Største aksjonær i IDEX i kjempetrøbbel


STORFOND STANSER INNLØSING: Woodford stanser nå innløsninger fra sitt drøye NOK 40 milliarder store aksjefond etter svake resultater og innløsninger over flere år. En frys på innløsning ble innført når en større aktør ba om tilbakebetaling av nærmere NOK 2,7 milliarder. Woodford eier nærmere 25 prosent av Thin Film som er på kapitaljakt og 28 prosent av Idex – tunge posisjoner som det synes svært vanskelig å komme seg ut av med tanke på likviditeten. Idex steg raskt 16 prosent på fredag – siste noteringsdag i mai – på en måte som fikk flere aktører inne på Xtrainvestor til å spekulere i en «pump» for at noen ville vise bedre forvaltningsresultater for måneden. Kursen falt da også kraftig tilbake på mandag. Her finner du vår Idex-kanal https://www.xtrainvestor.com/channel/idex

IDEX vil nok straks reprises mot peers... Da snakker vi et fall på 85% til 43øre

WEIF eier 19,99% av IDEX. - dette fondet er sperret for uttak til desember(guiding p.t) og vil sannsynligvis få ny forvalter..

WPCT eier 8,37% av IDEX - dette er open ended fund, og har falt nesten 50% på børs siden mai. Markedet priser fondet til ca 50% rabatt av hva Woodford mener er NAV.

Det er en fair sjanse for at WF skal ut med begge postene her. Så spørs det bare når og hvor.

Ny low for aksjen idag siden 2014. Nå åpnes portene mot 1,00 og 50 øre i mitt hode..
nima
27.09.2019 kl 15:48 1009

Å putte penger i IDEX er det samme som å betale søppelavgift, bort blir alt, bare søppeldunken står igjen

Et utdrag fra:
28.09.2019:   https://www.ft.com/content/0da98d40-e12c-11e9-9743-db5a370481bc

Woodford on the brink of exit as trust results loom
Growing chorus to sack Patient Capital manager after latest writedowns


«Neil Woodford’s role as manager of the investment trust that bears his name looks ever more perilous following a spate of damaging writedowns and simmering tensions between Britain’s best-known stockpicker and the fund’s independent board.

Woodford Patient Capital Trust, which was the UK’s most successful listed fund launch when it opened five years ago, reports half-year results on Monday.

Its share price has halved this year, while its net asset value has dropped more than 13 per cent in the past few weeks after it was forced to mark down the value of several of its biggest holdings.

“I have been shocked by what the trust has recently announced,” said Ian Hunter, a professional investor and long-term shareholder in the fund. “Neil Woodford is not a fit and proper person to run it.”

The trust is also heavily in debt to US bank Northern Trust, and Mr Woodford was forced to accept new terms this month that allowed the Chicago lender to have a final say on any new investments he makes.

Overhanging the trust’s day-to-day problems is a more existential crisis: the board has lost confidence in Mr Woodford’s ability to run the portfolio and is actively courting new managers to replace him.

“The relationship between Woodford and the board is clearly ruptured — a change in manager is certainly likely,” said Alan Brierley, an analyst at Investec Securities who covers the trust.

At the centre of the dispute between Mr Woodford and the board is his decision to dump £1m of his personal shares in the trust in July, then not informing the board of the sale for another three weeks.

The board responded by announcing to the market that it had held talks with rival investment managers about displacing Mr Woodford, a disclosure it was not required to make. The FT reported in June that the board had already held discussions with its broker Winterflood Securities about terminating Mr Woodford’s contract.

“The share sales were outrageous on so many levels,” said a fund industry veteran who has close connections to the trust. “The fact that he thought it was OK to sell his stake without telling the board is absolutely shocking.”

Investors will be looking for more information from the WPCT board on Monday over its agreement with Northern Trust regarding a £150m overdraft facility. The board said in June that after consulting with concerned shareholders, it had agreed with Mr Woodford that he would gradually reduce the trust’s borrowing.

But the overdraft agreement with Northern Trust expires on January 16, giving the manager less than four months to pay back the debt or renegotiate the facility. Whether or not Mr Woodford will still be in place by that deadline is far from clear.

“Neil Woodford has destroyed a lot of value in the fund and the board has allowed him to do so,” said Mr Hunter. “Therefore he and the board must go.”»

Står det virkelig så dårlig til i IDEX?

