Woodford Patient Capital Trust Live Discussion

San_Jaime 19 Dec 2019

Got a few. SUPPT Team got a few this week ;- DIRECTOR DEALINGS: Schroder UK Public Private Trust Team Buy Shares from Alliance News | 18th December 2019 177 (Alliance News) - Schroder UK Public Private Trust PLC said Wednesday that four directors purchased shares on Monday and Tuesday. Jane Tufnell bought 150,000 shares at GBP0.357 each on Monday. Susan Searle bought 100,000 shares at GBP0.358 each in aggregate, also on Monday. Raymond Abbott bought 27,075 shares at GBP0.3675 each on Monday. Scott Brown bought 78,269 shares at GBP0.369 each on Tuesday. Schroder UK Public Private Trust shares closed Wednesday down 2.9% at 35.40 pence. I guess this demonstrates a commitment by the new team to at least reduce the discount to NAV ? SJ

Uncle_Doug 16 Dec 2019

Got a few. and SP up 28% since 25th Nov.

Ripley94 16 Dec 2019

Got a few. WPCT…/ SUPP XXXX Noticed name change to SUPP today . Apparently on Friday 13th lol Woodford Patient Capital Prepares Name Change As Schroders Takes Over from Alliance News | 13th December 2019 14:34 (Alliance News) - Schroder Investment Management Ltd has been appointed manager of Schroder UK Public Private Trust PLC, which was until recently Woodford Patient Capital Trust. The appointment means Woodford Patient Capital will officially be renamed Schroder UK Public Private Trust from the start of trading in London on Monday. Schroder UK Public Private Trust’s Chair Susan Searle commented on Friday: "I am extremely pleased to announce the appointment of Schroders as the company’s portfolio manager. Following a smooth handover, the board is confident the portfolio manager’s expertise in both public and private assets, alongside its deep sector experience, will enable the portfolio to deliver sustainable value and positive long-term shareholder returns. “I have been highly impressed with the Schroders team and their approach, having worked closely with them during the transition. The board and I look forward to keeping shareholders updated as Schroders gets started as our new portfolio manager.” The appointment of Schroders Investment Management was first announced in October, following the departure of star fund manager Neil Woodford. Neil Woodford’s Woodford Investment Management Ltd resigned as portfolio manager of Woodford Patient Capital shortly before that, following the wind up of his flagship LF Woodford Equity Income Fund. At the beginning of June, Neil Woodford took the decision to suspend withdrawals from the equity income fund due to “an increased level of redemptions”, with the fund needing time to “reposition” its portfolio invested in unquoted and less liquid stocks into more liquid investments. In a separate announcement Friday, Schroder UK Public Private Trust said it has extended its existing credit facility to January 15, 2021. The facility has been shrunk to GBP112.9 million, as part of a plan to reduce borrowing. Shares in Schroder UK Public Private Trust were flat on Friday afternoon at a price of 34.31 pence a share. By George Collard; [email protected] Copyright 2019 Alliance News Limited. All Rights Reserved. corporate actionsrestructuringsignificantcontracts & JVsfinancingcompaniesFTSE Main

piw 22 Nov 2019

What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history What went wrong at #Woodford: A forensic investigation of the Woodford Equity Income Fund’s history. This does not relate to the Patient Capital Trust (WPCT), but there are some interesting insights raised, that makes this investigation into the Woodford Equity Income fund here, of interest. Although nothing can be done to reverse events for those holders of the WIEF, it’s important to recognise what investors can learn from the mistakes made, for future successful investing. This is the keynote presentation at Mello London November 2019 by Edward Page Crofts, Founder, Stockopedia. piworld.co.uk What went wrong at Woodford: A forensic investigation of the Woodford Equity... By Edward Page Croft, Founder Stockopedia, speaking at Mello London 2019. Ed uses the research tools offered by Stockopedia to expose the investing themes across th

San_Jaime 24 Oct 2019

Got a few. Ripley - I guess I was ‘Bottom Fishing’ rather than trying to catch the falling knife here. Managed recently to pick up over 7000 for less than 3 grand to add to my initial punt of 1000 at launch. Bought after reminding myself of the objectives of the WPC Fund when launched :- Objective: To achieve long-term capital growth through investing in a diversified portfolio with a focus on UK companies, both quoted and unquoted. The company will aim to deliver a return in excess of 10% p.a. over the longer term. Here’s hoping the SUPPT name change and Manager delivers in the future SJ

