1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Dear Guest, we realise advertising is annoying, it is however necessary to help us be a sustainable resource for all, if you want to go advert free then please use the following link to subscribe for £5 a month: Click here
    Dismiss Notice

(WPCT) Woodford Patient Capital Trust

Discussion in 'General Share Chat' started by Steamy, Jun 1, 2015.

  1. Inspiration

    Inspiration Moderator Moderator

    Messages:
    2,278
    Reputation:
    788
    He's trying to build something very different to other funds, namely giving small companies access to relatively cheap funds. The benefit to the investor is that we are able to invest in early stage companies - I view my investment as similar to being given a share in a PE house, something that I normally wouldn't have access to.

    These companies will take a few years to become established. Neil recommends a minimum of 10 years for investing in this fund, by which time he'll be in his early 60's. I get the impression that he enjoys investing in a similar way to other well-known investors and I can imagine him still keeping a close eye on his business well past normal retirement age.

    I invested at launch and haven't taken any money out, despite the initial rise of about 16%, because I like the ethos of the fund and wish to support it.

    Like you, I'm happy to do small top ups at this price, but I'm leaving this to look after itself for the long term and am focussing on other opportunities for shorter term investments and to diversify.
     
  2. BrassTacks1

    BrassTacks1 Paid-up Member Moderator

    Messages:
    2,977
    Reputation:
    3,369
    Could a knowledgeable member kindly explain what a Blocklisting Interim Review is?


    Wood Pat CapTst plc (WPCT)
    Add to Alerts list


    Thursday 25 February, 2016
    Wood Pat CapTst plc
    Blocklisting Interim Review
    RNS Number : 7747P
    Woodford Patient Capital Trust PLC
    25 February 2016

    WOODFORD PATIENT CAPITAL TRUST PLC

    BLOCK LISTING SIX MONTHLY RETURN

    Date: 25 February 2016

    Name of applicant:

    Woodford Patient Capital Trust plc

    Name of scheme:

    General

    Period of return

    From:

    25 August 2015

    To:

    24 February 2016

    Balance of unallotted securities under scheme(s) from previous return:

    69,499,999

    Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):

    Nil

    Less: Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G):

    16,500,000

    Equals: Balance under scheme(s) not yet issued/allotted at end of period:

    52,999,999

    For further details please contact:

    Capita Financial Services Limited

    +44 (0)207 954 9599

    Jenny Thompson




    Winterflood Securities Limited

    +44 (0)203 100 0000

    Neil Langford


    Chris Mills
     
    SophieR and Inspiration like this.
  3. Graham Hacker

    Graham Hacker Moderator Moderator

    Messages:
    1,327
    Reputation:
    2,972
    Chris - block listings are used to bring together smaller issues of shares. The block listing is a simpler (& cheaper) way of for example issuing a series of share options all in one RNS. As part of the arrangement, every 6 months a summary has to be issued. This shows they have 53m shares not issued at end of period - hope this helps Chris
     
    Latest Given Reputation Points:
    BrassTacks1: 5 Points (Very helpful Graham. Thanks for clarifying.) Feb 25, 2016
    SophieR and Inspiration like this.
  4. tu123

    tu123 Demi God of BlueShare

    Messages:
    792
    Reputation:
    423
  5. SophieR

    SophieR Member

    Messages:
    671
    Reputation:
    1,313
    Hi, in my mail box from Woodford.

    Fintech: a quiet revolution


    Disruption and disintermediation – these words capture the opportunity inherent in new technology. By disrupting traditional industries, tech-based newcomers can take swathes of market share from old-fashioned incumbents. Much of this is done through disintermediation – cutting out the middle men. We see this all around us, as Amazon menaces traditional retailers and Uber revolutionises the way we get about town.

    One industry that presents an obvious target for technological revolution is finance. Bloated, slow-moving and widely distrusted in the aftermath of the 2008 crisis, the mainstream financial industry certainly looks ripe for disruption. Moreover, the financial sector contains layer upon layer of intermediaries. But its complexity, regulation and sheer scale also make it far more daunting than simpler sectors such as retail. Thus far, the big banks and financial services firms have appeared relatively resilient to the threat that young, dynamic financial technology companies represent. So is ‘too big to fail’ also ‘too big to disrupt’?

    The answer, of course, is no. A quiet revolution is already underway. Here, fintech is the term that encapsulates the threat for incumbents and the opportunity for investors. Fintech – financial technology – is a concept that’s been around for the best part of a decade, but has yet to deliver the sort of massive disruption that we’ve seen in other industries. But there is a difference between the way that tech companies have broken up other industries and how fintech firms are looking to disrupt the world of finance. Most importantly, fintech start-ups aren’t trying to replace banks and insurance companies wholesale, but simply to do bits of their business better. This ‘parts rather than whole’ concept is crucial to understanding the opportunity that fintech presents.

    Rather than swallowing up the financial industry whole, as online retailing has devoured much of the high street, fintech companies and concepts are nipping at the heels of the big banks – and are set to bite out increasingly large chunks.

