Keyword results: equity income

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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.

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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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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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Neil Woodford Redemptions Watch: a big up-day as Boris goes for tunnel vision

Yesterday was, apparently, a big day in that Boris Johnson’s Brexit plans made it into the Euro-tunnel for negotiations. The UK markets went into a buying frenzy as suddenly the world is going to be saved. Thus the FTSE100 put on 0.8%, the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) put on a slightly more impressive 1.37% and the FTSE 250 raced away by 4.19%. Meanwhile Woodford’s unit trusts put on 4.27% (Equity Income) and 5.07% (Income Focus) in NAV per unit. All hail hero Boris.

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Neil Woodford Redemptions Watch – FTSE up….Woodford down, but will he be out by Christmas?

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, put on 0.29% but once again the Woodford unit trusts underperformed, losing 0.20% and 0.21% in NAV per unit respectively. And Woodford Patient Capital (WPCT), having diced with the 40p per share mark a couple of days ago, fell away to a new low point of just 36.25p – 52.6% down on its share price at the start of June when Woodford Equity Income was gated. My, oh my, what a lucky chap to have sold the bulk if his holding in early July when the share price began with a four.

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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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Neil Woodford Redemptions Watch: buy when there’s blood on the streets? Not here!

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, dropped by 0.81% but his funds lost 0.89% and 1.32% in NAV per unit respectively. Oh dear – yet another day of underperformance. Equity Income fund’s assets dropped to £2.92 billion, a drop of 21% since it was gated at the beginning of June.

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Neil Woodford Redemptions Watch: same old same old as WPCT toys with 40p line in the sand

Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, put on 0.43% but his funds put on just 0.22% and 0.28% in NAV per unit respectively. It is a familiar story – when the market rises he rises less and when the market falls Woodford funds tank. Whilst the market his recovered a little from its wobbles of last week, Woodford Equity Income’s total value still sits below the £3 billion threshold, having been £3.7 billion when it was gated. And Neil continues to charge his management fees.

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Neil Woodford Redemptions Watch:EIF now 21% down in 4 months after another disastrous day

Yesterday the FTSE All-Share, Neil Woodford's benchmark for his Equity Income and Income Focus unit trusts, dropped again - this time by 0.64%. But as predicted yesterday, the Woodford funds scored much worse with drops in NAV per unit of 1.83% and 1.56% respectively. The latest drop pushed Woodford Equity Income (WEIF) down to £2.93 billion in total funds - a whopping drop of 21% from the £3.7 billion it sat at before it was gated four months ago. And just so that we do not miss out WPCT, I see that The Telegraph has dumped it this morning.

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BREAKING: Neil Woodford Redemptions Watch: Woodford Equity Income Crashes through £3bn mark

Having been worth a total of £3.7 billion when it was gated at the start of June, Neil Woodford’s Equity Income Fund (WEIF) crashed through the £3 billion mark yesterday and as at midday was worth £2.987 billion according to Morningstar. By comparison, the FTSE All-Share – his benchmark – is almost exactly flat over the same period even before considering dividends. The underperformance is stunning.

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Neil Woodford Redemptions Watch: two days of outperformance (but no summer…..)

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, dropped 0.57% but his funds posted gains in NAV per unit of 0.47% and 0.53% respectively. After last week’s dismal performance a welcome relief but both are still very heavily down since Equity Income was gated. Well, actually both are very heavily down full stop.

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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.

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Neil Woodford Redemptions Watch: another day of underperformance as Equity Income dices with a line in the sand

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus funds, the FTSE All-Share, put on a quite impressive 0.7%. Unfortunately this was not reflected in the performance of the unit trusts’ NAV per unit, which fell by 0.2% and 0.87% respectively. Of course, the FTSE All-Share is perhaps a poor benchmark, but in the absence of a FTSE Bag-Of-Nails index, it is the best we can do. The latest drop left Woodford’s Equity Income Fund on the cusp of crossing the £3 billion mark – it now sits at just £3.03 billion. Will it finally drop below that today?

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Neil Woodford Redemptions Watch: a big crunch

More bad news for beleaguered Neil Woodford. The benchmark for his Equity Income and Income Focus funds, the FTSE All-Share, may have been largely flat yesterday but the funds’ NAV per unit  dropped like a stone by 2.06% and 1.34% respectively and the total value of Equity Income now sits at just £3.04 billion. It seems just a matter of time before the £3 billion mark is taken out.

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Neil Woodford updates on funds as at 31 August: what a total bag of junk!

