Woodford joke Proton Partners announces GM to change to a plc, but is the end nigh for Neil?

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...

Neil Woodford – a load of excuses tosh as he dumps WPCT. How long until he is fired?

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.

Woodford Patient Capital Trust (#WPCT) – Neil sells 1.75m shares, leaving him with 1,251,532 (0.14%), he reckons “in order to meet personal financial obligations, including a tax liability”

Woodford Patient Capital Trust (#WPCT) – “to engage with a broader range of third-party managers in order to undertake a full assessment of all potential management options”

Neil Woodford’s WPCT and Equity Income Fund – about that transfer of Atom Bank & the missing links

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.

Are the wheels about to come off Neil Woodford’s Proton Partners valuation?

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….

Woodford Patient Capital – scary stuff: why the NAV is completely illusory, the hard maths

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.

Woodford Patient Capital Trust: Don’t be Fooled by 'the Discount to NAV' - sell

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...

Neil Woodford’s Patient Capital updates….Oh Dear, this is bad news for everyone!

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.

#WPCT – updates including “intends to reduce gearing” & appointment of new Chair of Audit, Risk and Valuation Committee – good luck Stephen Cohen!

WPCT Is inside overdraft limit but only just - PR confirms

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.

WPCT – May month-end numbers a shocker as Neil appears to bust the overdraft limit

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.

Neil Woodfjord (Geddit?) dog Thin Film launches fundraise seemingly without Woodford. Uh-Oh…..

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…..

Woodford Patient Capital Trust – the most pathetic of statements, shares slide again

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.

Woodford Patient Capital Trust (#WPCT) – board argues it’s “closely monitoring the situation” but also that it “is pleased with the operational progress of its portfolio companies”!!!

Woodford Patient Capital Trust: A Happening Accident – Sell at 63p, this could be a zero

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)…

Can Neil Woodford avoid being sacked again today? Er….what of WPCT?

Sorry Neil. It was an attack of commentator’s curse so it is all my fault that you were sacked after-hours yesterday by Openwork from your job managing the Omnis fund. Obviously it was nothing to do with you. The question now is can you avoid getting the tickety-tack today. With no more external funds to be sacked from, having lost your jobs with St James’ Place and Openwork….oh, and Quilter a few weeks back, you might be feeling a little more confident on that score today.

An Open Letter to Susan Searle at WPCT No 2 – Neil Woodford must be fired now to save our company

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:

Letter to WPCT Chair Susan Searle – suspend the shares, fire Neil Woodford for misleading us at AGM & strategic review asap

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:

Who made the worst Neil Woodford call? Egg on Face Contest

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.