    Lending, for example, is an area where fintech has massive potential. That potential is already being realised through the phenomenon of peer-to-peer lending. One of the effects of the financial crisis was a massive tightening up by the banks in an effort to reduce risk. This has made them far more reluctant to lend to smaller businesses and individuals than in the past. In turn, that has allowed tech companies to establish lending platforms that go a long way to disintermediating the process of connecting lenders to borrowers. This not only answers a pressing economic need, but has facilitated the advancement of technology-enabled risk assessments. The use of data is an important part of this: technology companies can use broad swathes of information to assess risk dispassionately, avoiding some of the biases that hamper risk assessment at traditional banks. More accurate risk assessment provides greater security for lenders, creating a virtuous circle through the matching of risk appetite to lending risk.

    We have reviewed several opportunities to invest directly in these peer-to-peer lending platforms which match borrowers and lenders in such an intuitive and well-thought through way. We hold a position in Ratesetter, which allows lenders to choose the rate of interest they wish to charge and is planning an ISA launch which, subject to regulatory approval, will offer investors increased tax-efficiency when providing loans via its platform. The business has a high quality and ambitious management team. Its solid business model is underpinned by a conservative approach to risk, a diversified funding profile and a clear focus on the quality of both lenders and borrowers.

    These platforms are not only benefiting from the high-street banks’ current reluctance to lend, but are also more in tune with the way that people want to borrow. The convenience of remote access and increased speed, combined with distrust of traditional banks, is making the branch-based model look increasingly outdated.

    Our funds have also invested in P2P Global Investments. This is a company that invests in a range of online peer-to-peer lending platforms and loans. It uses a proprietary technology system to seek out the highest quality loans available on these platforms. To manage risk, it targets a diversified portfolio of loans to both consumers and businesses across multiple geographies. It can also often invest in the platform providers directly. This leaves it well placed to deliver a stable and attractive income stream to its shareholders. Another of our portfolio companies, VPC Speciality Lending, takes a similar approach.

    Companies like Provident Financial and Non-Standard Finance are also exploiting the absence of competition from high-street banks. Although these firms aren’t primarily driven by technology, they are making increasing use of mobile technology and customer analytics to ensure that they maintain an edge over their more traditional competitors.

    Another portfolio company that combines some traditional aspects with a fintech approach is Purplebricks. The company is a ‘hybrid’ property agent, combining an online platform that allows people to upload details of their properties with a team of flesh-and-blood agents. It operates 24/7 and is well placed to significantly disrupt the UK’s traditional estate agency business model – indeed it is already doing so. Its ‘clicks and mortar’ approach (or ‘clicks and bricks’, if you prefer) has enabled PurpleBricks to outsell all the UK’s other leading online agents put together. We have been impressed with the management team’s ability to deliver to its ambitious growth plan thus far and, with an intensive focus on the quality of service that it provides to its customers, we expect the hybrid approach to deliver continued strong growth in the years ahead.

    Meanwhile, the so-called ‘challenger banks’ have sought to disrupt the very core of the traditional banking world. This is of course a vast market, so even a tiny market share from these disruptive new businesses can create a profitable and attractive business. The latest challenger bank to gain regulatory approval is Atom Bank, which we invested in at a very early-stage as it sought the regulatory permissions needed to launch. We have been very impressed by its innovative, customer-focused, digital business model which is not subject to the legacy trust issues and inflexible infrastructure that holds back established banks in the UK. The high-quality Atom team has made significant progress already and we are increasingly confident that the company is extremely well-placed to deliver strong long-term growth.

    In many ways, fintech is already part of the furniture. You can already use Apple Pay on your iPhone to get through London’s Tube barriers, for example. And many people are familiar with crowdfunding platforms, which allow creative projects to obtain start-up finance. We currently invest in Seedrs, which brings a similar approach to equity investment, opening up venture capitalism to anyone with an internet connection that is willing to invest some spare cash.

    Fintech firms do, of course, face significant challenges. Financial regulation is clearly a hurdle, especially given different regulatory jurisdictions around the globe. And the complexity of traditional financial businesses is a challenge too – albeit one that fintech companies are set to overturn through taking on parts, rather than the whole, of the incumbents’ business model. By ‘unbundling’ the operations of a traditional bank, fintech companies aim to unravel this complexity and are able to deliver a simplified, more ‘user-friendly’ service to their customers.

    Ironically, some of the other main threats to fintech companies are technology-related. Cybersecurity, for instance, will be a major concern. The banks may be distrusted, but fintech companies need to demonstrate that they deserve to be trusted with clients’ data. Furthermore, many fintech developments are likely to impose severe demands on the available internet spectrum. Both of these challenges are, however, as much a problem for incumbent financial services companies as they are for the fintech challengers, if not more so. It is potentially much easier, for example, for a new business to embed the latest technologies to reduce cybersecurity threats, than it is for an existing business to retrofit them.

