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?
As you know I got disinvited from speaking at the TTF symposium taking place today which aims to discover what went wrong with Neil Woodford and how to stop it happening again. As the one journalist who did expose Woodford from 2015 onwards, one point I wanted to make was that the corruption of the deadwood press as an enabler of fraud was an issue but that was going to make the chap from the FT a bit cross. So here below, is an article from the FT in December 2017 for the establishment arse lickers at the TTF to consider. You will see it is branded as among “FT’s personal finance highlights of 2017.”
I end with a question for you. Who should feature in the Christmas carol here on ShareProphets? Past Scrooges include Chris Oil, Rob Terry, Neill Ricketts and Neil Woodford. Who should join that merry band of fine upstanding citizens? Before then I discuss a chat with a broker about placing ennui, Tungsten (TUNG), what was WPCT (SUPP) and Rutherford Health (RUTH) where we await imminent news of the bad variety.
Talking of disgraces, 96% of listeners have yet to donate to Rogue Bloggers for Woodlarks, please do so today HERE. I have a message from Nick Richards for the 4% who have been generous. The stockmarket disgraces I cover are the fraud Zoetic (ZOE), Anemoi (AMOI) and Abingdon Heath (ABDX) – where there really must be a Steward’s on its Christmas IPO, which I panned at the time. I also look at Scotgold (SGZ) and discuss why Andrew Monk called SUPP/WPCT so badly wrong.
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.
Schroder UK Public Private Trust (SUPP) – formerly Neil Woodford’s Patient Capital Trust (WPCT) – slipped out a new but unaudited net asset value statement yesterday at 3.32pm and it was shocking: it wiped another 20% off the previously stated NAV to bring the official figure down to just 35.01p per share. That, against the fantasy 89.07p when the flagship Woodford fund, Woodford Equity Income, was gated on 3 June 2019.
Neil Woodford’s shambolic Patient Capital Trust (WPCT) – now Schroder UK Public Private Trust (SUPP) after Woodford’s disgrace – has announced the completion of an asset sale to bring in £52.9 million. In theory this is good news, but since the original sale was announced as being at a 19% discount and the vast majority of the cash is being used to part-pay the bank there really isn’t much to celebrate for shareholders.
I am off to my late father’s at Shipston in a few minutes so no more from me today. I compare now and 2000 with looks at KR1 (KR1), the bonkers new associate of Richard Poulden, Neil Woodford’s WPCT, David Lenigas and his new pot play with Afriag (AFRI), nonsense elsewhere in that sector and then the odd Coro Energy (CORO) transaction which I feel obliged, as a good citizen, to ask the HMRC to have a butcher’s at.
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?
It was announced on Friday afternoon by Schroder UK Public Private Trust (SUPP), the former Neil Woodford Patient Capital Trust (WPCT), that the IPO of Immunocore on Nasdaq had gone ahead. We were offered some tasty numbers, but are they really true?
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…
Oh dear, oh dear. Neil Woodford’s former Woodford Patient Capital Trust (WPCT) now under new management as Schroder UK Public Private Trust (SUPP) has announced this morning a 71% hit to its investment in Ombu, knocking £10 million off NAV. This follows the acquisition of Ombu by HP Environmental Technologies Fund (HPET), in which SUPP now has a stake.
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.
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.
Schroder UK Public Private Trust (SUPP) - formerly disgraced Neil Woodford’s Patient Capital Trust (WPCT) - has released its FY19 numbers and the report is truly a dog’s breakfast. It is a shambles: the manager has gone but the board should be sacked at once.
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.
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……
This one company represents almost 20% of the gross assets of what was formerly WPCT and is now the Schroders run SUPP. It was a folly from the start and 1 big reason why Neil Woodford should be chucked out of financial services, now Rutherford International (RUTH), is, just a year after its IPO, fast running out of cash. I am not sure folks realise just how fast.
For all the chatter from certain City folks with degrees in Chemistry, and others, about how a new name and a new management team would transform the fortunes of the Woodford Patient Capital Trust (WPCT), the belated release of the December 31 2019 factsheet shows what a diabolical mess the vehicle now known as the Schroders UK Public Private Trust (SUPP) is in. Is it beyond redemption? Have the City establishment stopped pretending yet?
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.
Friday lunchtime is hardly a time to issue news for people to notice and doing it on election results day suggests that there is bad news being buried. And so Woodford Patient Capital (WPCT) announced it was changing its name to Schroder UK Public Private Trust (SUPP) as of Monday to reflect the appointment of Schroders at manager, replacing the disgraced Neil Woodford who is off to count his piles of cash from running the Woodford funds into the ground. The company also announced an extended banking facility – and it is here that the bad news lies.
Neil Woodford thought his investments into Allied Minds (ALM) would do wonders for his reputation…..it is just that the wonders weren’t quite in line with his expectations – they were more in line with ours! Yesterday morning Allied served up the departure of co-CEO Mike Turner as of March next year and the Chairman, Jeff Rohr, the following June. Rats, sinking ship anyone?...
On today's podcast I discuss Brokerman Dan, the Tory canvasser and the half way house for heroin addicts. I issue a podcast challenge to Justin the Clown as I discuss the joke Vox IPO, I look at a pathetic deadwood press ramp for Woodford Patient Capital Trust (WPCT) and offer up another reason to shut down all open ended property funds. And i have a prize contest for election day, deadline to enter is Monday midnight.
On today's podcast I look at Defenx (DFX), Big Dish (DISH), ask whether Mothercare (MTC) is heading for 0p, comment on Versarien (VRS), Kier (KIE), Petra Diamonds (PDL), Egdon Resources and other UK onshore oilers, frackers or not and at Woodford Patient Capital Trust (WPCT)
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...
Neil Woodford Uber-dog Xeros Technology (XSG), the great man’s revolutionary washing machine outfit, announced a rescue bailout placing at just 1p at almost lights-out yesterday – 3.46pm, just two minutes after announcing the appointment of FinnCrap as its Nomad and Sole Broker. Times must be really tough for FinnCrap, I guess any retainer will do when you have bills to pay. But forget's Finncap's abandonment of claims that it only acts for quality companies, the real story here is that the losses for Neil Woodford’s former investors at WEIF and WPCT are staggering – and now look set to hit 100% as the stock is trading below the placing price.
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.
Neil Woodford may have dumped his shares in IP Group (IPO) at 53p a few weeks ago but he collaborated closely with the company and its fortunes are in many ways tied into the scandal involving the man the Mail on Sunday, until recently, called Britain’s Buffett about once a fortnight. IP shares now trade at 62p but what are they worth? I commissioned resting fund manager “The Badger” who previously explained why, irrespective of who manages it, WPCT is worth only 3p a share, to produce a report. His work is below.
How much more shame can disgraced ex fund manager Neil Woodford cope with? As investors consider losses of billions we believe the man the Mail on Sunday lauded for years as Britain's Buffett is working to cover up another £25 million windfall for himself and business partner Craig Newman.
