polymers, this funding will assist us with staffing levels to support growth in customer volumes” – and the shares currently higher at 1.55p...

TRX
TRX

Tissue Regenix – “New collaboration” announcement from this Woodford pick ramptastic?...

An announcement from ‘regenerative medicine medical devices company’ Tissue Regenix (TRX) – and the shares currently above 1p, more than 55% higher. Though “New collaboration with leading healthcare company” ramptastic?...

ITX
ITX

Itaconix – Woodford dog emphasises “Strong Revenue Momentum and Extended Funding”… but what’s the detail?...

The previous update from Itaconix (ITX) was “Company Update on Funding and Business Plan”on which the shares further slumped and I summarised Woodford dog in need of funding (natch) says “there can be no assurance” & considers AIM de-listing. Today from the company a different approach, with an announcement; “Strong Revenue Momentum and Extended Funding”...

XSG
XSG
PREMIUM CONTENT

Xeros gets funding away, the Covid bandwagon…...Should Bulls celebrate or Bears prepare the table?

I take my hat off to Woodford dog, revolutionary washing machine maker (geddit?) Xeros (XSG). It closed Friday with a market capitalisation of about £6 million, according to ADVFN, and has just raised another £6 million without totally crashing the share price. In the current environment, that is quite an achievement – especially since the company has been a cash-burning dog all through its life. What might we learn?

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TRX
TRX

Tissue Regenix – I having questioned what about the balance sheet of this Woodford pick?...

‘Regenerative medicine’ medical devices company Tissue Regenix (TRX) has updated including that currently “the San Antonio facility remains fully operational” and the company “has not experienced any material reduction in net revenues versus expectations”. However, the shares have currently responded to below 0.40p, circa 35% lower…

TMO
TMO

Time Out Group – after placing only in October, former Woodford pick “will review its funding and ability to manage its cost base”…

Time Out Group (TMO) has updated including that “it is only in very recent days that we have observed any change in footfall to the Time Out Markets and delays to advertising campaigns”. Though now also…

ITX
ITX

Itaconix – Woodford pick with “New Collaboration in Biodegradable Packaging”… so its potential financial impact?...

Itaconix (ITX) “is pleased to announce… an important step for us to assess the commercial potential of our initial BIO*Asterix™ additives” – and the “New Collaboration in Biodegradable Packaging” titled-RNS has currently helped the shares to 1.70p, approaching 10% higher on the day…

ITX
ITX

Itaconix – Woodford pick again “pleased to announce”… I again wonder why…

Itaconix (ITX) “is pleased to announce that it has received its first order from a second European customer for its Itaconix® CHT™ 122 bio-based detergent ingredient” – with the announcement currently helping the shares more than 4% higher…

ITX
ITX

Itaconix – Woodford pick with financial woes with another “pleased to announce” RNS...

I previously wrote on an announcement from self-styled “leading innovator (and thus, natch, a Woodford pick) in sustainable specialty polymers”, Itaconix (ITX) less than a month ago. However, it has already since announced “Introduction of New Detergent Polymer”“New BIO*AsterixT Product Line” and today “New Supply and License Agreements with New Wave” – the latter currently seeing the shares at 1.50p, up more than 7% on the day…

TRX
TRX

Tissue Regenix – a “pleased to confirm” re. cyber security incident, but still what about the balance sheet of this Woodford pick?

Shares in ‘regenerative medical devices’ group Tissue Regenix (TRX) are currently approaching 20% higher on the day, at around 1.20p, on the back of an update including “it is anticipated that delayed orders will be dispatched over the coming weeks… All processing in the company's United States facility has also resumed with immediate effect”

TRX
TRX

Tissue Regenix – from bad to worse for Woodford investors here…

An announcement from Tissue Regenix (TRX), a Woodford pick (uh oh), at an intra-day 10:02am (uh oh); “Notice of cyber security incident”. Oh dear! – and particularly considering the company’s previous announcement included that it only “believes that the available cash runway will continue to support the working capital requirement of the company until the end of April 2020”!...

