Woodford Patient Capital

EdGasketTheSecond

Cancelled post

cogito

fun4everyone wrote: »

The board of WPCT have issued a statement this morning



https://quoteddata.com/2019/06/woodford-patient-capital-board-statement/

Classic. How to say absolutely nothing in 200 words.

AnotherJoe

cogito wrote: »

Classic. How to say absolutely nothing in 200 words.

yep. Talking of classic, had they just put a section of Loren Ipsum it would have had the same usefulness.

Please Woodford, use this for your next press release.


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Reaper

A test of the board's independence will be if Woodford wants to move more of his unlisted shares into Patient Capital.

At that point the directors need to remind him the IT is separate and he can only do what is good for the trust, not what is good for Woodford. It's not the Equitiy Income's rubbish bin.

Typically the independent board of ITs have been very good at that sort of thing and is one of their strengths. Whether this board is strong enough to stand up to him remains to be seen.

They need to consider what is best for the trust and do whatever it takes, up to and including replacing Woodford if that becomes necessary.

Johnnyboy11

Reaper wrote: »

...They need to consider what is best for the trust and do whatever it takes, up to and including replacing Woodford if that becomes necessary.

An rename it, to say the "Not Woodford Patient Capital Trust"

Midas

Reaper wrote: »

A test of the board's independence will be if Woodford wants to move more of his unlisted shares into Patient Capital.

At that point the directors need to remind him the IT is separate and he can only do what is good for the trust, not what is good for Woodford. It's not the Equitiy Income's rubbish bin.

Typically the independent board of ITs have been very good at that sort of thing and is one of their strengths. Whether this board is strong enough to stand up to him remains to be seen.

They need to consider what is best for the trust and do whatever it takes, up to and including replacing Woodford if that becomes necessary.

Not a very promising start by the board today: https://citywire.co.uk/investment-trust-insider/news/patient-capital-shares-renew-slide-after-board-statement-on-woodford/a1237916

Also reported here:

https://www.thisismoney.co.uk/money/markets/article-7123743/Woodfords-investment-trust-Patient-Capital-slides-despite-reassurance-portfolio.html

My guess would be that sooner or later the WPCT board will be forced to take a stronger line on Woodford, quite possibly removing him from the role of portfolio manager. The duty of the board is to the shareholders, of which W is only one (albeit an important one).

jamei305

Midas wrote: »

My guess would be that sooner or later the WPCT board will be forced to take a stronger line on Woodford, quite possibly removing him from the role of portfolio manager. The duty of the board is to the shareholders, of which W is only one (albeit an important one).

What is the Trust without Woodford's name though? A mishmash of early-stage companies left over by a failed manager now managed by someone you've never heard of with no track record?

talexuser

What about the overdraft which runs out in January? Will it be renewed easily with all this publicity. The article says 17% of the fund would have to be sold to pay it off, maybe even more by then if the slide continues driven by circling hedge funds.

JohnRo

It'll probably end it's days being wound up for a few pennies in the pound.

If it does survive as a going concern I'll be topping up a very small stake in it with the hope it then serves up an exit opportunity in future..

fun4everyone

cogito wrote: »

Classic. How to say absolutely nothing in 200 words.

I took the statement to be along the lines of