Shareholders in Woodford Patient Capital Trust (WPCT) were this morning invited to celebrate as Susan Searle announced the appointment of Schroders to replace the disgraced Neil Woodford as manager. There will thus be no need for Neil to work out his notice period following his "trresignation" last week.
A day of travel adventures. I recount my breakdown last night, an angelic lorry driver and how I ended up on Nigel Somerville's sofa. Meanwhile Darren Atwater is leaving the UK but not ShareProphets. Then I look at utter lunacy from a "woke" FRC and inept Business Secretary Andrea Loathsome. Then it is onto Neil's sacking from Woodford Patient Capital Trust (WPCT), what it means for the Trust and how it will help him hide another £25 million personal windfall gain. I cover Tesla (TSLA) as the bears are squeezed by book cooking. Finally a look at the murky death spiral announced by Vast Resources (VAST).
A source has come forward to Deputy Sheriff Towers in relation to the Woodford catastrophe that is AIM-listed (for now) RM2 (RM2), the maker of disruptive non wooden pallets. Firstly, I am told that RM2 was forced to list when everyone at the company knew it really was not ready: the product (those revolutionary trackable pallets) was still in development and the company was still guzzling cash. But roll forwards to 2016/17 when it had run out of cash and needed yet more funding, and a proposal was put to delist and take the company private – which was vetoed by Neil Woodford.
I start with a look at who might be sued in the Neil Woodford scandal, focussing in on the directors at Woodford Patient Capital Trust (WPCT). Then I lookl at another mini-bond disaster, this time involving Kevin McCloud of Grand Designs. Finally I discuss the latest deranged thoughts and acts of Chris Frazer of Sirius Minerals (SXX) as he ponders an AIM (sorry main market) delisting. Timber!!!! He is, again, the bears best friend.
Woodford Patient Capital (WPCT) - Neil Woodford's last investment fund still standing, although not for long as he is working his notice - has announced its latest NAV per share. If I were Susan Searle, Chair of the Board, I would be a tad concerned.....
Yes Neil, I will be the guy turning up at some point today in a blue van at your luxury HQ to take some photos and maybe shoot a short video. My pal Nigel Somerville may be coming too. It will be good to catch up. See you later! In the podcast today I also look at Woodford Patient Capital Trust (WPCT), backing Richard Jennings at Global Resources Investment Trust (GRIT) and at Optibiotix (OPTI). I also receive complaints about my coverage of Neil yesterday. I despair.
Yesterday Neil Woodford finally threw in the towel. Having been sacked as investment manager for his own namesake Woodford Equity Income Fund (WEIF), as we immediately pointed out here on ShareProphets, his fund management operation was no longer viable. Last night we learnt that Woodford had handed his notice in at WPCT and Income Focus, and will wind up Woodford Investment Management. It is an outcome we have been explicitly predicting for over a year and a half and now it has come to pass. The only question now is how much further humiliation can be heaped on Woodford, and that day of reckoning is already upon us.
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)?
The IPO of Rutherford International (RUTH), formerly Proton Partners, only happened because Neil Woodford was prepared to commit £100 million of other folks cash to it on a ludicrous valuation. That move increased the management fees he banked materially but will cost his investors a packet as I explained, again, in bearcast earlier. But now Rutherford is utterly fecked by Woodford's firing by EIF and needs to issue an RNS asap.
How I remember being singled out by name by Neil Woodford at the Woodford Patient Capital Trust (WPCT) AGM as a purveyor of fake news on May 16 this year. Neil was adamant: he was doing brilliantly I was making thisngs up. Today he was fired by his flagship fund and his City career is in its final weeks and will end in disgrace. Investors who ignored four years of warnings on this site will have lost billions. I reflect on all of this, where it leaves various parties including Neil's other vehicles, disgraced Hargreaves Landsdowne (HL.) and other disgraced promoters. I also comment on another vindication, the mercy takeover of Brady (BRY) at just 10p after I forced it to fess up to its finacial woes, with the shares at 26p just three weeks ago.
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:
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.
Recorded in my car in the City where Neil Woodford's crumbling empire is based I flag up something bad about Woodford Patient Capital Trust (WPCT) and discuss why sacking Babcock's (BAB) FD is a pointless gesture.
At the Woodford Patient Capital Trust (WPCT) AGM this year that scallywag Neil Woodford suggested that if I had any interest in beating the disease that would incdeed kill my dear Uncle Chris within weeks, that is to say cancer, I should be getting behind the joke company Rutherford Internationbal (RUTH) into which he had spunked vast amounts of other folks cash. This is a common meme among shameless promoters.
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.
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.
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!...
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.
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.
Last week one of the highlights for me was the shadow of incompetence spreading at Neil's Woodford Patient Capital Trust (WPCT) as it tried to reassure the market with the appointment of Raymond Abbott to its board. What Susan Searle, the Chair of WPCT, would have hoped is that the appointment of Mr Abbott would be seen as a safe pair of hands. Naturally she will have done her homework, which is why the original RNS of Monday had to be corrected, after my prompt, as it mis-named one of Mr Abbot’s previous appointments and missed another off altogether. But is Mr Abbott a safe pair of hands or butterfingers?
The Daily Telegraph's lamentable Questor column has today, finally, as you can see below, advised folks to sell Neil Woodford's Patient Capital Trust (WPCT) at a loss of 60%. Talk about horses and stable doors! It gets worse.
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.
Well that only took four days – well done Woodford Patient Capital (WPCT) and its Chair, Susan Searle. On Monday it announced the appointment of Mr Raymond Abbott as a new director – but got one of his former companies wrong, missed out another and has still neglected to mention that Foresight 4 VCT suffered a £30 million accounting error on his watch as chairman of the audit committee,,an error under FCA investigation, and a further £3 million accounting error after he was rewarded for his outstanding service and promoted to Chairman of the company.
My cats are on a roll, It is horrfic. I mention this at the start just to annoy NoGold. Them ouzo for Nigel as Woodford Patient Capital Trust (WPCT) fesses up on a fake RNS. But it is still stuffed. I look at Bahamas Petroleum (BPC) as it dissembles, Brady (BRY) whose shares should be suspended, Clear Leisure (CLP) and a joke deal and Ted Baker (TED) which seems fecked.
On Monday Susan Searle, the Chair of Neil Woodford's Patient Capital Trust (WPCT) announced the appointment of Raymond Abbott to the board. This was part of a strategy of renewal as she tries desperately to restore market confidence in WPCT, whose shares are trading at around a discount of one third to its stated NAV, a NAV which has collapsed this year. I have already pointed to the £30 million accounting error at Foresight 4 VCT under Mr Abbott’s watch at chairman of its audit committee, the shambles at Climate Change Control (which WPCT reported as plc when it was a limited company, and we are still yet to see a correction) and a further accounting error of around £3 million at Foresight 4 after he was promoted for doing such a fine job as chairman of its audit committee to chairman of the board. You could not make it up. But it seems that WPCT has not only listed the wrong name of one if his companies, it has missed another off altogether!
