Looking back this was madness i wonder if the prefrence holders will get anything they had a coupon of 8% so at least they got those payouts back.
Woodford hit by collapse of Sphere Medical as funding dries up By Daniel Grote 26 Sep, 2019 3 Comments Embattled fund manager Neil Woodford has been hit by the collapse of Sphere Medical, his first-ever investment in the Woodford Patient Capital (WPCT) investment trust, less than three months after he provided fresh funding to the business. The troubled diagnostics firm appointed KPMG as administrators on Tuesday after running out of funding. Woodford has ploughed an estimated £17 million into the business since first investing in 2015 at the launch of his Patient Capital investment trust. The stock is also held in his suspended Woodford Equity Income fund, though the position is negligible and was valued at just £25,000 at the end of June. ADVERTISING inRead invented by Teads Woodford Patient Capital and the Omnis Income & Growth fund Woodford ran for financial advice group Openwork have provided the most recent sources of funding for the business. Both funds supported a £5 million fundraise by the business in 2017, when Sphere warned it needed an immediate cash injection in order to survive. Patient Capital invested £3 million and the Omnis fund £1 million as Sphere delisted from the Alternative Investment Market, saying the move would allow Woodford to invest more in the business by removing 'fund restrictions for public market investments'. The trust shouldered £3.2 million of a £4 million cash call the following year, with Omnis Income & Growth funding the remainder. Woodford provided fresh funding as recently as July this year, as Sphere raised a further £1 million, having backed a £2 million cash call in March. KPMG partner Steve Absolom has been appointed joint administrator of the business alongside Will Wright. 'Sphere Medical has developed an innovative biosensor technology, but unfortunately, has run out of the funding required to enable the technology to achieve the necessary regulatory approvals for it to be commercially developed,' he said. 'An opportunity now exists for a new investor or partner to come forward and harness the potential of Proxima, as we put the technology and associated assets up for sale.' Sphere Medical's collapse highlights the precarious position for early stage companies that had relied on funding from Woodford as their principal backer. Link Fund Solutions, administrator of Woodford Patient Capital, this morning announced it was writing down the value of three of the trust's holdings to 'reflect the challenging fundraising environment for these businesses which may impact their ability to, or the level at which, they may be able to raise capital in the near-term'. Funding for these businesses had come from Woodford Equity Income, which amassed heavy holdings in unquoted companies, early stage company-focused Woodford Patient Capital and the smaller Omnis Income & Growth fund. But all three sources of cash have now largely dried up. Woodford is selling out of hard-to-trade smaller stocks and seeking to offload unquoted companies from his flagship fund as he seeks to secure the lifting of its suspension in December. Northern Trust, the bank providing the lending facility for Patient Capital, meanwhile has the power of veto over any further investments while the level of borrowing is reduced. Woodford lost the mandate to run the Omnis Income & Growth fund in the immediate aftermath of the suspension of Woodford Equity Income, with the running of the fund passed to Jupiter in July.
News on site link below it has gone into administration but article did not copy properly .
Thomas Cook shares worthless by Lee Wild from interactive investor | 23rd September 2019 16:10 After months of torment and failure to agree a rescue deal, loyal shareholders have been wiped out. Thomas Cook (LSE:TCG) has gone bust. It's the story splashed all over the front pages. The biggest peacetime repatriation of civilians is now underway, but while disappointed holidaymakers will get their money back, battered shareholders will likely be left with nothing. Sixteen months ago, an investor would have had to pay 150p for every Thomas Cook share. Last Friday, they went as low at 2p, closing the session at 3.45p for a decline of 98.7%. The shares are now suspended from trading. Source: TradingView Past performance is not a guide to future performance The slump at the end of last week was triggered by a company statement issued in response to media speculation that Cook was struggling to complete a refinancing. The company would only say that talks with banks and its biggest shareholders, including China's Fosun Tourism, were ongoing. But after Fosun and the banks had already agreed to pump £900 million into Cook, lenders were unwilling to approve a seasonal standby facility of £200 million to keep the business going through the lean winter months. It smacks of an unwillingness by lenders to throw good money after bad. Even the government thought so, deciding against bailing out our best-known and oldest travel operator given the very real possibility of it coming back for more cash further down the line. After the business entered into compulsory liquidation, the Gov.UK website said: "Unfortunately, as a result of the liquidation appointments, there is no prospect of a return to Thomas Cook's shareholders." Cook has form when it comes to its finances. Former CEO Harriet Green's major restructuring saved the business before she left in 2014 with the company worth around £2 billion. Cook shareholders had already been warned that the recapitalisation would significantly dilute their equity stake in the company "with significant risk of no recovery". The writing was on the wall, the outcome almost inevitable. The rise of online-only operators, terrorism in popular holiday spots and a weak pound have already persuaded Brits to stay at home or find alternative destinations. Uncertainty around Brexit has clearly played its part. But Cook's massive debt pile has made this situation impossible to resolve. Cook's departure is also an opportunity for rivals in a fiercely competitive industry. Big winners today are TUI (LSE:TUI), whose shares are up 6%, On The Beach Group (LSE:OTB) which is up over 8%, and Jet2holidays-owner Dart Group (LSE
TG), up 5%
So these original bought in ( B ) 29/ 09//2010 nine years ago @ 172p. looks like a rights 13/06/2013 @ 76p then the gamble in may this year ( D ) @ 22p . The switch in 21st June from ( B ) Free trade.
On Friday 20th last day possible trade shares fell to 3.5p... ( (D) 3372 worth approx £118.02 ..On 3 Sept still get 6p been at that price long wile .. in June ,July 14p and went back to 14p on a short spike 5th August .
Went bust today could not see chat on ii for long time. Better if i had not got them back in June. All the signs / warnings were there of previous administrations ( but confusing radio comments saying next week ect ) happened exactly like i told Scot guy in cafe.
Below came trough to phone Club of Mozambique. ( news paper ) maybe other news from there in future .
Gemfields expects profits to fall by a fifth, reports drop in revenue at Montepuez ruby mine in Mozambique 2:53 CAT | 18 Sep 20190 Comments Print Share Unnamed-2019-09-18T145115.960 Artisanal miners hunt for rubies as they sift through gravel next to a small dam near Gemfields’s ruby mine near Montepuez in Mozambique. [Picture: Getty Images / Mathew Hill] / Precious-stone producer Gemfields said on Wednesday it expects its interim profit for the year to end-June to fall 22%, reporting a drop in revenue at its Montepuez ruby mine (MRM) in Mozambique. Headline earnings per share is expected to fall 8% to 0.11c in rand terms, but remain unchanged at USD1c for the period, the company said. Gemfield’s two key operating assets are MRM and the Kagen emerald mine in Zambia, in which it holds 75% of each. MRM’s revenue was expected to fall 30.3% to $50m, while revenue at Kagen was expected to rise 58% to $33.2m. In January, British law firm Leigh Day said it had reached an $8.3m settlement with Gemfields over alleged human rights abuses at MRM. Gemfields denied liability but acknowledged violence had occurred at the mine, Leigh Day said, adding the company had taken the grievances of workers seriously. Revenue at its jewellery business, Fabergé, was expected to fall 45.7% to $3.8m, Gemfields said on Wednesday. The company’s share price had closed at R1.57 on Tuesday, having lost 12.78% so far in 2019. Source: Business Live