San_Jaime 24 Oct 2019

Got a few. GOOD NEWS TODAY ! NS Number : 9846Q Woodford Patient Capital Trust PLC 24 October 2019 24 October 2019 Woodford Patient Capital Trust plc Portfolio Manager Appointment The Board of Woodford Patient Capital Trust plc (the “Company”) is pleased to announce that it has agreed heads of terms to appoint Schroder Investment Management Limited (“Schroders”) as the Company’s portfolio manager. Shortly following the appointment, which is expected by the end of 2019, the Company will be renamed Schroder UK Public Private Trust plc. Schroders intends to manage the portfolio in line with the Company’s existing investment objective and policy. It will bring together its successful and established investment approach across both quoted and unquoted companies to manage the Company for the long-term, in support of positive outcomes for shareholders and British enterprise. Schroders has extensive experience across both public and private markets and has the relevant sector expertise, including across healthcare and technology, and will operate a team-based approach to manage the Company’s portfolio. Schroders’ beliefs are aligned with the Company’s philosophy of identifying and providing access to investment opportunities irrespective of public or private ownership structure. Susan Searle, Chairman, commented: "Following a competitive process, we are delighted to be appointing Schroders as the Company’s portfolio manager. Its careful and considered long-term approach to investment, backed by its substantial research resources in both public and private assets, makes it the natural choice to manage the Company’s portfolio. “I would like to thank our shareholders for their support throughout this process as we have worked to put in place the right portfolio manager against the background of challenging circumstances. Throughout the process, the Board has had a clear focus on achieving an outcome that protects and enhances long-term shareholder value and we believe Schroders is best placed to deliver this. A well-managed handover is underway to protect shareholder value and deliver long-term performance for all shareholders.” The Board has agreed a fee structure which aligns the interests of shareholders with those of the incoming portfolio manager. On appointment, Schroders will not take a management fee for three months; thereafter Schroders will be paid a management fee at the rate of 1.0% per annum on market capitalisation up to £600 million and 0.8% per annum thereafter. There is no performance fee payable until 31 December 2022, at which point Schroders will be eligible to a fee of 15% of any excess returns above a NAV per share of 77p (the latest reported NAV per share is 63.23p as at 22 October 2019). Thereafter, a performance fee of 15% of any performance above a hurdle of 10% of net assets each year will be payable, subject to a high watermark. Further details will be announced following Schroders’ formal appointment. This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014. This mornings rise brings the WPCT share price up to my average price paid for the three ‘falling knife’ deals recently executed when the NAV discount was appealing for risk takers like me ! Now onwards and upwards to my very reasonable average price given that I bought a few at £1 at launch. SJ

Ripley94 22 Oct 2019

Got a few. WPCT… XXXX Panorama program on him last night , great positive exposure for Winnifrth … ( ex fund manager they claimed !! ) Pot kettle black lol . Ended with bad exposure of different fund manager connected to HUM .