Having mentioned two major blunders already, it seems that new appointment Raymond Abbott to the board of WPCT (whose previous directorships are yet to be corrected by WPCT) has another major blunder on his hands – and it is back at Foresight 4 VCT where, having presided over a £30 million blunder as chairman of the audit committee (and he a trained accountant) he was promoted to Chairman. Let us now turn to the FY18 accounts of Foresight 4……
Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income and Income Focus Funds, dropped 0.23% but for a change the Woodford unit trusts went up by 0.60% and 0.40% in NAV per unit respectively. Some good news for Neil: his Equity Income Fund has held on to the £3 billion mark for now, but redemptions continue at Income Focus.
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.
Further to this morning’s bombshell over the appointment of Raymond Abbot to the board of Woodford Patient Capital Trust (WPCT), it seems that the board of WPCT itself needs to issue a correction as it got one of his former companies wrong. Indeed, whilst it is at it, perhaps it would like to offer some explanation of his tenure at Climate Change Capital which appears to have ended in ignominy, for it appears that Foresight 4 was not the only shambles on his report card.
In today's podcast I discuss Brady (BRY), Mobile Streams (MOS), Woodford Patient Capital Trust (WPCT) and its financially illiterate advisor Nomates, Sirius (SXX0 and Bahamas Petroleum (BPC)
Oh dear, oh dear. Is Susan Searle, the Chair of Neil Woodford’s Woodford Patient Capital Trust (WPCT) thinks that the evolution of its board as announced this morning is going to reassure anyone she has another thing coming. Take the appointment as announced today of the very fine Mr Raymond Abbott…….
Woodford Patient Capital Trust (WPCT) has results tomorrow. There is talk that Britan's most conceited fund manager may be fired but if Susan Searle and her fellow directors think that gets them or the company off the hook, she is badly mistaken. PS. There is a joke for NoGold 30 seconds in.
We’ve already had the half year report form Woodford Equity Income Fund and now the second of Neil Woodford’s unit trusts, Woodford Income Focus, has released it half year report to July. A few things raised my eyebrows: for a start, the performance was absolutely dire but the trading of Kier Group (KIE) simply looks like a gambler trying to win back all the losses with an outrageous long-shot. The facts are astonishing.
Okay I too mention how my beloved West Ham disgraced themselves last night. I was there. It was awful. A long drive home. This morning I tried doing business with St James Place (SJP). What a nightm are! is there an honest IFA who can help me with a simple problem? I then look at Woodford Patient Capital Trust (WPCT), Big Sofa (BST), Eve Group (EVE), Xaar (XAR) and what the shock news from Shore Capital (SGR) says about the state of the AIM Casino.
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:
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.
Yet another Neil Woodford disaster has gone bust. Sphere Medical was once on AIM but with Woodford chucking in more cash (good money after bad) as it delisted because it saif it would prosper more as a private company this is another case where Nomates knew best....
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.
The Independent Newspaper thinks that I and 17.4 million others need a better education. Does anyone read that rag anymore? In today's podcast I look at Neil Woodford's Woodford Patient Capital Trust (WPCT), notably its holdings in Autolus and Purplebricks (PURP) in light of data out today, Eve Group (EVE), Nigel Wray's Simba, Thomas Cook (TCG), i3 Energy (i3E) and Iconic Labs (ICON).
Oxford Nanopore is the flagship unquoted in the Neil Woodford portfolio both at EIF and WPCT. Yesterdaty it snuck out red flag strewn results and on a number of counts this looks utterly grim for Nomates.
There is some macro babble focussing on the woes of the EuroZone, why Malcolm is wrong about housebuilders and other matters. I look at Woodford Patient Capital Trust (WPCT) after yesterday evening's shock news and ask when it breaches gearing limits and what happens next. I touch on i3 Energy (i3E) then look at the shock departure of Dave Sefton from Anglo African Oil & Gas (AAOG). He should have been fired sooner and what happens next? And what does this mean for Iconic (ICON) which I mistakenly refer to by its former name of Widecells and where Sefton still casts his malign influence as a director.
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).
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.
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.
Oh dear. Oh dear. That’s another fine mess you’ve got me into say unit holders in the Equity Income Fund (EIF) and shareholders in Woodford Patient Capital Trust (WPCT) today as hapless Neil reveals another £12.5 million black hole.
In today's podcast I look at the latest news from AIM bad boy Management Resoiurce Solutions (MRS) where I think my critics really do owe me an apology (again). Then at Neil Woodford's latest woes at the Woodford Patient Capital Trust (WPCT) which are the beginning of the end. Will I get to monster the board at an AGM in 2020 as I did this year? I fear I may be denied that entertainment.
Neil Woodford’s benchmark for his Equity Income Fund (WEIF) and Income Focus Fund (WIFF) put on 0.19% yesterday. For the second day in a row WIFF and WEIF both beat that, putting on 0.69% and 0.40% in NAV per unit respectively. Meanwhile, Neil has been selling more Norwegian Dog Thin Film (THIN), dropping his holding to 9.86% as announced at no-one-is-watching o’clock last night (at quarter to five) as the company continues to hurtle towards the corporate undertakers or an eye-watering dilution if a rescue refinancing can be arranged.
Neil Woodford’s favourite revolutionary (geddit?) washing machine outfit, AIM-listed Xeros announced some apparently good news this morning. I say apparently – it is a licensing deal for its washing machine technology but came with absolutely no financials whatsoever. What is the point of that? I thought RNSs were supposed to inform. But in this case I suggest it is not so much to inform as to ramp the shares up as the company tries to get a bailout funding away. I suspect the more important announcement was the one that came later in the morning, at 11.06 am, announcing that interims to June will be released on 19 September – a week next Thursday. I’ll mark that one in the diary…….
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!
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.
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……
Sure, this column is merely about the 10 most read articles and listened-to Bearcasts, but when I can squeeze in something sexy, like Bitcoin or graphene or Frozen Concentrated Orange Juice futures, I get all the page views. This week, I have the big dogL Warren Buffett in graphic form. Look to me on top next week.
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….
Neil Woodford investee Proton Partners, the joke listing on NEX which has seen just one trade since IPO in February, has changed its name to Rutherford Health (RUTH) and sees a general meeting this week which seeks shareholder authority it issue more confetti. Why does this matter? Well, there is the outstanding £45 million due from Neil Woodford – and we know that the board of WPCT (which is on Neil’s hook for the whole lot) is considering sacking him. With a hat-tip to Cynical Bear, I fancy this could be an entertaining week.
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.
This looks like a doddle to investigate. The stock is ADM Energy (ADME) but will the FCA dare to challenge Shaikh Ahmed Bin Dalmook Al Maktoum or is insider dealing just an offence of you are a nobody? Then I look at the Eddie Stobart (ESL) fraud debacle, the Industrial Heat shambles, Woodford Patient Capital Trust (WPCT), the Equity Income Fund (which has today insisted it will look to ungate at Christmas... whatever) the Income Focus Fund (soon to be gated) and what today's news says about the stupidity, arrogance and lack of ethics of Neil Woodford himself. Postscript: His Highness Sheikh Ahmed bin Dalmook bin Juma Al Maktoum is not to be confused with Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates and indeed a very wealthy man. I did confuse him but this is still a Dubai Royal, will the FCA take him on?