TRX
TRX

Tissue Regenix – “Trading Update” from this former Woodford pick, so natch…

“Trading Update” from Woodford stock Tissue Regenix (TRX) – and the shares currently around 1.40p, down (natch!) approaching 20%...

ITX
ITX

Itaconix – “Trading Update”… but why doesn’t it detail the loss & cash burn from this Woodford “leading innovator”?

Itaconix (ITX) states it is “pleased to announce” a trading update for the 2019 calendar year and CEO John R. Shaw that “the acceleration in our revenue growth reflects growing commercial validation and consistent progress with customer projects across all of our products and application areas… our pipeline continues to strengthen as we maintain our focus on accelerating key revenue opportunities in the first half of 2020”. The shares have currently responded to 1.55p – er, 6% lower…

ITX
ITX

Itaconix – argues significant milestones… but beware of what’s another of Neil Woodford’s ‘leading innovators’…

Former Woodford pick, Itaconix (ITX) has followed a “First order to Croda for new odour control polymer” announcement yesterday with a now “New patent issued for detergent compositions” and these have helped the shares up from a prior 1.525p to currently around 1.7p – although down (natch, for a recent years Woodford pick), for example, from more than 4p at the commencement of 2019 and approaching 16p at the commencement of 2018…

TMO
TMO

Time Out Group – former Woodford pick argues trading ‘encouragement’… but it’s an EBITDA warning…

Time Out Group (TMO) commences a trading update with that it “is encouraged by the early trading of the five sites opened in 2019” and concludes that it “remains on track to reach the key milestone of profitability in 2020”. The shares are though currently below 125p – a few percent lower on the back of today’s update…

ESL
ESL
PREMIUM CONTENT

Eddie Stobart Logistics – Tinkler’s alternative refinancing gains momentum: will the board respond?

For all his past history at Stobart Group (STOB), having come second in a battle for its boardroom, Andrew Tinkler’s proposed refinancing of Stobart’s former subsidiary and now AIM-listed Eddie Stobart Logistics (ESL) seems to be gathering momentum. Yesterday it was announced that he already seems to have the proposed £70 million rescue funds in the bag – although the board of Eddie Stobart seems a tad reticent...

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TMO
TMO

Time Out Group – former Woodford pick argues new Markets opening follow early “success”. Hmmm…

Time Out Group (TMO) “is pleased to announce that Time Out Market Chicago opens”, a week after being “pleased to announce that Time Out Market Montréal opens”. These, and Miami and New York (May) and Boston (June) before them, are noted to be “following… success… Time Out Market opened in 2014 in Lisbon” – and the shares have recovered to a now 126.5p. Was Woodford - albeit eventually, for the wrong reason and at a lower price - still correct to sell?...

TRX
TRX

Tissue Regenix – “very pleased” lender has “shown their support for the company”. Really?!...

Earlier this week I noted on Tissue Regenix (TRX) a further nightmare for shareholders including (natch) Neil Woodford investors – that with the company set to fail a financial covenant test and thus having to discuss with a weak hand - with also its latest results having shown it heavily loss-making with net cash down to £4.3 million - with loan facility provider MidCap Financial Trust. Now though Executive Chairman John Samuel reckons he’s “very pleased that Midcap have shown their support for the company by entering this revised agreement” – and the shares have responded further higher above 1p…

EVE
EVE
PREMIUM CONTENT

eve Sleep: Woodford dog “Change of Auditor” – why? (still less than 30 months after listing)

Eve Sleep (EVE) has announced “following a competitive audit tender process carried out by the company, the board has approved the appointment of Smith & Williamson LLP as the company's auditor for the financial year ending 31 December 2019”. The shares have currently responded slightly further lower to 2.75p – ‘further lower’ as they were approaching 14p early this year, 66p as recently as the end of June 2018 and 101p per share on May 2017 AIM listing! Almost natch, with such a record, this is also a Woodford dog...

