Tom Winnifrith Bearcast: Woodford and another £10m down the Proton Partners pan - a new valuation scandal
Published 9 days ago
Induction Healthcare is coming to the AIM market in only the third IPO of the year on AIM. That kind of tells you now ain’t a great time, but leaving that aside, Neil Woodford has signed up for IPO shares (with no previous investment) in a company which seems to be a very long way from profitability. So is it his Equity Income Fund buying a company with no income? Maybe it is his Income Focus fund – although no matter how hard I focus, I still can’t see any dividends. Or perhaps it is Woodford Patient Capital (which has no cash)? I’ve no idea.
Published 35 days ago
Andrew Davies narrowly missed out on what surely would have been the corporate hospital pass of the decade – last year he was announced as the new CEO of Carillion, but it went bust before he got his feet under the desk. Now he comes in as the new CEO of Kier (KIE) and despite the rights offer of last December, his first move is a strategic review.
Published 38 days ago
No doubt Neil Woodford will be delighted that his good friends at Crystal Amber think they can realise the equivalent of 123p a share from Allied Minds (ALM). No matter it is a loss, it will be cash in the bank – much needed – IF Crystal gets control and IF the assets are worth what they think and IF they manage to sell them. Meanwhile, dear old Neil – having yet again spunked more other people’s money on Kier (KIE) which promptly fell to a new low - is now faced with a cash-call from Autolus (Nasdaq: AUTL). What will he do?
Published 41 days ago
Tom Winnifrith noted in yesterday’s Bearcast that Neil Woodford had once again been selling liquid dividend payers in order to meet redemptions and so that Neil can prove the market wrong (reference Keir – which slid alarmingly again today). In this case it was New River REIT (NRR), where he appears to have sold a large chunk of his holding to his old mates over at Invesco last Tuesday.
Published 95 days ago
Another bad day at the office for Neil Woodford as this morning he is mourning the loss not only of Halosource (HAL) – whose revolutionary water was not good enough to put out the insolvency fire – and Utilitywise (UTW) which called in the administrators as announced at no-one-is-watching o’clock last night (6.20pm) and confirmed this morning. Clearly Utilitywise couldn’t provide the water either.
Published 116 days ago
AIM-listed Eve Sleep (EVE) is another Neil Woodford disaster story – this time in the world of mattresses. Naturally, it is going to disrupt the world of bedding, a world obviously in need of revolution. Not!
Published 467 days ago
One wonders what Neil Woodford has been doing in the face of Cynical Bear’s onslaught against his funds. Reading Cynical’s pieces, it is clear that the Woodford house was edging ever closer to disaster. Now it seems that the effluent is indeed in collision with the air conditioning: we’ve had disasters at Purplebricks (PURP) and Capita (CPI), and there’s a stockmarket correction (at least we hope that’s all it is) underway. Oh, and we have numbers from the AA on Thursday – hardly the ideal time to take a hatchet to its dividend! So what has Mr Woodford been up to? Well, why change a winning formula!