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.
The news blackout at Woodford cash-guzzling dog Verseon (VERS) continues, but at least the shares did not slip any further yesterday. That is more than can be said for fellow kennel cohabiter Xeros (XSG) as the fine disruptor of washing machines tries to get £10 million of new money to avoid the free taxi ride to the corporate undertakers.
Hat tip my esteemed stockbroker, I flag up a major red flag for global equity markets. I discuss a hot rumour of the real reason the FCA swooped to shut down broker SVS. I look at Canadian Overseas (COPL), Avanti Communications (AVN), Sound Energy (SOU), Woodford Patient Capital Trust (WPCT) and Brady (BRY).
No publicity is bad publicity, goes the old showbiz saying but for Neil Woodford any publicity is bad publicity these days. However, no news is bad news for him, and that brings me back once again to his disruptive medical play Verseon (VERS) which must be teetering right on the edge by now.
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…..
Neil Woodford suffered another terrible day yesterday. His Norwegian disrupter of biometric cards, Idex, reported another quarter of monster cashburn and it is clear it will need yet more cash, his Income Focus Fund (WIFF) was hammered in the markets, as was the Equity Income Fund (WEIF) to a lesser extent, Verseon slid further to just 12p bid, Kier (KIE) was slapped down by 11%.....but at least the Patient Capital Trust offered a marginal increase in NAV – although the shares were slapped down in the market anyway...
I said early yesterday morning that there was an awful lot of bad news still in the pipeline for Neil Woodford. And then his revolutionary cards outfit Idex of the Oslobors precinct reported. Needless to say the results are pretty awful and the tin will be rattling again very soon...
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...
To be fair to Neil Woodford, markets have been a tad choppy of late, to say the least. But yesterday at midday the FTSE100 was down around a third of a percent and this morning’s data from Morningstar shows that Woodford’s Income Focus Fund (WIFF) had lost 0.85% in NAV per unit and his Equity Income Fund (WEIF) had dropped 0.75%. Another day of outperformance (of the wrong sort) then...
Another mucky day on the markets saw all of Neil Woodford’s motley crew reporting losses. But whilst the FTSE100 dropped 0.4%, Woodford Equity Income (WEIF) lost 0.47% in NAV per unit and his Income Focus Fund (WIFF) shed 0.55%. It seems that outperformance is the order of the day, although not the outperformance his poor investors were hoping for...
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.
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.
In today's podcast I point fingers at who should be sent to jail or drummed out of the City as I look at new developments at former AIM Casino darling Frontera (FRR), the late lamented SVS Securities and at the crumbling empire of Neil Woodford and Woodford Patient Capital Trust (WPCT).
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?
Neil Woodford cash-hungry dog Atom Bank has produced its Annual Report for the year to March 2019. As you can see HERE it is a beautiful document full of nice pictures and lots of blurb to keep the sheep happy. But no amount of presentation can hide the truth: it burning cash and – incredibly – lending at a loss! That’s not a business, that’s a charity!
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.
Neil Woodford’s Income Focus Fund (WIFF) had a good day yesterday as it put on 0.53% in NAV per unit, according to Morningstar. Mind you, the FTSE-100 put on 1.8% and the FTSE All-Share index added 1.5%, so it wasn’t all that great. But a gain is a gain. In theory, that should have pulled the total assets up from Friday’s close of £287.65 million to £289.17 million...
NEX lobster-pot listed joke Proton Partners (PPI) has announced its intention to switch its registration to that of a plc and has called a general meeting to approve a number of changes which need to be made. But it looks to me as if Woodford Patient Capital (WPCT) is being lined up to take the rest of the shares in return for the rest of the £80 million - £45 million, following the £10 million and £25 million already ponied up – that Neil Woodford promised in order to get the listing away. That’s a problem for WPCT, which has today signalled that it may or may not (you can bet “will”) sack Neil Woodford. That’s a problem for Proton Partners and a big problem for Neil...
In today's bearcast I touch on the antics of two of the City's brightest lights. First up is Agronomics (ANIC), where my old friend Jim Mellon is the largest shareholder and the price of cultured pork sausages in 2021, then it is onto disgraced Neil Woodford and Woodford Patient Capital Trust (WPCT).
Two bits of news from Woodford Patient Capital Trust suggest that Neil Woodford is on his way out – or at least believes he is. Firstly, the Board at WPCT intends to tout third-party managers which may or may not result in a change of manager. But secondly, Neil has been dumping his own shares in WPCT – apparently to meet personal financial obligations, including a tax liability. Given that he has trousered tens of millions of pounds from Woodford Investment Management (WIM) over the last few years, that sounds like utter hogwash to me.
You could not dream up a more perfect weekly reader's top five articles than what we got this week.
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.
My voice recovered a bit and so I squeeze out a bearcast covering all developments Neil Woodford including the fury of a lapdog journalist scorned (Jeff PressTrip) but also the awful problems WPCT faces as shown by the Atom Bank news. Put simply, a hopelessly compromised board cannot save this ship.
Like his Income Focus Fund (WIFF), Neil Woodford’s Equity Income Fund (WEIF) has released its June month-end report and the percentage holdings of the top ten have not been revealed. The top ten has hardly changed and the only notable movement is that the bank overdraft has gone. So what’s the story?
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??
Adding to my joy it is off to the mother-in-law's for her Birthday. One lawyer's letter was on behalf of Julie Meyer. I have reported Ms Lingerie on expenses and her lawyer to the North Wales Police in response to the letter you can see here. The other was from Stifel Europe. I discuss Stifel's letter concerning Yourgene (YGEN), Stifel's dire coverage of Woodford Patient Capital Trust (WPCT) and then how Sir Douglas Flint of IP Group (IPO) - a big short - has come out to bat for Neil. Extraordinary.
A stack of TR-1 RNSs yesterday afternoon detailed the transfer of stocks by Neil Woodford, who was sacked by the Omnis Income and Growth fund, to its new manager, Jupiter. Among them was one from Proton Partners (NEX:PPI), which Neil offered a funding commitment to in order to see its joke NEX-listing complete and now can claim an instant profit every time the company calls on him for more money. But there could be a fly in the ointment….
In today's bearcast I look at more toxic behaviour at Anglo African Oil & Gas (AAOG), at TrakM8 (TRAK), Bluejay (JAY) and there is more on Woodford Patient Capital Trust (WPCT) and the, slowly detonating, nuclear grenade that is Proton Partners (PPI). I also look at (bad) news from Asos (ASC) and Sosandar (SOS) and wonder if there is something happening in online shopping that we have missed.
Lucian Miers warned over the weekend that investors should not be fooled by the discount to NAV apparently on offer at Woodford Patient Capital Trust (WPCT) and in fact the shares are a sell. I’ve been crunching a few numbers and it is scary stuff. Do the hard maths and you see why the stated 83p NAV is pure fiction and will be c40p before too long.