Yes, folks, it’s that time of the month again when Neil Woodford updates us on his funds, and what is in them. The good news is that both unit trust (Equity Income and Income Focus) had net cash as at 31 August…….and Woodford Patient Capital (WPCT) didn’t.

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Neil Woodford Redemptions Watch: beating the market – but only on a technicality as investors take advantage

Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) dropped by 0.63% but the funds’ NAV per unit only dropped by 0.4% and 0.48% respectively. On the face of it another day beating the benchmark, but one should note that with AIM-listed Eddie Stobart (ESL) currently suspended those figures don’t take account of yesterday’s calamitous news from that investment.

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Redemptions Watch: a good week for Neil Woodford (if you ignore all the bad news)

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.

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Redemptions Watch: Woodford Equity Income falls and Thin Film finally dumped

Yesterday the FTSE All-Share – Neil Woodford’s benchmark for his Equity Income and Income Focus funds – was more or less flat. Income Focus put on 0.11% in NAV per unit, but Equity Income lost an impressive 2.09% to take it back down to £3.1 billion of assets. Over at WPCT we had after-hours news at twenty past six in the evening of yet another write-down (an un-named company) which knocked 5.5% off NAV as the bad news kept on rolling. But in the wake of a lending facility, Oslobors-listed Thin Film (THIN) shot higher and Woodford offloaded his remaining holding into the rise as announced at no-one-is-watching o’clock last night (twelve minutes past five).

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Redemptions Watch: Neil Woodford on a roll but bad news is rolling too

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.

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Redemptions Watch: better news for Neil but the queue of disasters is lining up

Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income (WEIF) and Income Focus (WIFF) funds, dropped a further 0.4%. Meanwhile WEIF put on 0.24% per unit and WIFF gained 0.17% per unit. Good news – and Eddie Stobart (ESL) announced a takeover approach. A good day then. Well, up to a point.

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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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Neil Woodford Redemptions Watch: down, down, down as we learn (after hours, natch) of THIN pickings

Serial no-one-is-watching o’clock issuer of bad news, Oslobors-listed Thin Film (THIN) announced last night at eighteen minutes past 6pm that Neil Woodford has offloaded another tranche of the company’s confetti to bring his holding down from just shy of 20% to 13.5%. Early yesterday the shares were trading at NOK 0.07 but closed at NOK 0.06, perhaps indicating again that valuing small illiquid stocks is all very well until you try to sell them.

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Redemptions Watch: Neil Woodford still behind those dodgy markets

At the weekend I noted that Neil Woodford was blaming the markets for his terrible underperformance – it was nothing to do with him, natch. Yesterday the FTSE100 put on 1% and the FTSE All-Share, his benchmark for both the Woodford Equity Income Fund (WEIF) and his Income Focus Fund (WIFF), put on 0.93%. But according to Morningstar, those two funds only put on 0.61% and 0.70% in NAV per unit respectively.

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Redemptions Watch: Redemptions continue at Woodford Income Focus as Neil continues to dump dog Thin Film (released at half past midnight!)

Yesterday’s big disaster for Neil Woodford was Oslobors-listed Thin Film (THIN). Given that Neil has already lost most of his money here already yesterday’s news won’t count as a financial disaster. But yet another dog on the verge of insolvency will – and once again we have the plain fact that Neil can’t bail it out because he’s got no cash being demonstrated to all. And to underline its mega-dog nature, this company once again clocked up an entry in the Red Flags at Night register, with a filing at half past midnight last night telling us of another sale of its shares by Neil Woodford. Half past midnight!

WPCT – Oopsadaisie Neil, what’s today's disaster?

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….

RAV
RAV
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Neil Woodford – the dash for cash: Raven Property

Today Raven Property Group Ltd, (RAV) a Russian Property Investment Group, announced strong results with an increase in diluted net asset value per share of 40% to 67p (31 December 2018: 48p).  The company also announced a proposed distribution of “1.25p per ordinary share by way of a tender offer buy back of 1 in 44 shares at 55p.”

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Redemptions Watch: a grim Friday for Neil Woodford

With so many car crashes waiting in the pipeline for Neil Woodford, Eddie Stobart (ESL) slipped through and the shares are now suspended at 71p. With its finances clearly in total a mess and a highly generous dividend under review (ie going to be scrapped) the next question is whether it will have to tap the markets for more cash as its lenders pull the plug. The good news for Neil Woodford is that the suspension means the net asset values of his funds will be unaffected until the suspension is lifted, but don’t let that fool you: the shares will be savagely derated in due course.

