New Woodford Fund

InvestInPoker

New blog post today saying they are still 10% over subscribed even after upping to 800m and applications will be scaled back. No details on how exactly they will be scaled back - probably it is just as simple as we all get 90% of what we asked for?

http://info.woodfordfunds.com/e/42952/tient-capital-strikes-a-chord-/38dhld/502210453

TCA

For those investing via an ISA, I presume the 10% will be returned to ISA accounts as cash, which will (in my case) leave an annoying small balance to deploy.

InvestInPoker

TCA wrote: »

For those investing via an ISA, I presume the 10% will be returned to ISA accounts as cash, which will (in my case) leave an annoying small balance to deploy.

I'm in the same boat. My platform has confirmed the money will be put into an ISA cash holding thing when it is returned in the event of a scale back. Will also have an annoyingly small balance to redeploy!

greenglide

But "a lot" of people (most?) will have applied from an ISA in an existing platform so they can use the "left overs" to top up another holding.

Easy enough for funds of course but dealing charges do make exchange traded products "unfortunate".

The could, of course, take to 10% off the largest buyers.

Many of the platforms did say "invest with us for the best chance of getting the full allocation if it is over-subscribed"!

brasso

MY HL account is telling me that I have the amount that I applied for. Not sure if this is subject to confirmation, but at the moment it's been moved from pending order to actual holding.

greenglide

MY HL account is telling me that I have the amount that I applied for.

H-L were one of the platforms that said if you used them you would have the best chance of getting all you asked for.

Of course if the just lopped 10% off everybody their statement would still be true!

brasso

From Citywire:

http://citywire.co.uk/money/woodford-raises-record-800m-for-new-trust/a810088

The £800 million fund raising limit for the fund was oversubscribed by just under 10%. How much individual applications will be scaled back will depend on the policy of stockbrokers which have taken part in the fund raising.

Hargreaves Lansdown, which received a secured allocation of WPCT shares, has handed those who applied for up to £13,500-worth with all the shares they asked for. It has provided 95% of what was asked for above that amount, with the remainder returned in cash.

Onawingandaprayer

brasso wrote: »

MY HL account is telling me that I have the amount that I applied for. Not sure if this is subject to confirmation, but at the moment it's been moved from pending order to actual holding.

So is mine!

InvestInPoker

Some more news filtering through how the scale back is going to be managed at different places. It is up to the individual platforms apparently.


From http://www.telegraph.co.uk/finance/personalfinance/investing/11549796/Woodford-Patient-Capital-raises-800m-but-investors-wont-get-all-the-shares-they-wanted.html

Alliance Trust Savings and Barclays Stockbrokers said its clients will receive just over 90pc of the amount of shares requested.
Other brokers, including TD Direct, Fidelity Personal Investing and Interactive Investor, are expected to announce how the scaling back will work later this afternoon.

mike88

Fidelity not showing anything.