At 57.3p the shares in Woodford Patient Capital Trust (WPCT) trade at bang on a 30% discount to stated NAV. There has been an enormous amount written about the Woodford fiasco since it started to unfold but a couple of points are worth making...
I decided to spare everyone my annual paen to Canada, as it is Canada's National Holiday tomorrow, and stay within ShareProphet's wheelhouse. This chart, from VisualCapitalist.com shows the conversion of the worlds largest companies from providing a wide-range of goods and services in 1999 to being tech (and Johnson + Johnson) in 2019.
Reading between the lines of today’s missive from fully-listed Woodford Patient Capital Trust (WPCT), it looks as though a flock of chickens is coming in for the evening at Woodford Towers. They may be there for some time as the implications from today’s WPCT RNS is that it’s portfolio of cash-guzzling dogs is about to be hammered, despite the squirmings of the WPCT board.
In the first half of this podcast as I look at UK Oil & Gas (UKOG), Angus Energy (ANGS), Brockham, Horse Hill and the Weald Basin ramp I am joined by comrade Brokerman Dan. Then, alone, I look at Woodford Patient Captal Trust (WPCT) including the key missing info in today's bullshit RNS, Costain (COST), Versarien (VRS) and Mirriad (MIRI).
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.
I asked the question in bearcast - had Woodford Patient Capital Trust (WPCT) burst its overdraft limit? Nigel Somerville thought it had. The PR has got back and it has not. But it is darn close and the answer is actually even more worrying. Let me explain.
In this bearcast I ask a series of questions for PR spinners for Woodford Patient Capital Trust (WPCT). References to 210p should be 227p. Let's see what answers I get. I also look at Optibiotix (OPTI), RM2 (RM2), Mysale (MYSL), Agronomics (ANIC) and have a big question for Neill Ricketts and Versarien (VRS)
Lucy White of the Daily Mail is either the stupidest bint on Fleet Street or takes dictation from WPCT's PR spinners. I discuss her laughable piece on Proton Partners and the stricken Neil Woodford Patient Capital Trust.
The May month-end numbers from Neil Woodford’s funds are out and the numbers at Woodford Patient Capital Trust (WPCT) are really horrible. Just as horrible is that since the end of May the NAV per share has dropped sharply from 89.61p to the current figure of 83.79p – a drop of 6.5% in just three weeks. Bearing in mind that most of WPCT is unlisted, that’s some going.
Sorry for the late podcast but I have spent most of the day renovating another room in the Welsh Hovel. I may post some pictures later but it is far more entertaining than even writing about Neil Woodford's woes or Julie Meyer's lingerie. In today's podcast I look at Thomas Cook (TCG), Audioboom (BOOM), Kier (KIE), Staffline (STAF), Dev Clever (DEV) and the Woodford Patient Capital Trust (WPCT), where, of course, I remain a loyal shareholder. Ho. ho. ho.
Having promised to raise funds in May, OsloBors-listed Thin Film (THIN) has finally got around to launching its tin-rattling exercise. But having been promising funding by the end of May (having admitted that it did not have sufficient funds for the year), the last we heard (on 31 May) was that it was in the process of finalizing details of the forthcoming equity issue to secure adequate financing which drew a cynical response from me. Well, the truth is out now…..
A recording glitch. The hot rumour is at 20 minutes, ignore the gap beforehand. Elsewhere, I look at Neil Woodford, Woodford Patient Capital Trust (WPCT), Eve Group (EVE), Xeros (XSG), RM2 (RM2), Hargreaves Lansdown (HL.), BlueJay (JAY), Thomas Cook (TCG) Agronomics (ANIC) and the sodomising of Mail on Sunday reader;s portfolios by prize shit Ben Harrington and at Avereso (ASO).
I see that the spin doctors for Woodford Patient Capital Trust (WPCT) told their poodles in the deadwood press (the FT) to run a fake news article suggesting that vultures were circling looking to bid for the company and its assets. No-one, not even the PR cocksuckers at the Financial Times, believes that for a minute and the shares have slumped again today to 59p, despite, or perhaps in part because of, the weediest of statements from WPCT.
The first article where we warned about Neil Woodford was in 2015. By 2017 our coverage was detailed and on an industrial scale taking aparty every aspect of the Woodford empire. As Bloomberg stated yesterday, we at ShareProphets, were first. The deadwood press, including the Sunday Times just blew the great man off. But today we learn , as you can see below, that it was a Sunday Times investigation on March 3 2019 that FIRST exposed what was going on. FAKE NEWS!!!!
With Neil Woodford’s fall from grace following the gating of his equity income fund – which came as no surprise to readers of ShareProphets following our intensive coverage of the last two years. Actually, our first piece discussing Woodford’s woes was way back on 14 April 2015. Take that, the Sunday Times, which is claiming credit for bringing down Neil Woodford because of a piece in March of this year. But now, already, there are calls for changes to the regulatory environment - new rules, new hoops to jump through to prevent this happening all over again.
So, did my plan to zoom this column to the Top of the Pops by putting in a pandering Bitcoin infographic work? No, it did not.
I start this podcast with a look at some of the shite press coverage of the Woodford scandal today, notably Patrick Hosking in The Times and the Daily Mail. Then it is onto what ios the end game for Neil personally: jail? insolvency of WIM? A lifetime ban from financial services? Another OBE and more tea with his pal David Cameron? Finally I look at Woodford Patient Capital Trust (WPCT) and reach out to fellow shareholders. I wish to call an EGM to sack the board and explain why. can you help me?
As usual with the Woodford fiasco, the regulators step in after the damage has been done. The FCA will be all over it now but were conspicuous by their absence while the warning signs flashed. There is at least something that it could still do to protect the private investor from further damage (I am getting tired of warning people against taking a punt on Woodford Patient Capital Trust (WPCT) to avail themselves of the juicy 30% discount to the daily published NAV)…
Yesterday I showed that redemptions at Woodford Income Focus Fund (IFF) had been 6% the previous day. This morning it is down again sharply – and so is Woodford Equity Income Fund (EIF) despite the gates being firmly shut.
I have flagged up repeatedly that one almighty headache for Neil Woodford is that NEX lobster pot listed joke company Proton Partners International (PPI) has a legally binding right to demand up to £70 million in equity investment from Nei Woodford’s funds. Given that its shares have traded once in the 3 and a half months since its scandalous IPO this is a real nightmare. At 5PM today we learned Proton has called Woodford for £25 million…questions, questions…
Well, the Income Focus Fund hasn’t been suspended yet and nobody’s sacked him today. Ooops TW Correction, it has just em erged that the mandate to manage the £330 million Omnis Fund has been terminated by Openwork. Woodford is utterly toxic. So, as Nigel was saying, until late this afternoon no-one had sacked Neil Woodford so that counts as a good day....
In short it all depends on the greed of Neil Woodford himself. Let me explain.