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Redemptions Watch: two up, one down for Neil Woodford bad news still flows – welcome (once again) to the 90% club

Another day, another round of bad news. This morning Neil Woodford will be reading the half-year results of Non-Standard Finance (NSF) – which he put his weight behind in its takeover battle with the rather larger Provident Financial (PFG), which he also owns. But NSF lost that battle and this morning Neil learns that the whole exercise cost it £12.7 million. But hey, its only other peoples’ money…..

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Redemptions Watch: Woodford funds buck the market (for once) but there's plenty of bad news brewing

Another bad day in the markets saw Neil Woodford’s funds having more of a mixed day. His Equity Income Fund lost 0.25% and closed below £3.2 billion but Income Focus managed to buck the trend and put on a tiny 0.03% in NAV per unit and even Woodford Patient Capital (WPCT) showed a modest gain when its NAV per share statement was released yesterday...

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Redemptions Watch: Woodford gains from Burford bounce (at least for now) but WPCT breaks new ground and redemptions keep on coming

The Woodford Equity Income Fund put on an impressive 1.61% in NAV per unit yesterday, according to Morningstar, as it benefitted from the bounce by AIM-listed Burford (BUR) in the wake of its defence against the bear attack by Muddy Waters,  but with another bear outfit – Daniel Yu’s Gotham City – due to join the party over the weekend one has to fear for the shares on Monday.

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Redemptions Watch: Woodford funds still on a downer despite Burford reassurances

Neil Woodford’s funds saw yet more losses yesterday: Income Focus (WIFF) saw losses and redemptions, Equity Income (WEIF) dropped again despite reassurances from AIM-listed Burford (BUR) which had a fair old bounce after the collapse induced by Muddy Waters. Woodford Patient Capital reported yet another loss in NAV. Apart from all that it was a good day….. if you ignore the bad bits.

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Redemptions Watch – Nervous Neil awaits Burford news while Income Focus suffers again as redemptions strengthen

This morning’s data from Morningstar is bad news for Neil Woodford, but perhaps not as bad as THIS if it turns out to refer to Burford Capital which is his second biggest holding in the gated Equity Income Fund (WEIF) – we shall find out at 8am. Yesterday saw his Income Focus Fund (WIFF) lose 0.4% in NAV per unit and WEIF dropped 0.54%.

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Redemptions Watch – a bad day for Neil Woodford’s Income Focus Fund, but WPCT shows where the real damage is occurring

We had a good day, now we’ve had a bad one. But it makes little difference: redemptions continue regardless at Neil Woodford’s Income Focus Fund (WIFF). According to Morningstar, yesterday saw a fall in NAV per unit of 1.03% which should have dropped the total fund size from £284.9 million to £281.97 million. And why is WPCT's share price still collapsing?

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Redemptions Watch: Neil Woodford’s Income Focus heads north – but so do redemptions in critical week

You can’t beat a spot of bad press and Neil Woodford has certainly had his fair share, again renewed over the last few days, with the revelation that he dumped around £1 million worth of WPCT three weeks previously and the continued gating of his flagship fund. Meanwhile, this morning’s data from Morningstar shows that whilst his lesser (but at least still open for business) Woodford Income Focus Fund (WIFF) put on 0.48% in NAV per unit yesterday.

KIE
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Kier – What on earth is Neil Woodford doing buying more?

At 11.57 this morning fully-listed Kier Group (KIE) issued a TR-1 via RNS. Nothing unusual about that you might think... but it was notifying that Neil Woodford has once again been buying more shares. What??

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Redemption Watch: Neil Woodford Income Focus puts in a new low

This morning’s data from Morningstar shows that Neil Woodford’s Income Focus fund (WIFF) put in a new low yesterday in terms of its total assets. There was a 0.38% slippage in NAV per unit, but redemptions again took their toll.

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Redemption Watch – Neil Woodford’s Income Focus fund

This morning’s numbers from Morningstar show that whilst the FTSE100 raced ahead yesterday, Neil Woodford’s Income Focus fund (WIFF) was in the red – and redemptions again took their toll.

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Neil Woodford’s Income Focus fund: redemptions still in full flow.....surely this can’t go on much longer

This morning’s figures from Morningstar for Neil Woodford’s beleaguered Income Focus Fund (WIFF) required a bit of legwork to get the total size of the fund, as it has not (yet) been updated. The good news is that the sub-fund sizes have been updated so we can calculate the total fund size after all: no effort is spared for you, dear reader. Hooray! The bad news ... well that is more redemptions for Neil Woodford to meet.