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: to that bimbo at Walbrook PR who objects to me calling her (not by name) a bimbo, well you are one darling

I start by explaining why this bimbo who complained about me in public last night really is a bimbo and why her firm is in no position to complain. Then I look at why Rathbones let down my Aunt Lucy by giving her Woodford exposure - chaps you really need to sign up to a certain website. Then a look at how to value IP Group (IPO) and Woodford Patient Capital Trust (WPCT) and changing manager changes little. Finally I look at the mad woke world of Synthomer (SYNT) as it served up a warning today.

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TMO
TMO

Time Out Group – interims, Woodford (eventually) correct to sell? (& for the wrong reason and at a lower price, natch)…

Time Out Group (TMO) has announced half-year results from what it argues “has been a transformational period… with the opening of three new food and cultural markets in North America. Combined with the ongoing success of Time Out Market Lisbon, this has driven H1 net revenue growth of 72% for the Time Out Market business”. The shares have though responded little changed at around 128p; how has Woodford got on with this one?…

Atomic

The first ShareProphets Sunday Pub Quiz

This has nothing to do with Woodford of Burford or Rob Terry or anything. It's the end of the weekend and we've organised a quick pub quiz. Grab your own beer, there are no prizes, and for Pete's sake, no Googleing!

TXO
TXO

Why Roger Lawson’s gagging proposals would be a disaster for AIM – Tim Baldwin & TXO case study

As you know, Roger Lawson of ShareSoc wants to clean up AIM by, inter alia, forcing websites such as this to remove any article which a company deems defamatory merely on demand, in the way that Bulletin Boards already do. Lawson does not say who would judge when an artiocle could be republished but the implication is that it would be the new regulator he proposes. The case study which shows what utter folly this idea represents is Tim Baldwin and TXO.

BUR
BUR
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Lucian Miers' thoughts on the Burford fiasco

Last week’s saga of Burford Capital (BUR) illustrates well the febrile state of the markets right now and shows how easily ruffled both retail and institutional investors can be in the scandal-prone junior market...

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Crime-Scene

FCA confirms Tom Winnifrith scoop. SVS is in special administration and something smells badly wrong

The FCA has just issued a statement to confirm our story of last Friday that SVS is in special administration. It is full of details on the compensation scheme but the line which stands out is that it acted on a tip-off over where SVS was investing clients’ money. Ouzo time for Tom, then, but sackcloth and ashes for SVS clients...

Boom
PREMIUM CONTENT

BREAKING: Woodford Equity Income Fund – gating to last into December at least, according to Link

It is just out – this month’s review of the gating of Neil Woodford’s Equity Income Fund by its authorised corporate director, Link. The news is not good...

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A Welcome Slice Of Luck and Thoughts On Purplebricks

It is not easy being predominantly short in a market that is yet again flirting with all time highs and so a bit of luck is always welcome...

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FT kept out of Woodford Patient Capital Trust AGM, Winnifrith glides right in UPDATE 2x

The Woodford Patient Capital Trust AGM has opened by denying entrance to the press. Peter Smith, the venerable asset manager editor of the Financial Times has been sent off on his bicycle. The company has decreed that only registered shareholders may enter. Of course, Tom Winnifrith is a registered shareholder.

More bad news for Neil Woodford as BBVA misses deadline to exercise Atom Bank takeover option

For all the positive vibes surrounding Spain’s second largest lender, BBVA, perhaps landing a bid for Woodford unlisted banking startup dog Atom Bank, it seems that at least for now the deal is off the table: BBVA has missed the deadline to exercise its option. So no big payday for Neil Woodford’s beleaguered investors, then...