If Monday’s events which saw Kent County Council ask for its money back, which forced the suspension of Neil Woodford’s Equity Income Fund was not bad enough, he has just learnt that St James’ Place has sacked him (oops, there goes a £3.5 billion mandate). Oh, and his best mates over at Hargreaves Lansdown have issued a statement about Woodford’s Income Focus Fund….
Susan Searle, the fragrant chairwoman of Woodford Patient Capital Trust (WPCT), where I am a loyal owner of 10 shares, has yet to respond to my polite letter demanding she suspend the shares, fire Neil Woodford and undertake a strategic review. But events now force me to write again in light of Woodford’s incoherent video of earlier. That suggests WPCT now faces a full blown crisis. The letter follows:
As you may recall I invested £8 to become a loyal shareholder in the Woodford Patient Capital Trust (WPCT) and attended its AGM on May 16 to give Neil Woodford a right duffing up. Woodford misled that meeting and for that, as well as gross incompetence, he should be fired at once. I have written to our great leader, chair Susan Searle with calls for immediate action. The letter is below:
The deadwood press was fawning as a pack over Neil Woodford until relatively recently. For a long time myself and other other writers here, notably Cynical Bear and Nigel Somerville, were lone voices in the wilderness though our analysis was spot on. But in recent times Neil has lost most of his makes but some still stayed loyal.
It never rains when it pours, so the saying goes, and for Neil Woodford it must feel like an extended monsoon period at the moment. With his flagship equity income fund struggling against redemptions and poor stock-picks to leave it with two classes of accumulation unit now below the issue price (of five years ago, when everything else has gone up) now it is the turn of Woodford Patient Capital Trust (WPCT) to take a bow.
Another day, another round of redemptions. This morning we learn that Neil Woodford’s flagship Equity Income fund has now dropped to £3.75 billion and two of the four accumulation units are now below the £1 issue price of five years ago. Meanwhile shares in Woodford Patient Capital (WPCT) closed yesterday at 77.8p, as against the launch price of 100p about four years ago and last seen are down again this morning to 75.6p, and the newest arrival, the Income Focus fund has seen its accumulation shares drop by around 17% since launch. Desperate times, but fear not: according to this morning’s Daily Telegraph, Neil has a plan.
At the AGM of the Woodford Patient Capital Trust (WPCT) which I attended, Neil Woodford insisted that his teetering fund management empire was suffering because of inaccurate media reporting and he singled out one journalist, my good self, in this respect. One of the things Neil reckons I have made up is that the FCA is monitoring his very serious liquidity crisis.
Firstly a few words on Woodlarks. Your generosity has secured its funding for another year. So thanks to all who supported the rogue bloggers. Photos of myself and other old codgers crossing the line are HERE. If you have yet to donate we need just £690 more to hit £50,000 so please donate HERE. Then it is onto Woodford and taking out the spin of the stories in today's Sunday Times it looks really grim and I explain why it could be end game by early July and also why I think we loyal Woodford Patient Capital Trust (WPCT) shareholders were misled at the recent AGM.
So much for Woodford’s problems being the nasty press! Only this week, Neil Woodford was complaining bitterly about all these nasty hacks out to destroy his reputation at the Woodford Patient Capital Trust (WPCT) AGM which our very own Tom Winnifrith attended. But MorningStar is a different kettle of fish and its analyst has put up a new report on Woodford’s Equity Income Fund (EIF) which is, quite simply, devastating. In the light of the new report, I would suggest that even the most sycophantic IFA cannot recommend to its clients that they leave cash in this fund. Prepare for an even greater tsunami of redemptions.
Today's bearcast is a full report on the AGM of Neil Woodford's Woodford Patient Capital Trust (WPCT) which I'd score as a win for me against the great fund manager and his chairman Susan Searle. I did manage to get Cheryl Cole into the debate and I did ask Neil woodford to donate to rogue bloggers for Woodlarks, as you can do here,, but I also took the board to task on a number of other matters and managed to get Neil pretty riled. Happy days.
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.
The £2 billion valuation of Benevolent AI flatters the NAV of Woodford Patient Capital Trust (WPCT), whose AGM I shall be attending this morning, and has - on its own - earned Neil Woodford c£2 million pa in management fees as a result of the EIF Holding. We have covered this Theranos in waiting many times HERE. But what is the scientific view?
At 10.30 AM tomorrow I shall be in the City of Lost Causes for the AGM of Neil Woodford’s investment trust dog Woodford Patient Capital Trust (WPCT) where, as the loyal owner of 10 shares, I have a few questions for Britain’s most conceited fund manager.
Disruptive tech banking play Atom Bank has dealt Neil Woodford another headache to add to his migraine-inducing in-tray. ShareProphets reported HERE that major Spanish investor BBVA, which had taken a large stake in Atom Bank, had missed the deadline to take up its option to buy the bank out and now, according to Sky News, Atom plans to raise more cash – cash Neil Woodford hasn’t got.
As discussed by Citywire, Hargreaves Lansdown’s clients have been voting with their feet on Neil Woodford, despite HL maintaining Woodford’s favoured status as part of its Wealth 50 and buying more for its own house funds. In fact, Citywire goes on to report that HL now holds so much Woodford Equity Income between its house funds and client accounts it is classed as a related party. On Thursday HL produced another Woodford-supportive note and the ShareProphets Translation Service gives its view (original in bold).
I start with missing cat news - it is mixed. Then I look at Optibiotix (OPTI) answering reader questions on gross margins, Management Resource Solutions (MRS), Bidstack (BIDS) Metro Bank (MTRO), BCA Marketplace (BCA), Alien Metals (UFO), Bould Opportunities (BOU), and an apology on Woodford Patient Capital Trust (WPCT). Now, to the 80% of Bearcast listeners yet to do the decent thing, please donate HERE. We are now at 38% of our target so all donations welcome as young Steve Moore says he may join the rogue bloggers.
In today's bearcast I cover Optibiotix (OPTI), Vela (VELA), Woodford Patient Capital trust (WPCT), Ascent Resources (AST), Mosman Oil & Gas (MSMN), Management Resource Solutions (MRS), Bidstack (BIDS) and Optiva/Novum and a hot City rumour. Also I have a message for 90% of listeners - please be a hero today, my 21 mile training walk for this weekend has been planned so donate to Rogue Bloggers for Woodlarks HERE
I start by talking you through yesterday's Odd One Out contest explaining the schoolboy error made by Nigel Somerville and others. I look at the Autolus news in relation to Woodford Patient Capital Trust (WPCT) where as a loyal shareholder I shall be attending the May 15 AGM in Oxford with a few questions for Neil "nomates" Woodford. I flag up a shocking little episode at Clear Leisure (CLP) which should make you worry about Octagonal (OCT) and Inspirit (INSP) given that their FD is disgraced Niliesh Jagatia then discuss Management Resource Solutions (MRS) and finally, in detail, Toople (TOOP). Tomorrow I really will read out a Woodlarks heros roll call. Please join that list ahead of then HERE
Happy Birthday Dad. I hope that you enjoy your "medicinal" apple based gift. I am about ten days from moving house and have just completed a mail relocation form so I shall get my postal vote for the Euros forwarded. I dislike many of the creeps who surround Nigel Farage but his Brexit party has my vote in the bag and I explain why. I look at Management Resource Solutions (MRS) as another red flag emerges for this insolvent piece of crap. I cover Westminster Group (WSG) run by loathsome swine Tony Baldry, Audioboom (BOOM), Woodford Patient Capital Trust (WPCT) and his other dogs and Purplebricks (PURP) in a Joshua interrupted podcast.