Ripley94 20 Oct 2019

Got a few. Of all the many questions that investors might ask of Woodford, one of the most pertinent must surely be this: why? Why did the now closed Equity Income Fund include so many companies that provided no income? After last week’s decision to wind up the fund, the Woodford website has removed all mention of the companies that he invested in – but we have the names of every listed firm where he held a stake of more than 5 per cent. Over half of them do not pay dividends and therefore provide no regular income. Most of the non-dividend payers are biotech businesses, with little chance of returning cash to shareholders for years. They may be excellent companies but, right now, they are loss-making and fall into the ‘jam tomorrow’ camp. Crash course: Shares have risen in Redde, which helps motorists who have been involved in an accident +3 Crash course: Shares have risen in Redde, which helps motorists who have been involved in an accident These firms have been hit hard since the Equity Income Fund was suspended in June. Companies such as Tissue Regenix, Synairgen, Arix Bioscience and Hvivo have fallen more than 20 per cent over the past four months. They may continue to suffer as the managers now in charge of Woodford’s portfolio try to sell them off and return cash to shareholders. RELATED ARTICLES Previous 1 Next INVESTMENT EXTRA: It’s shaken many investors to their core… Will investors benefit from Woodford being axed and what… Hargreaves Landsdown quizzed by watchdog over its role in… ALEX BRUMMER: Woodford’s demise shows why regulators and… SHARE THIS ARTICLE Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) DIY investing Isa It would take a brave investor to buy any of these small healthcare stocks while this process is ongoing. For existing shareholders in the individual firms, however, this is not a good time to sell. The prices today are more reflective of the Woodford effect than the businesses’ underlying mettle and that effect could linger for months. Ultimately some prices may rebound, particularly if the underlying businesses are sound. Tissue Regenix and Hvivo, for example, do pioneering work. They are high-risk – and completely inappropriate for an income fund – but may deliver long-term capital growth. And, while far too many Woodford investments are biotech stocks, some are made of very different stuff. They are solid, profitable and dividend-paying firms and their shares should prove resilient to Woodford-itis. What next for Woodford investors as the fund shuts? Loaded: 0%Progress: 0%00 Previous Play Skip Mute Current Time 00 / Duration Time 8:22 Fullscreen Need Text Redde Redde makes life easier for motorists when they are involved in road accidents. Woodford probably thought the firm would make life easier for him too – his fund owned 28 per cent of it in June and still has a near 20 per cent holding. Remarkably, however, the stock has risen over that period, climbing from around 95p to £1.14. Looking ahead, there is considerably more mileage in the shares. Redde CEO Martin Ward makes most of his money from providing drivers with replacement cars and repair services when their vehicle is damaged in a collision. Redde makes life easier for motorists when they are involved in road accidents. Woodford probably thought the firm would make life easier for him tooThe group has contracts with several large insurers and dealerships so, when customers ring up to say they have had an accident, they will be referred straight to Redde. Backing: Redde makes life easier for motorists when they are involved in road accidents. Woodford probably thought the firm would make life easier for him too +3 Backing: Redde makes life easier for motorists when they are involved in road accidents. Woodford probably thought the firm would make life easier for him too The business has a fleet of more than 10,000 cars and prides itself on top-notch service, providing replacement vehicles from standard hatchbacks to luxury convertibles to ice-cream vans. Redde also works with a network of garages to ensure that repairs are completed quickly and efficiently and it manages claims for insurance firms. Ward works with big companies too, handling damaged fleet cars or vans. And there is a legal division, that covers motor injuries, employer liability and negligence claims. This division works on behalf of insurers but it has some large public-sector customers too, such as the Royal College of Nursing and the British Medical Association. The company used to be known as Helphire but was renamed and restructured by Ward and his team back in 2013. Ward did not just put the business back on its feet, he changed the dividend policy so that virtually all the profits are paid out as dividends. In the year to 30 June, Redde paid a dividend of 11.65p, putting the stock on a yield of more than 10 per cent. In most cases, such a high yield rings alarm bells with canny investors but Redde is slightly different because the generous payments are part of a deliberate policy and the board is committed to making sure that there is sufficient cash left in the business for its needs. Redde had a difficult time earlier this year, when it lost a contract with a large insurer and the stock halved from £1.80 to 90p. Other contracts have been won since but these have not been fully reflected in the share price. This presents an opportunity for investors. MIDAS VERDICT: Redde is linked to the Latin word restoration, helping drivers to get back to normal. With the stock at £1.14, the word is relevant to investors as well. Redde is a strong business with an attractive dividend and the shares should move higher. The Woodford stake is large but big investors have been expressing an interest in the stock so the holding should be sold off relatively smoothly. Payments firm could produce more cash Favourite: PayPoint was a Woodford favourite, so he owned around 15 per cent of the company when the Equity Income Fund was suspended +3 Favourite: PayPoint was a Woodford favourite, so he owned around 15 per cent of the company when the Equity Income Fund was suspended Paypoint has had a tough few months. The company provides essential services for convenience stores, such as gadgets for cashless payments and high-tech tills. PayPoint has contracts with big online retailers too, so consumers can go to their local corner shop and collect parcels from the likes of Amazon or eBay. Customers can also pay utility bills using PayPoint kit and top up mobile phones. PayPoint was a Woodford favourite, so he owned around 15 per cent of the company when the Equity Income Fund was suspended. Some of that has been sold but the fund is still a near 10 per cent shareholder. In July, the group lost a contract with British Gas, which decided to cut costs and offer customers a less comprehensive service. The move will not have a huge effect on revenues but it unnerved investors. And last month, chairman Nick Wiles announced that his chief executive was unwell and will probably be off until at least Christmas. The three events have seen PayPoint shares fall almost 17 per cent from a shade below £11 to £9.05. At this price, they are a bargain. PayPoint operates in around 28,000 stores, including McColl’s, Nisa and thousands of smaller independents. This section of the market is growing and PayPoint is uniquely placed to benefit, as more than 90 per cent of the UK population lives within a mile of its services. Group sales are rising and the firm pays a chunky dividend, 82.9p last year, with almost 84p pencilled in for 2020. MIDAS VERDICT: PayPoint shares have been caught up in the Woodford debacle but, at £9.05, the stock is too cheap. Shops are buying more PayPoint services, the parcels division is expanding fast and the shares are now on a 9 per cent yield. Whatever happens as the Woodford stake is sold off, the stock has long-term potential.

Ripley94 16 Oct 2019

Got a few. WPCT… XXXX Is it good news…San_Jaime I could of topped up a lot cheaper if i had waited i see 28.95p early. Will anyone new be as Patient … that was the plan . I hope they do not sell off at cheap prices. Life can change quickly he was talked about as the “English Buffet” . He has a lot in himself guess he will sell .