Et utdrag fra:
30.09.2019:   https://www.ft.com/content/3e0320ba-e37e-11e9-9743-db5a370481bc

Neil Woodford is now a Patient fund manager in name only
Investment trust is leaving him little to do but sell holdings and repay debt


«Neil Woodford used to be the biggest name in fund management. Now he seems to be a fund manager in name only. On Monday the board of Woodford Patient Capital Trust talked about the “decisive and proactive measures” it had taken with the aim of “protecting shareholders” from Mr Woodford’s investment choices — and said it “remains in dialogue with other potential managers”. It was tantamount to having a security guard stand over him while his successor measured up for new curtains.

Despite that less than ringing endorsement, amid the continuing suspension of the separate Woodford Equity Income Fund following an investor exodus, the manager tried to look on the bright side. “While shareholders can be forgiven for thinking there are no positives,” he said, absolving those who felt a sharp fall in net asset value was a negative, “I continue to believe that the majority of the businesses we have invested in are making good progress.” However, the board doesn’t want him to progress anything further, having taken control of almost all decisions.

Valuation of the unlisted holdings has been completely reassessed “following [a] mandate from the board”, with the results reviewed by accountants Grant Thornton.

Approval of investment decisions now lies with board members who are “more active, hands-on and fully engaged”, in the words of one insider — and, unlike chairman Susan Searle, more obviously independent of the manager, following the hiring of a third non-executive director with no past connection to Mr Woodford. Approval of any new investments has already been given to the trust’s lender, Northern Trust, in return for flexibility over a £150m borrowing facility.

“Liquidity management” also seems to reside with the board, which said it was “working closely with its advisers” to consider raising a limit on unquoted investments beyond 80 per cent — it now stands at 79 per cent as quoted assets have lost value, been sold down, or been delisted in the Channel Islands.

Deleveraging has been forced on the manager by the board, as well, to avoid breaching another limit: borrowing no more than 20 per cent of NAV, which today’s debt of £111m could represent if valuations fall again. Renewing that borrowing facility by January is now the board’s job — and priority.

That leaves Mr Woodford with nothing to do but sell more holdings, repay the bank and clear out his desk for one of those new “potential managers”. It is arguably not the best use of his talents. On the same day that the Patient Capital Trust lost its patience with him, the UK government announced a £200m cash injection alongside £400m of private investment into precisely the type of unquoted science companies that Mr Woodford seeks to back. He may yet continue to do so, but not at WPCT. Judging by the board’s words, and Mr Woodford’s deeds — he sold a £1m stake but didn’t tell directors for three weeks — the curtain is coming down.»


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Anta, helt hypotetisk, at WPCT styret, enten selv, eller WPCTs nye forvalter, bestemmer seg for å selge WPCTs 50 millioner IDEX aksjer i markedet. Med vanlig IDEX volum, vil et slikt salg ta godt over ett år, og mest sannsynlig senke kursen, med mindre det skjer noe historisk reellt positivt i IDEX som fører til at CBE kan skimtes i det fjerne.

Hvis WPCT bestemmer seg for å selge WPCTs IDEX aksjer, hva gjør da Woodford med WEIFs IDEX aksjer?
Ingen ting, sitter rolig og satser på at IDEX ikke går konk og lykkes med smartkort, slik at kursen går opp - eller tar lærdom av feilene fra THIN, og selger WEIFs IDEX aksjer?

EDIT:
I andre FT artikler står det at WPCT styret i lengre tid har søkt etter en ny forvalter av WPCT. Hvis ingen annen forvalter vil ta over det skakkjørte fondet, hva gjør WPCT styret da?  Forvalter det selv, eller avvikler/likviderer fondet?

Redigert 01.10.2019 kl 02:29 Du må logge inn for å svare

Spennende Reserven!

Hva er ditt best guess på når aksjene kommer for salg i markedet?
Redigert 01.10.2019 kl 07:42 Du må logge inn for å svare

Ja den som hadde visst det. En god 90% på shorten om det skjer...

Fra Woodford patient capital 30. september 2019:

The Company also participated in a $25m placing in Idex, which is close to commercialising its fingerprint sensor technology in the global payment cards market.

Dette var emisjonen i januar som skulle ta IDEX til profitabilitet.