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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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TMO
TMO

Time Out – 2018 results argue “significant progress”… but it’s again vast cash guzzling from another Woodford dog

Media and food and cultural markets group Time Out (TMO) has announced results for 2018, with CEO Julio Bruno emphasising “in light of the progress made in 2018, we are confident in the outlook for the group in the year ahead. 2019 will be a transformative year”. The shares have currently responded... er, slightly lower to 90p – and comparing to a 150p June 2016 IPO…

EVE
EVE
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And today’s Woodford disaster is………..(yet again) Eve Sleep as auditor raises going concerns

Yesterday it was Kier (KIE) and today his attempt to disrupt the world of bedding takes yet another glorious bow, for AIM-listed Eve Sleep (EVE) has published its 2018 full year results. Oh, and Halosource (HAL), which was revolutionising the world of water, was formally booted off the AIM Casino this morning after not being bailed out. What chance a Woodford hat-trick today?

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PREMIUM CONTENT

Woodford dumping Provident Financial – by choice or under FCA instruction?

Amid all the hoo-haa over Neil Woodford’s transfer of unlisted dogs from his equity income fund (EIF) in return for Woodford Patient Capital Trust (WPCT) paper, it seems he has been again pressing the sell button. Of particular interest is the sale of 1.5 million shares in Provident Financial (PFG), shares over which only a few days earlier he had offered a letter of intent to accept the all-paper offer from Non-Standard Finance (NSF). What a spiv!!...

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UTW
UTW

Utilitywise – “Strategic Review and Formal Sale Process” = shares suspension ahoy as ‘not sufficient’ funding interest; why’s that Neil?

Previously writing on Utilitywise (UTW), in July it was a “Strategy Update” only David Brent & major shareholder Neil Woodford are clever enough to understand? – with that including CEO Brendan Flattery attempting to reassure that “the strategy update outlined today will enable Utilitywise to meet its two new financial targets, as well as maximising the medium term potential from the business”, though I concluding of course though, there is no guarantee that it will – and I’ll continue to avoid at least until there is some clear net cash generation demonstration. Today a “Strategic Review and Formal Sale Process” announcement…

EVE
EVE
PREMIUM CONTENT

And today’s disaster from Woodford is (again!) Eve Sleep

AIM-listed Eve Sleep (EVE) is another Neil Woodford disaster story – this time in the world of mattresses. Naturally, it is going to disrupt the world of bedding, a world obviously in need of revolution. Not!

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And today’s Neil Woodford disaster is……..the equity income fund

Last night Woodford Investment Management released its latest update for the Woodford Equity Income Fund, to 31 December 2018. The fund had fallen to £4.98 billion as at 30 November 2018. At year end it had slipped again – to £4.67 billion. Oopsadaisie Neil, another £310 million gone!

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Woodford - having failed to bring a boardroom coup at Stobart, now it's time for Kier

I see that Neil Woodford is reported to be leading efforts to replace the top executives of fully-listed Kier Group (KIE), according to a report on Sky News. This is, of course, in the wake of a rights issue to pay off debt which fell flat (to put it mildly) and relied on the underwriters to be completed….and in the wake of Woodford stating on its website in September that we had a reassuring meeting with management today, which plans to substantially enhance the company’s cash generative capabilities… Overall, the company’s outlook remains very encouraging. Share price then – around £10….now it is just a fiver. Oops!...

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Bearcast
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Tom Winnifrith Bearcast: AAOG £4m placing at 10p? And what do IFA's who have stuffed clients into Woodford do now?

In today's bearcast I bring you a hot rumour. The King of the spiv bucket shops Jon Bellis of Novum is apparently trying to raise £4 million at 10p for Anglo African Oil & Gas (AAOG). I look at Sound Energy (SOU), Andalas (ADL), delays in selling houses and in a similar vein what IFA's who have put clients into Woodford funds do next. I also look at Gear4Music (G4M) and director share buying which is a sell signal. I make a brief comment on Optibiotix (OPTI) and almost tie it in with a mother-in-law joke but resist the temptation.

