Woodford Equity Income: Link settlement with FCA

jimjames

BigTabby said:

Does anyone know if we'll be getting further more substantial payments in future, or just some "small change"?  I'd be grateful for any information about what's coming & roughly when. 

This payment was only the one from Link agreed with FCA and was exactly what was stated from the comms from Link. It wasn't part of the payment back from the assets owned by the fund which has been paid out in various sums over the last few years. According my platform the amount left is still valued around 0.98p per unit

BigTabby

ColdIron said:

Are you sure that that's your initial payment? There have been 5 previous payments since 2020

Thanks for that. I wasn't aware there'd been any previous payments.  I'd be really grateful for any dates or further info to help me check whether I'd received them.

ColdIron

The dates I received them:

30/01/2020
26/03/2020
28/08/2020
16/12/2020
23/11/2023 2022

The first was about 80% of those payments

Edit:

58.6631 pence for each unit held.
3.9542 pence for each unit held.
5.0584 pence for each unit held.
2.7198 pence for each unit held.
0.5524 of a penny for each unit held.

BigTabby

ColdIron said:

The dates I received them:

30/01/2020
26/03/2020
28/08/2020
16/12/2020
23/11/2023

The first was about 80% of those payments

Edit:

58.6631 pence for each unit held.
3.9542 pence for each unit held.
5.0584 pence for each unit held.
2.7198 pence for each unit held.
0.5524 of a penny for each unit held.

Oooh, that's great!  Very kind of you to let me have that info.  I'll start checking...

BigTabby

Aha! I reckon the "Which" table I posted on here yesterday was an old one relating to the first payment on 30/01/2020.  I notice that the 58.6631 pence per unit you received ColdIron, matches exactly the figure on there for "Class C Sterling Accumulation". 

I've checked my investment platform & I also received payments on the dates you very helpfully gave me, except for 23/11/2023, so I'll be asking them about that.

I also received a payment on 28/03/2024 under the newly approved Scheme of Arrangement that Link Fund Solutions proposed.  This was described by my investment platform as an "Initial Settlement Account Distribution". In that, the "Class C Accumulation" payment was 4.2183 pence per unit. This was described as an "initial sum", which suggests there will be a bit more to come.

I wonder how that might relate to your 0.98p per unit you're seeing JimJames? Presumably that's the maximum we might get in future?

I can't see any news about what's happening now with this scheme. 

ColdIron

FWIW my latest payment was:

Sixth Capital Distribution 06/04/2024
5.1290092 pence in cash for LF Investment Equity Income C Fund Unit held.

I think jimjames holds WEI at IWeb, as do I, and my 'Latest Price' is also *0.98. I wouldn't put much store in the notion that 'there will be a bit more to come'

I held WEI in a GIA with CSD and then IWeb and over 6 years of Bed&ISA I didn't replace it in the ISA so ultimately made a small gain. My main gripe is that after 5 years it hasn't been resolved and instead of my GIA being worth £0 its valuation is just above a packet of cigarettes

Thankfully IWeb has no annual fee. I do wonder (though not all that much) about people with a fixed platform fee

I just want it to go away

HTH

Edit:

I would follow up on the fifth capital distribution on 23/11/2023

BigTabby

ColdIron said:

FWIW my latest payment was:

Sixth Capital Distribution 06/04/2024
5.1290092 pence in cash for LF Investment Equity Income C Fund Unit held.

I think jimjames holds WEI at IWeb, as do I, and my 'Latest Price' is also *0.98. I wouldn't put much store in the notion that 'there will be a bit more to come'

I held WEI in a GIA with CSD and then IWeb and over 6 years of Bed&ISA I didn't replace it in the ISA so ultimately made a small gain. My main gripe is that after 5 years it hasn't been resolved and instead of my GIA being worth £0 its valuation is just above a packet of cigarettes

Thankfully IWeb has no annual fee. I do wonder (though not all that much) about people with a fixed platform fee

I just want it to go away

HTH

Edit:

I would follow up on the fifth capital distribution on 23/11/2023

Hi ColdIron,

I did indeed follow up on the fifth capital distribution - it was paid in Nov 2022 (not 2023) & I got the payment OK thanks.  My investment platform helpdesk confirmed the info you kindly gave me i.e. that 5 distributions had happened.  They say the latest payment in March 2024 was a redress compensation from Link directly & this will not alter the value of my stock. 

The remaining value is composed of harder to sell assets & will be paid in due course through further distributions. Once the wind up has completed & all of the cash returned to investors, the stock will be removed from my account. 

I won't wait to book a cruise until this has happened (ha ha!)

ColdIron

You're right, my 5th payment was 23/11/2022

tigerspill

Just wondering if there was any news in closing this out and getting the final few pounds back?

mc50

hmm I stupidly had too many eggs in one basket and boy has it cost me,  lesson learned.  Second lesson is the FCA and the whole industry looks after its own. Having failed to monitor Woodford and Link were behaving according to their published remit, the FCA scheme proposal was put to the vote and it was carried by weight of shares mainly held by the institutions. Now it seems Link had a subsidiary managing this and had the any of the court claims been successful it would have broken the Link sub and retail investors should have been able to claim up to £85K losses.... from the FCA!  Institutional investors had to decide which way to vote and if the Link sub went bust they would not have had any redress or claim at all.  So much for looking after their clients. 4th and final lesson I have just been presented with a bill for over £11k for partaking in a nwnf claim against the Link Sub.  
Life's just a merry-go-round. Come on up. You might get a brass ring.