Woodford Concerns

Brian65

Sailtheworld wrote: »

50% of the people in a trade are making the wrong call.

What if I'm retired and selling to pay for my retirement, to someone who is buying to save for their retirement.
Both buyer and seller can be making the right call.

ffacoffipawb

Brian65 wrote: »

What if I'm retired and selling to pay for my retirement, to someone who is buying to save for their retirement.
Both buyer and seller can be making the right call.

You would be selling to a market maker or broker usually, not another investor.

talexuser

Moe_The_Bartender wrote: »

This just in:

"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."

So we're swapping a manager who takes no fees for someone who does take fees? Unless the idea is to just wind it up.

masonic

Moe_The_Bartender wrote: »

This just in:

"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."

Wow, the share price is already nearing AnotherJoe's original estimate of fair value. This news could cause it to open even lower than that tomorrow... though on the other hand it could be received positively.

talexuser

The Grauniad says Woodofrd has quit from his TWO remaining funds, ie Income Focus too.

talexuser

Losing the management fees from running the Equity Income Fund, which generated £65,000 a day, would have left the company unable to cover the group’s £12m salary and pension costs. So he is closing Woodford Investment Management.

eskbanker

talexuser wrote: »

The Grauniad says Woodofrd has quit from his TWO remaining funds, ie Income Focus too.

:rotfl:

Was that a verbatim typo?

londoninvestor

talexuser wrote: »

So we're swapping a manager who takes no fees for someone who does take fees? Unless the idea is to just wind it up.

It will need a rename I suppose...perhaps to "Not Quite THAT Patient Capital Trust"?

seacaitch

FYI, one of today's WPCT sellers in size:

https://wise-funds.co.uk/news/woodford-patient-capital-trust-1

"All in all, we believe that today’s announcement significantly increases the risk in WPCT. We thus decided, reluctantly, to liquidate our entire position for the TB Wise Multi-Asset Growth fund. This was completed this afternoon."

"Overall, this position cost the fund about 1.8% since inception in March 2018. For that, we can only apologise to our investors."

Seems they bought in the ~70-80p range and dumped ~2.25 million shares today in the mid/low 30s.

AnotherJoe

The rename will be to "Dead In the Water Trust"
Its contents are toxic, whats in it for anyone to do anything with it but get some fees for closing it?
I guess equity focus will also be wound up or possibly merged into another fund it doesnt seem to have the same issues as WEIF and WPCT?