San_Jaime 15 Oct 2019

Got a few. Woodford is OUT OF HERE ! RNS Number : 9943P Woodford Patient Capital Trust PLC 15 October 2019 15 October 2019 Woodford Patient Capital Trust plc Portfolio Manager The Board of Woodford Patient Capital Trust plc (the “Company” or “WPCT”) announces that, in light of recent events, Woodford Investment Management Limited (“WIM”) has today served notice of termination in relation to its role as Portfolio Manager. During its three-month notice period, WIM has committed to work collaboratively with the Board and its advisers throughout this transition period in order to protect the interests of shareholders. The Board is in advanced discussions in relation to the ongoing management of the Company’s portfolio and expects to be in a position to announce details of the new management arrangements shortly. This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014. -Ends- WILL WE NOW SEE A BOUNCE IN THE SHARE PRICE ??? SJ

Uncle_Doug 15 Oct 2019

Got a few. Loads of idiots selling at way below fair value IMO. These will get a boost once they get rid of Woodford and the toxicity associated with his name. Trouble is the fund is being a forced seller at low prices because of so many redemptions, so it’s a vicious circle at the moment. Good luck with your BUYS guys - you’re braver than me … or just plain mad.

San_Jaime 15 Oct 2019

Got a few. Ripley94 – Are we both going mad. Just before close I bought yet a few more at 34.74 to bring my average down to a realistic discount to the NAV. Why ? because surely the WPCT current price discount to NAV of over 43% has not been seen in by me in any investment trust I have been in . I think the worst case I have seen was around the 25% figure. Also today’s market sentiment drop here is due to the demise of the WEIF. If the current NAV of around 65p is a genuine valuation then a worst case 25% discount gives a price in the upper 40’s - say 48p. Like you I hope I am not going mad to get my average down today to less than a 25% discount. Definitely my last catch of the falling knife here (Insert Crying Emoji) ? Bye Bye Woodford here soon & Good Luck Ripley… SJ

Ripley94 15 Oct 2019

Got a few. I hope your correct San_Jaime… i think patience is a key. Unfortunate i have followed him into a few that have gone bust Sphere and Halo to name two . Worry is they might not give him time ?

Ripley94 15 Oct 2019

Got a few. WPCT… XXXXX Dropped 8% to new lows today on news WEIF is being wound up. Neil Woodford’s Equity Income Fund, which has locked in investors’ money since June, will never reopen after it was revealed today that it will be wound up. Link Fund Solutions, which runs the administration of the fund on Woodford’s behalf, said, ‘this is with a view to returning cash to investors at the earliest opportunity.’ Woodford himself has reportedly said that he disagrees with the decision, but the fallen star manager has no choice in the matter and his name will be wiped off his flagship fund. So what does this mean for the thousands of small investors with savings locked in the fund and how much of their money will they get back? Woodford’s Equity Income Fund has sunk a further 17% since investors were locked in at the start of June - with its price falling from 100p on 31 May 2019, to 83p on Friday 11 October 2019 +2 Woodford’s Equity Income Fund has sunk a further 17% since investors were locked in at the start of June - with its price falling from 100p on 31 May 2019, to 83p on Friday 11 October 2019 What has happened to Woodford’s fund today? Neil Woodford has been ousted from his own fund, which has effectively imploded. He has struggled to restructure the fund since locking it down in the summer, and the firm that administrates it, Link, appears to have lost faith that he could reopen it before the end of the year as planned. One of the biggest issues is that while the fund has been closed to protect investors, it has continued to lose money. Woodford Equity Income investors are down about 17 per cent on where they stood at the end of May, the last day that they could withdraw money. Over the same period the FTSE All Share is up 1.7 per cent. Link said today that while progress has been made in repositioning assets while it was suspended ‘unfortunately this has not been sufficient to keep the fund on track to re-open in December’. It admits that it considered other options, like prolonging the suspension, appointing another manager or merging the fund with another one, but says it concluded these would either not be in the best interests of investors or are not viable. Instead, BlackRock has been appointed as transition manager in preparation for the winding up of the fund, in the belief that will ‘achieve a better outcome for investors’. BlackRock will seek to sell assets, and return part of investors’ cash as soon as possible once the winding up process begins. Meanwhile, specialist broker PJT Partners will assist in selling unquoted and less liquid assets.

San_Jaime 11 Oct 2019

Got a few. WPCT NAV = 64.9 on 11/10/19 so I took my last catch of the falling knife and picked up a few more at the bargain price of 36.5 on a wet Friday afternoon. The Daily Mail Financial Team seem to intensely dislike Woodford and take every opportunity to discredit all Funds he is connected to. But surely the NAV calculation should be in the right ballpark to endorse my thoughts that I got a bargain here today ? Also - Yes I do have patience ! SJ