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KIE
KIE

Neil Woodford’s disaster of the day No 3 – Kier Group

Its bailout rights issue closed for acceptances yesterday, Kier Group (KIE) has announced “valid acceptances in respect of 24,276,286 new shares, representing approximately 37.66 per cent. of the total number of new shares to be issued pursuant to the fully underwritten rights issue”. Oh dear! And it gets worse…

AA
AA
PREMIUM CONTENT

Lessons from AA plc

It never ceases to amaze me what Private Equity firms get away with. We are warned constantly that buying from them often ends in tears but, like moths to a light, the investment community cannot resist handing over other people’s money to them at crazy prices. It looks like Uber and Airbnb are lumbering onto the runway. In 2004 private equity firms, CVC Capital, Permira and Charterhouse bought the AA (AA.) from Centrica for £1.75 billion. Ten years later they borrowed vast amounts of money and paid themselves £2.5 billion in “dividends”…

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XSG
XSG
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Xeros Technology – Cynical Bear was right about this Neil Woodford Dog!

Another day, another Woodford disaster story hits the headlines – this time in the form of AIM-listed Xeros Technology (XSG), which Cynical Bear had postulated would be this year’s RM2 disaster. Well, it’s run out of money again and guess who’s footing the bill (with other people’s money)?

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Purplebricks – purple faces at Woodford

ShareProphets has been very wary of AIM-listed Purplebricks (PURP) ever since its IPO at the end of 2015. The business model looks questionable, given the state of the UK and global housing markets, and there has been plenty of controversy over its business practices of suppressing criticism. Add to that the persistent offloading of stock by insiders and one really wonders how well this disruptor will perform. But Neil Woodford has been buying like the shares are going out of fashion…which they are!

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Thin Film Electronics – yet another disaster for Neil Woodford as he is asked to get his wallet out

Well, here we are again – another Woodford Unicorn has reported, this time Nowegian-listed Thin Film Electronics (OB:THIN)  with its 2018 Q3 numbers, and yet another hungry mouth to feed needs feeding, with little in the way of revenue to offer any comfort. The report starts well, but….

Share Centre “Backs” Woodford despite Brexit - gosh, I must be stupid

Well, maybe I am. Or maybe just misinformed, or I just don’t understand. I see that there has been a bit of bulletin board excitement over reports that the Share Centre is backing Woodford – in particular his Patient Capital Trust – “despite Brexit” but the logic seems to my simple mind a bit wayward.

HaloSource – emphasises “significant milestone”. Er, how’s this Woodford dog’s balance sheet?

HaloSource (HALO) has emphasised “a significant milestone for the company, as it has officially received notification of certification from the Water Quality Association for its patent-pending technology and innovative astrea ONE filtering water bottle” - and the shares are currently more than 11% higher at 1p. Hmmm…

Newsboy

Notes from Underground: The hell with it, subscribe to a completely different newsletter

Tom and I do not agree on Brexit on any level, but I do like this assessement from him:

XSG
XSG
PREMIUM CONTENT

Xeros Results tomorrow – share price tells you that this Woodford dog is almost out of cash ( again)

No doubt Cynical Bear who has called Xeros Technology (XSG) superbly, as a sell, will be a smug fellow tomorrow as this Neil Woodford Dog announces its interim results. The share price action is telling you that folks already know the worst – shareholders have to bail it out again or it will be going down well before the Christmas decorations go up.

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HaloSource – “significantly below” trading warning & more bailout funds needed; step forward you know who…

Writing last month on HaloSource (HALO), I suggested to be wary of ‘pleasing’ news here as a next bailout fundraising looked necessary in the near-term. Yesterday, at an attempted no-one watching o’clock (6:09pm), an announcement; “Fundraise and Change of Adviser”

IPO
IPO
PREMIUM CONTENT

IP Group - surely the shares are a sell...

The Communications Director for IP Group (IPO) is a former workmate and all round superstar Ms Liz Vaughan Adams, aka Lizard. So Lizard,  I'm sorry to be writing this but I picked this up on the broker wires this morning and I cannot disagree with this sell/go short thesis.  