This morning saw Woodford Patient Capital (WPCT) release its annual results for 2018. The key points seem impressive: an increase in NAV per share from 91.33p to 97.61p, more disruption tomorrow (along with the disruptive jam) and running costs are just 0.2% (only because the management bonus is triggered at 10% per year and so far NAV has declined). But they say follow the money ….. what about the cash?
Two high profile sinners repenteth and the writing is now very firmly on the wall for Purplebricks (PURP) as it starts a year when it will almost certainly run out of money. The sinners: broker Berenberg and Britains's most conceited fund manager Neil Woodford.
Citywire yesterday published an article which stated that Neil Woodford has listed four previously unlisted investments held by Woodford Equity Income Fund on the International Stock Exchange in….er….Guernsey. Surely even Guernsey’s own residents would agree that this is not exactly the London Stock Exchange! But the odd thing is that Woodford himself seems to have been a tad reticent on the matter – I don’t see any headline proclaiming great success in gaining a listing in Guernsey from Neil Woodford! Why might that be? And that appears to be the nub of the issue.
The threat of a photo of Dan Levi's Y Fronts post sore bottom training walk remains, so please donate to Rogue Bloggers for Woodlarks HERE. In today's podcast I look at Condor Gold (CNR), the struggling explorer backed so heavily by my good friend Jim Mellon. It looks to be in real trouble. Then good news for Neil Woodford. As of today I am a loyal shareholder in his Patient Capital Trust (WPCT) and looking forward to the AGM greatly. I have a favour to ask of bearcast listeners living close to Oxford who fancy a day out in the City of Lost Causes in late May or early June.
I still see the occasional after-hours RNS which, were I a shareholder in the company concerned, would make my blood boil. Yesterday a release from AIM-listed Woodford Dog Netscientific (NSCI) at 4.42pm on a Friday evening ticked all the boxes.
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.
Oh dear, oh dear, oh dear. Just when Neil Woodford might have thought it couldn’t get any worse (at least for a day or two), up pops fully-listed Kier Group (KIE) – whose rights issue refinancing saw the humiliation of being bailed out by the underwriters last December - which seems to have found an extra £50 million of debt since its trading statement of just seven weeks ago……and capped that with the announcement of a £25 million provision with regard to a redevelopment project at Broadmoor Hospital. As I write, the shares are at session lows of 412p a drop of 85p, or 17%. Neil sure can pick’em.
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!!...
I suggest listening to my Neil Woodford scandal bonus bearcast first HERE but I have another bone to pick with Susan Searle, the chairman of Woodford Patient Capital Trust (WPCT) on how she has screwed investirs today. Then I look nat Red Emperor (RMP), 88 Energy (88E), Pantheon Resources (PANR) and at Cabot Energy (CAB). Finally a look at the latest woes at Revolution Bars (RBG) - you really would have thought that Britain's thirstiest share blogger would have nailed this as his specialist subject but it appears not. If you enjoyed this podcast please support the EIGHT rogue bloggers for Woodlarks with a small donation HERE
It is almost possible to feel sorry for Neil Woodford. Al three of his funds are overdrawn, performance has been dire and those nasty people at ShareProphets keep on poking fun at Britain’s most successful fund manager. And to cap it all it looks as though the FCA has been on his back too. And today dear old Neil has started a big swap of unquoted Woodford Dog paper for…..er….Woodford Dog paper in the form of WPCT.
Today we have news of a shocking transfer of unquoted crap from Woodford's flagship Equity Income Fund to Woodford Patient Capital Trust (WPCT). It may keep the FCA at bay on one point for a while but it is a joke that only serves to create fresh problems. And the RNS is misleading to boot on the issue of cash. Or lack of it. As I noted yesterday, the FCA would not tolerate this nonsense from any other fund manager but its pressure is forcing Nomates to act in an increasingly desperate manner. If you enjoyed this podcast please support the EIGHT rogue bloggers for Woodlarks with a small donation HERE
Eight days ago Neil Woodford’s PR spinners told their gophers in the lacky corrupt deadwood press, aka Peter Evans and Sabah Meddings of the Sunday Times to write a big puff piece about how Neil Woodford’ backed Proton Partners was planning to raise £50 million and list on the NEX lobster pot. It has not taken long for that fake news to be exposed, as no investors other than Woodford himself have been prepared to back this IPO – something revealed in the prospectus out today.
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.
Noting that one of Neil Woodford’s earliest investments for Woodford Patient Capital Trust (WPCT), Verseon (VSN) – trading on AIM but a US biotech outfit in the disruptive space (natch) – appears to be headed for trouble I commented that at least the company has the services of the good Xavier Rolet (yes, the former LSE boss!) on the board. So all’s well! Well, it was until this morning! Oh dear….
I start with a detailed look at Neil Woodford's debt crisis at his Patient Capital Trust (WPCT) as exposed by Nigel earlier and explain what happens next. Then prompted by my Blue Jay (JAY) article I look, using various case stiudies, at how a CEO on AIM gives you a clear steer that he is not going to do a placing when he is going to do exactly that.
An appertion came to me last night: it was the ghost of Cynical Bear, calculator in hand, telling me that the level of borrowing at WPCT has become a major problem for Neil-knows-best Woodford. And indeed it is: as at the end of December Gross Assets (ie before bank borrowings) stood at £969 million, according to Woodford. With net assets of 97.61p per share and 827 million shares that works out at net assets of £807 million and that means borrowing of a whopping £162 million, or 19.6% of NAV. Yikes!
A note from the celebrated Cynical Bear last night got me looking into one of the very first investments made by Neil Woodford for the Woodford Patient Capital Trust (WPCT) – that of AIM-listed Verseon (VSN). Dum dum-dy dum, dum dum-dy dum, you’ll see the Red Flags flying here……Surely this shows all that is wrong with Woodford!
The new KID, or Key Information Document, for Woodford Patient Capital Trust (WPCT) arrived in my inbox this morning. This is an FCA regulated document, and supposedly gives you an idea of the potential returns under various scenarios. It also tells us that it is categorised as number 4 on the risk indicator (up from 3 last time). So let’s see what we might make if we hold the fund for the minimum recommended term.
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.
In October 2016 Neil Woodford’s Patient Capital Trust (WPCT) spunked £12.281 million with an investment into unquoted cash guzzler Amo Pharma. Amo has belatedly filed its calendar 2017 accounts and it looks grim. Suffice to say Britain’s most conceited fund manager is the sole institutional backer.
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)?