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Happy Birthday Neil Woodford, for today WEIF is five (and suspended)

It must be a pretty rare thing to get suspended before reaching the age of five – I wonder how many children have achieved that. But Neil Woodford is the great disruptor so perhaps he should indeed be the exception and today is the fifth birthday of his Equity Income Fund. Let us all celebrate!

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Neil Woodford’s Income Focus fund: down again as redemptions bite once more & hard!

After a couple of days of relatively light redemptions, Neil Woodford is once again facing a wall of demands for cash out of his Income Focus Fund (WIFF). Data from Morningstar this morning shows that whilst the NAV per accumulation unit put on a measly 0.01%, the fund dropped heavily in magnitude yesterday: redemptions are back in spades.

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Woodford Income Focus: a better day yesterday – redemptions only £2.6m (thankful for small mercies)

So Neil Woodford has survived to the end of the week without seeing his lesser fund, the Income Focus Fund, gated. It cannot be far off, but yesterday’s numbers released this morning by Morningstar show that the accumulation units dropped by 1.24% and the size of the fund dropped from £339.6 million to £332.8 million which means that just £2.6 million was lost to redemptions – less than one percent.

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HL

HL bins Woodford Income Focus from Wealth 50 - suspension surely looms there too

Hargreaves Lansdown has announced the removal of Neil Woodford's Equity Income Fund  from its Wealth 50 top picks- no suprises there: HL may have egg on its face but since the fund is no longer tradeable there was no choice. But HL has also chosen to remove Woodford Income Focus Fund as well. Given what has just happened at EIF it is now a racing cert that Income Focus will also be suspended when there is a tsunami of panicked redemptions, Woodford cannot meet, tomorrow.. If you hold some, you had better hope you can get out tomorrow.

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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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KIE
KIE

Kier shares in freefall again as the man who knows best is STILL buying

Neil Woodford is nothing if not brave – but I suppose given his crashing equity income fund, bravery is about the last option open. This morning it was announced that he has again been topping up his holding in Kier Group (KIE). Meanwhile the shares have now fallen below the low-water mark out in during the rights issue fiasco. So is it brave, or is it a Hail Mary shot?

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EXPLOSIVE: Neil Woodford and the $2 billion spoof – Part 3: The truth always comes out in the end

I couldn’t resist coming out of retirement today as I note that Benevolent AI published its group accounts today and my thoughts in the first two parts of this series back in May last year (HERE and HERE) have proven to be pretty much on the mark. This company, and in particular the $2 billion valuation, is an absolute spoof and Woodford is totally complicit in that - and making a fortune as a result. A good old-fashioned birching is too good for him.

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Woodford – latest numbers show borrowing disaster in the making as chickens come home to roost

Woodford Investment Management has published its latest monthly numbers to the end of January from its Equity Income, Income Focus and Patient Capital Trust. At first glance it does not look too bad, but a more detailed examination shows that debt remains a central issue, as does redemptions, and Woodford Patient Capital Trust (WPCT) seems on the edge of imploding.

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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 – a small detail shows what a disaster is going on: are we almost at end game for Neil?

Woodford Patient Capital Trust  (WPCT)or his flagship Equity Income Fund? It is hard to know where to start for we have disastrous news from both today. How close are we to end game for Neil Woodford, a man happy to be described as Britain's Buffett.

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Keir-Blimey! Woodford raising more much-needed cash by dumping good shares

We all know that markets have been a bit skittish recently, which will mean that investors will be looking to sell unit trust holdings. And we know that Neil Woodford has faced the double whammy of redemptions and his cash-hungry dogs which need feeding. And on Friday morning Kier group (KIE) announced a rights issue: it never rains….

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RM2
RM2
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RM2 – All hail Cynical Bear as Woodford bails it out yet again (until April)

On Friday afternoon, as the city returned from lunch ready to wrap up for the weekend, AIM-listed RM2 (RM2) announced a share capital restructuring, placing and notice of EGM. Roll back the clock to 14 September when, in the wake of yet another set of dire results, Cynical Bear told us  it’s time to place your bets as to whether Mr Woodford is going to throw another $17 million in to the pot. Suffice to say he is now Cynical Mystic Meg…..

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Uh Oh….more bad news for Neil Woodford as Idex releases Q3 numbers

We have news this morning of Q3 numbers from Norwegian biometrics play Idex (OSE:IDEX). No doubt Neil Woodford’s team will extoll the virtues of the progress being made here, but I can’t help myself: look at the cash position!

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