Forøvrig interessant at IDEX posten blir vurdert til GAV(gross asset value) og ikke NAV(net asset value) som er langt lavere.
https://static.woodfordfunds.net/prd/2019/09/WPCT_HY19.pdf

Et utdrag fra:
06.10.2019:   https://www.ft.com/content/3e0320ba-e37e-11e9-9743-db5a370481bc

Neil Woodford’s stricken fund has tumbled 20% in value since May
Equity Income vehicle shrinks to £2.9bn as series of holdings slide in value


«Neil Woodford’s stricken Equity Income fund has shrunk 20 per cent in four months as more than a dozen holdings have tumbled in value, inflicting further harm on the hundreds of thousands of investors trapped in the vehicle since its June suspension.

The fund dropped to £2.93bn last week, meaning the UK’s best known stockpicker has lost three-quarters of the assets he managed at the height of his business two years ago. The fund is expected to suffer an investor exodus if and when it reopens, raising doubts about the future of the business.

“There may be some investors that decide to ride out any volatility but whether there will be enough assets left after the reopening for the company to continue as a going concern remains to be seen,” said Peter Brunt, associate director for equity strategies at Morningstar, the data provider.

Equity Income has lost a fifth of its value since May 31, the last day investors were able to withdraw their money before the fund was suspended. The fund was frozen after being hit by a wave of redemption requests from worried investors.

Equity Income was once one of the UK’s largest funds, reaching £10.2bn of assets and attracting hundreds of thousands of investors — almost 300,000 of whom did so through the popular Hargreaves Lansdown fund supermarket.

Several of Equity Income’s biggest holdings, including Burford Capital, Provident Financial, Kier Group, Amigo Holdings, Allied Minds and IP Group, have fallen steeply since the end of May.

Mr Woodford’s controversial decision to transfer Equity Income’s holdings in five unlisted stocks into its sister fund, the listed Woodford Patient Capital investment trust, in a complex shares-for-assets swap in March has also proved calamitous. Shares in Patient Capital are down 46 per cent since the end of May.

Investors face the prospect of further devaluations as Mr Woodford is forced to sell the fund’s remaining unlisted assets at a discount. The portfolio has already suffered from large writedowns of unquoted holdings, including Benevolent AI, Ombu and Industrial Heat.

“Woodford has exited a number of his unquoted positions entirely already. For those that remain, we believe it is likely that they will be sold at a discount,” added Mr Brunt.

Mr Woodford has reinvested proceeds from sales of unquoted holdings into FTSE 100 companies, including Royal Bank of Scotland, Lloyds, British American Tobacco, International Airlines Group and Legal & General.

Investors in Mr Woodford’s only open fund, Income Focus, are nursing paper losses of 16 per cent since June. The size of the fund has halved in that time.

Combining the £2.93bn Equity Income fund, the £590m Patient Capital investment trust and the £246m Income Focus fund, Mr Woodford now oversees £3.77bn. That represents a 75 per cent fall from his company’s all-time high of £15bn two years ago.»


Ja, da hadde faktisk menigheten gjort det bittelitt bedre om de hadde satt pengene direkte i fondet, enn verdenslederen alene.

Et utdrag fra:
15.10.2019:   https://www.ft.com/content/c9bd2a60-ef13-11e9-bfa4-b25f11f42901

Neil Woodford’s empire implodes as he quits last two funds
UK’s best-known stockpicker takes ‘highly painful decision’ after being fired from flagship


«Neil Woodford’s investment empire imploded on Tuesday as the UK’s best-known fund manager was fired from his flagship fund and he walked away from his remaining two investment vehicles.

His dismissal was followed by the transfer of £3bn of assets out of the flagship Woodford Equity Income Fund by its administrator, which also abandoned an attempt to relaunch the frozen investment vehicle. The fund will now be liquidated.

In an initially angry response, Mr Woodford said the decision by the administrator, Link Fund Solutions, was “one I cannot accept, nor believe is in the long-term interests [of investors]”.

But last night Mr Woodford threw in the towel, resigning from the Woodford Patient Capital Trust and his Income Focus Fund, in effect ending three decades of managing outside money.

Problems at The Equity Income Fund stemmed from its exposure to stocks that cannot easily be bought or sold. Link had tried to reposition the fund with a view to reopening it in December but decided that not enough progress had been made to allow it.

BlackRock has been mandated to sell liquid holdings and some illiquid investments, accounting for roughly two-thirds of the £3bn in assets, while PJT will attempt to sell the private and illiquid assets.

The hundreds of thousands of investors trapped in the fund are likely to incur significant losses and any return of capital is not expected until next year.»


Redigert i dag kl 00:53 Du må logge inn for å svare