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Newsboy

Notes from Underground: Who do you trust?

This week, I just wanted to run a little poll of which news outlets that you find most trustworthy. Not for City news: that'd be Shareprophets vs everyone else. But from which news websites do you trust their news stories?

Newsboy

Notes from Underground: Newfangled devices

I'd appreciate it  readers would tell me whether you read ShareProphets on a phone or on their computer.

TMO
TMO

Time Out Group – Woodford dog argues “continues to trade well”. Really?!

Media and entertainment group Time Out (TMO) has updated including “the group continues to trade well” and “we remain confident in meeting our strategic and financial goals for the year”. The shares have responded currently approaching 4% higher, to 83p, but why (other than natch, with Woodford Investment Management a significant shareholder), are they still down from a 150p June 2016 IPO and above 130p at the commencement of this year then?...

Stobart: Great defence play by Team Ferguson in the Sunday Times today

Continuing my commentary on the fascinating public boardroom battle being played out at Stobart, I thought I would highlight the role that the media plays in these and other more traditional hostile takeovers as I must tip my hat to the home team and their use/manipulation of the Sunday Times today.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Okay I look a bit of a prat but Optibiotix buy case stronger than ever

In today's podcast I look at Falcon Media (FAL), Avanti Communications (AVN), Echo Energy (ECHO), Fishing Republic (FISH) - Gary Newman can you help us out here, Woodford dog Xeros (XSG) and Optibiotix (OPTI). Now the Woodlarks charity walk. We have now raised just over £4,000 (nearly £5,000) with gift aid. A big shout out to Mark McDowell who pledged £666 yesterday (clearly a reference to Brokerman Dan). But 97% of Bearcast listeners are yet to chip in, I am sure you can all spare a tenner so please donate NOW HERE. To those who have donated already, thank you.

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Beggar

Tom Winnifrith: Will you Support my daughter Olaf as she swims 5 kilometres up the river Dart

Those of you in the Woodford session at UK Investor Show may have noticed that when coming off stage I was greeted not only by the Mrs and Joshua but by a very pretty teenage girl who was chatting to Mark Slater and Nigel Wray. That is my Welsh Nationalist daughter Olaf who is the reason Nigel and I have been involved with Woodlarks for so long.

Madness

Notes from Underground - Me vs the Internet

Unless you need high speed Internet, wherein we revert to the Victorian times. I swear, I don't know how Charles Dickens and Jules Verne got anything done with the poor Internet we suffer in the Capital.

UTW
UTW

Utilitywise – Woodford-backed dog down again on accounting update

Shares in Utilitywise (UTW) are currently approaching 10% further lower, towards 30p, on the back of an update on the financial impact to it of accounting standard IFRS 15 (Revenue from Contracts with Customers), interpretations of which are mandatory for future accounting periods from the start of 2018…

Newsboy

Notes from Underground: Bottom's up

The story of the week is EXCLUSIVE: When Conviviality said it had scrapped its dividend - the proof it lied. Did anyone else other than ShareProphets have this story? Of course not...that we break so much news here when newspapers have editorial budgets that are 10 or 20 times ours is pretty impressive is it not. A very good reason to stump up £5.99 a month to gain complete access to all our material.

Newsboy

Notes from Underground: Meet me in Westminster

In just under three weeks, I'll be very pleased to meet readers of this website at the UK Investor Show. While the analysts of this site are up on stage, I'll be holding down the fort at the ShareProphets booth.

TMO
TMO

Time Out Group – Woodford’s involved... so 2017 results cash burn aplenty?

Media and entertainment group Time Out (TMO) joined AIM at 150p per share in June 2016 and, despite the shares having recently slid to 130p, reckons “clear progress has been made in 2017”. Hmmm…

HaloSource – proposed re-domicile, wonder what’s to soon follow?

