We had the news that disgraced disabled-parking-space abuser Neil Woodford was setting up in Jersey earlier this year but that seems to have come to nothing (I can’t think why…..) Now, according to the Sunday Times, he plans to set up in the Caymen Islands and Delaware.
The sale of a bunch of biotech assets by Link from the Neil Woodford portfolio which used to be known at his Equity Income fund has received criticism as the buyer immediately offloaded some of it at a massive profit. Surely that means those assets were sold too cheaply……or does it?
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.
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.
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.
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...
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.
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.....