And so having seen the announcement that Immunocore had signed a deal with deal with Genetech worth $100 million, having reported the good news for Neil Woodford who could breathe a sigh of relief that he could keep his wallet (full of other people’s money) I commented Still, I’m sure the $100 million will come in useful – might we now see publication of Immunocore’s FY17 results at Companies House? After all, it should have got its results in for FY17 by the end of September. One has to wonder whether the cash will be needed to get a Going Concern all-clear from the auditor
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…..
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!
Privately held Immunocore, which forms part of the Neil Woodford estate, has announced some good news: it has signed a deal with Genetech, part of Roche Group, for the development of Immunocore’s IMC-C103C drug aimed at targeting the MAGE-A4 protein (Melanoma-Associated Antigen A4). The really good news is that Genetech is to hand over $100 million in upfront and near-term milestone payments, and upon establishing proof-of-concept there is an option to co-develop the treatment or license the treatment to Genetech for royalty and milestone payments. Needless to say, Woodford Patient Capital Trust (WPCT) rushed out a statement too...
In today's podcast I look again at yellow journalism re Woodford Patient Capital Trust (WPCT) as covered HERE and the MySquar (MYSQ) fraud. The corrupt deadwood press is part of the problem not the solution. I cover the latest news from MySquar in case I don't have time for a dedicated article. Today is a Joshua day but I hope to write as he takes a nap. I also look at Mirriad (MIRI), Mosman Oil & Gas (MSMN) anmd Haydale Graphene (HAYD) whose news today means that Nigel Somerville will have enjoyed ouzo on his breakflast cornflakes.
The PR machine of Neil Woodford got its pliant servants at the Daily Mail and elsewhere in the corrupt deadwood press to make great play about how the Woodford Patient Capital Trust (WPCT) was about to go into the FTSE 250 Index so meaning that Index funds would have to buy the shares so the share price would go up. Uh Oh! Late last night came an announcement from the LSE:
Over the past two years one salient feature of the Neil Woodford car crash is that every couple of months the Daily Mail or Mail on Sunday, which were the biggest cheer-leaders for Nomates when he set up Woodford Investment Management, runs an article saying “it’s bad but will get better, average down.” The trouble is that the Mail thesis is based on one big lie. At the weekend it was veteran Personal Finance hack Jeff Prestridge who landed an exclusive interview, i.e a blow job for Neil.
Woodford Patient Capital Trust (WPCT) held, as at 30 September, 4.95% of its gross funds in unlisted healthcare stock Immumocore. I say gross funds because WPCT has taken on rather a lot of debt over the last while – presumably because Woodford ran out of cash and still had too many hungry mouths to feed. If the entire portfolio goes a load higher then of course being leveraged is a good thing. Unfortunately, it is a bad thing if the portfolio keeps of falling in value.
Slightly belated update on the end-September portfolio listings this month but the ‘good’ news is that I am no longer fighting this battle alone and a small, parochial rag called The Financial Times has started to pick up on the issues, although they don’t get all the story, natch!
Accounts for private companies such as Immunocore Limited are supposed to be filed at Companies House within nine months and thus, at October 11 2018 I wonder where the accounts for FY17 are for billion dollar unicorn Immunocore. I note on the Woodford Investment website that as at 31 August 2018 this investment accounted for 5.33% of WPCT and 0.75% of the Woodford Equity Income Fund (although I can’t see any income here!) And Woodford’s exposure here isn’t limited to just that, because the Dublin-based Malin Corporation (of which Woodford is the largest shareholder) is also on the shareholder register.
Just when you don’t think that the goings-on at Woodford Patient Capital Trust (WPCT) can get any more surprising, an RNS comes out of nowhere to make everything right in the world, relating to the unloved holding Industrial Heat. It seems that Neil Woodford can bend the laws of physics after all!
Following my piece this morning on Woodford (HERE), I note that Woodford Patient Capital Trust (WPCT) published its interims at the rather odd time of 9.45am today which ruins my competition to some extent. Anyway, there is some good news in there that I am happy to report but it still begs a few questions that I am also happy to ask in my general nit-picking way.
With the end-August portfolio listings coming out yesterday, it is time to update the story and it is not looking any rosier. In fact, quite the reverse. I think matters may be coming to a head here and I reckon Woodford needs a lucky break for once and pretty damn quickly.
Following the poor trading update last week from RM2 International (RM2) that I covered HERE, its interims were issued this morning and are largely as expected but still worth a quick look and it’s time to place your bets as to whether Mr Woodford is going to throw another $17 million in to the pot.
Nice of Tom to set me up for this one today with his preview yesterday (HERE) and, to no-one’s surprise whatsoever, Xeros Technology Group (XSG) published its interims this morning showing continued significant cash-burn and a need for another chunk of dosh from Mr Neil Woodford and his pals.
To emphasise the point about the contrasting investment strategies of Neil Woodford and Terry Smith that I covered earlier today, I thought it appropriate to cover the health-tech AI spoof, BenevolentAI, that has just filed its results for the year to 31 December 2017 at Companies House (HERE). I am still struggling to find any evidence of anything other than a reasonably good concept here.....and it’s meant to be worth $2 billion!
It is hard not to compare these two behemoths of the UK fund management industry. Neil Woodford has (still) a great long-term track record but the recent respective performances of their flagship funds are chalk and cheese and now Terry Smith is looking to encroach on Woodford’s territory further with a small company investment trust too.
Woodford’s month from hell has got off to a strong start with an immediate dog’s dinner of a revenue/profit warning from uber-dog RM2 International (RM2) this morning. Let’s take a closer look and count up all the negatives.
I smiled at yesterday’s announcement from Woodford Patient Capital Trust (WPCT) summarising the “summer of milestones” achieved across the portfolio as I imagine that is just buttering up the audience before the bevy of bad news hits. From my point of view, September is going to be a hellish month for Mr Woodford so welcome to ‘I-Spy Woodford’s September Hell’
There is good news for Woodford Patient Capital Trust (WPCT) in the end-July portfolio listings that came out yesterday, ironically due to a bit of help from the Woodford’s flagship fund, the Equity Income Fund. More interestingly, I think I have finally worked out how the Equity Income Fund is getting round its 10% unquoted stock limits which makes shocking reading if correct.
Turning to my third, and the most recent, quoted constituent of Woodford Patient Capital Trust (WPCT) this weekend, I thought I should give a warm welcome to Sensyne Health (SENS) that joined AIM on Friday at a very nice valuation indeed. It’s good to see that the words ‘healthtech’ and ‘AI’ are able to suck in as much dumb money from the markets these days as the word ‘blockchain’!
Continuing my leisurely weekend stroll through the cash-guzzling listed stocks in Woodford Patient Capital Trust (WPCT), I’ll look at his second Norwegian dog, Thin Film Electronics, as its half year results came out yesterday.
Neil Woodford doesn’t have many quoted stocks in Woodford Patient Capital Trust (WPCT) but I thought I’d look at three classic picks this weekend, two of which I’ve touched on before, the third being a brand new entrant. I’ll start by catching up with the two Norwegian quoted companies in the portfolio – first up, Idex.