Previously writing on HaloSource (HALO) last month, I noted developments again pointing to tight financials. There’s now a further announcement from the company…

Newsboy

Notes from Underground - They call them the Flash

I was reading the home town newspaper online ahd have found the securities commission that is far more effective than the living statues at the FCA. After a mere ten years, the British Columbia Securities Commission has decided to act and seize the assets of fraudsters that they identified a decade ago. You can just imagine that discussions at the FCA: Are they on drugs? How is such speed even possible?

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Reach4Entertainment shares are a buy but I do not believe a word of today's trading statement & its PR men should be shot at dawn

I start with why this bearcast is late. I got back very late from London where I was watching my daughter play Harold Wilson in Made in Dagenham and she was brilliant. So too was the musical. Well done Olaf although you are wrong about the gender pay gap! I look at the market bounce and the shit that is leading it. I look in  real detail at the trading statement at Reach4Entertainment (R4E) where I am a shareholder, at Woodford dog RM2 (RM2) which is going on a one way trip to the vets in a fortnight and also at Woodford Patient Capital Trust (WPCT). Post bearcast it announced its NAV at 85.93p which means gearing must surely be through the 20% barrier. I also look at Optibiotix (OPTI) and the warrant exercise issue.

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Woodford: Crisis?, what crisis?

One wonders what Neil Woodford has been doing in the face of Cynical Bear’s onslaught against his funds. Reading Cynical’s pieces, it is clear that the Woodford house was edging ever closer to disaster. Now it seems that the effluent is indeed in collision with the air conditioning: we’ve had disasters at Purplebricks (PURP) and Capita  (CPI), and there’s a stockmarket correction (at least we hope that’s all it is) underway. Oh, and we have numbers from the AA on Thursday – hardly the ideal time to take a hatchet to its dividend! So what has Mr Woodford been up to? Well, why change a winning formula!

IQE
IQE

IQE - How this plays out Monday Morning & a heartfelt apology from me

I see that smarmy lefty millionaire comedian Bob Mortimer is boasting in today's Sunday Telegraph about how he bought IQE (IQE) as a penny stock and it is now 163p. Methinks not Bob. I warmed folks to sell at 138.5p in a detailed dossier published in October HERE. Matt Earl's 36 page note of Friday has really set the cat among the pigeons. The shares are 104p but will - I suspect - tank on Monday.

UTW
UTW

Utilitywise – from bad to worse for Woodford-backed dog; shares suspended as currently unable to publish audited accounts

Having less than two weeks ago stated that it “expects to complete its year-end audit process in respect of FY17 and announce its final results by 31 January 2018”, today Woodford-backed dog Utilitywise (UTW) has announced “the directors have now concluded that the company will not be able to publish its annual audited accounts for the year ended 31 July 2017 by 31 January 2018”. Cue share suspension…

Newsboy

Notes from Underground: As you get older, three things happen. The first is your memory goes. I don't remember the other two.

I'm midway through my Christmas holidays in my home town of Vancouver. Today, my wife and I walked around the central business district and we came across Vancouver's oldest building, marked with a blue plaque and everything. It was built in 1899. Behold the nearly 128 years of history that this city encompasses. 
 

HaloSource – before (latest) bailout from Woodford & co even approved, an attempted no-one watching o’clock “Trading Update”. Uh oh

In September I noted on HaloSource (HALO) Woodford dog barks “very pleased with the progress”… but then admits it’s set to be cash crunch ahoy AGAIN!. There then followed a flurry of ‘news’… then surprise, surprise a fundraising… And now an attempted ‘no-one watching o’clock’ Trading Update. Uh oh. Trading warning ahoy?...

Bearcast

Tom Winnifrith Bearcast: On the phone today to a woman in floods of tears this Christmas Eve

In this bearcast I look at the role of NEDs and their failings in a bull market. that is a general point I then discuss the NEDs at Woodford Patient Capital Trust (WPCT) and how they MUST be replaced at once. The COI are surely too great. I then discuss a woman reduced to tears by charlatan and snake oil salesman Darren Winters this Christmas Eve.This story will horrify you. I then discuss Christmas. Whatever you do, however you spend the day I hope that it is in some way joyous. That magical moment at Midnight Mass as you sing "Yea, Lord, we greet Thee, born this happy morning" and you realise it is Christmas Day is now only hours away.

Listen to the Bearcast:
Newsboy

Notes from Underground - Give the gift of ShareProphets

If you are looking for that perfect gift for yourself this Christmas time, a subscription to ShareProphets is the one thing that you'll find illuminating, edifying, amusing, and profitable. If you are not a subscriber, this brief except is all you get, click here to join us.

CityFibre is yet to prove that it can be profitable

CityFibre (CITY) is one of those companies where I really struggle to see how the market cap is justified, even allowing for future potential and growth prospects. I covered the company bearishly around a year ago when two of the directors offloaded some of their shares when the price was 63p – albeit that they didn’t hold many of them anyway.

RM2
RM2

RM2 International: Interims preview – another Woodford debacle

I’m continuing my look at forthcoming interims with the horror show that is the Woodford-backed RM2 International (RM2), first pointed out as an excellent bear tip by Graham Neary (HERE). One has to ask what the hell was Woodford thinking here?

Levrett: Prospectus released - good news for the (founder) shareholders: is this the new Cloudtag?

At the start of the month, I asked the question on the lips of all the Levrett (LVRT) shareholders, namely when the bloody RTO was finally going to arrive. Well, fair play, it was announced on Friday and shareholders should be pleased, particularly the founders who got in at a fraction of the price of the ordinary private investor.

Purplebricks - a couple of charts: what do the analysts fear is happening?

Nomates Woodford trainwreck in waiting Purplebricks (PURP) has not officially warned the market that it will not meet forecasts. However have a butchers at these two charts from Bloomberg...

HaloSource – Woodford dog barks “very pleased with the progress”… but then admits it’s set to be cash crunch ahoy AGAIN!

HaloSource (HALO) is “very pleased with the progress we have made with our newly executed all Drinking Water business strategy”. Good, good – this results statement for the first half of 2017 should be encouraging then…

PFG
PFG

Provident Financial – calamitous “Trading Statement”, shares plunge, another nightmare for Neil Woodford

Earlier this month in Neil Woodford - how long before The Deadwood Press admits that he does not walk on water?, Tom noted a bad record – recently including Provident Financial (PFG). The Mail on Sunday had written “the FTSE 250 doorstep lender whose profits halved after it struggled to move to a new operating model” - the struggles have got considerably worse…

HaloSource – trading update from this Woodford dog offer any different a bark?

A first half of 2017 trading update from HaloSource Inc. (HALO) includes “we are very pleased with the progress we have made with our newly executed all-drinking water business strategy… we expect to see continued growth going-forward” and that the company expects operating expenses to be reduced by more than 30% compared to the first half of 2016, with period-end net cash expected to be $2.1 million. A Woodford dog with a different bark?…

EVE
EVE

Eve Sleep – Positive sounding trading update but at what cost?

Following my initial piece on the Woodford-backed Eve Sleep (EVE) two weeks ago, I thought I would comment on today’s trading update which outlined great growth but it’s what it doesn’t say that worries me a tad.

EVE
EVE

Eve Sleep – Is this a Boohoo or an AO World? Tough call but it’s not a Boohoo

Thought I’d write a few sleep-related pieces today and am starting with initiating coverage on the mattress e-tailer, Eve Sleep (EVE). The company joined AIM in May raising £35 million and there is a lot to like about the business, but is it really worth over £130 million?

HaloSource – Chinese investor approval “not been granted”, currently c. 21 days to insolvency for another of Woodford’s dogs

Writing on HaloSource (HALO) last week, I noted funding delay from China now leaves no margin for error. There is now a “Further Update on Fundraising” announcement, which includes “the Chinese governmental approval has not been granted”. Uh oh…

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