    The Confederation of British Industry expects the UK’s fintech sector to be worth £300 billion by 2020. The investment opportunity is undoubtedly attractive. But perhaps the most exciting aspect of these disruptive technologies is that their implications are not yet fully understood. Our aim is to back the most exciting of these quiet revolutionaries as the enormous changes they are making begin to play out.
     
  6. Bristol87

    Bristol87 Demi God of BlueShare

    Messages:
    684
    Reputation:
    168
    Many thanks for this. Would you mind posting in Puplebricks also?
     
    Makaira88, SophieR and Inspiration like this.
  7. SophieR

    SophieR Member

    Messages:
    671
    Reputation:
    1,313
    Done.
     
    Latest Given Reputation Points:
    Bristol87: 5 Points (Not that you need rep points but thanks !) Apr 12, 2016
    Inspiration and Bristol87 like this.
  8. SophieR

    SophieR Member

    Messages:
    671
    Reputation:
    1,313
    Hi

    This for those who follow Woodford purchases closely.

    If you put Woodford as a keyword search in Investegate.co.uk (http://www.investegate.co.uk/Index.aspx?searchtype=1&words=Woodford) you get all RNS related to his dealings (obviously when there are above the reporting threshold). The latest one today:

    NewRiver Retail Ltd

    Notification of major interest in shares
    RNS Number : 9822Y
    NewRiver Retail Limited
    23 May 2016

    Regards
    SR
     
  9. Inspiration

    Inspiration Moderator Moderator

    Messages:
    2,278
    Reputation:
    788
    I've been topping up here recently. At 88.6p, i.e. 11% below April 2015's launch price, it seems a bargain to me, although had I bought in July, I could have paid 81p instead! NAV at that time was estimated to be 88p per shares, so they were trading at a discount. Further shares were issued up to 117p due to demand in the first 6 months.

    Not all the investments have been successful - Purple Bricks is still loss-making and Circassia Pharmaceuticals(LSE: CIR), announced disappointing results from a phase III study of its flagship cat allergy treatment. The shares dived 62%.

    However, overall, I am happy to be patient with these, especially being able to top up cheaply, as I'm sure Woodford has a safe strategy worked out.
     
    Last edited: Nov 1, 2016
    Makaira88, Mouse and Graham Hacker like this.
  10. Inspiration

    Inspiration Moderator Moderator

    Messages:
    2,278
    Reputation:
    788
    Another year on and the price is now 84p, a 20% drop for anyone buying at the summer high of 106p (when investors are looking for safe shares, whilst the markets are traditionally quiet). The lowest price was on 7.12.17 at 81.5p, just as the Santa rally is starting for popular shares.

    Next April will be 3 years since the fund launched, so some of the smaller companies might start to be making good progress.

    Circassia, who I mentioned in my post from a year ago, has had some recent good data from their COPD inhaler.
    http://www.proactiveinvestors.co.uk...r-after-post-launch-trial-success-188175.html

    I haven't looked at the fund in detail, but am happy to leave it in Woodford's hands, with the occasional top up on dips. Trying my luck elsewhere with individual shares!
     
    Last edited: Dec 11, 2017
    tu123 likes this.
  11. tu123

    tu123 Demi God of BlueShare

    Messages:
    792
    Reputation:
    423
    Planning on continuing to add through till 2020 - suspect the discount to nav will continue to persist for a while yet. 5 years should be ample opportunity for the operational progress that has been repeatedly highlighted in the monthly updates to start to deliver commercial success and an exponential increase in value
     
    Inspiration and Makaira88 like this.
  12. GrumpyScouser

    GrumpyScouser Demi God of BlueShare

    Messages:
    4,113
    Reputation:
    3,968
    I sold out several months back at a slight loss (yes...i know...emphasis on 'patient'!) but with the intention of coming back once there is an improvement in the fund performance: i'm getting better returns on other funds.

    That said.....this seems to be a very low potential time to do it .
     
    Inspiration and Makaira88 like this.
  13. Bristol87

    Bristol87 Demi God of BlueShare

    Messages:
    684
    Reputation:
    168
    Purplebricks update tomorrow should be interesting.
     
    Inspiration likes this.
  14. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
    23 April 2018

    WOODFORD PATIENT CAPITAL TRUST PLC

    (the "Company")



    Prothena Update


    Prothena has announced today that its trial for NEOD001 in Al Amyloidosis has been unsuccessful.


    For further information from the Portfolio Manager please visit
    https://woodfordfunds.com/words/blog/prothena-an-update/
     
  15. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
    Woodford Patient Capital Trust plc

    Annual Report



    24 April 2018


    Woodford Patient Capital Trust plc (WPCT or the Company), announces the audited financial report for the year ended 31 December 2017.



    KEY POINTS:

    · The Company is invested in four companies that are valued at more than $1bn - Purplebricks, Oxford Nanopore, Benevolent AI and Immunocore

    · Since year end, many portfolio holdings have made significant progress:

    o Oxford Nanopore, Atom Bank and Benevolent AI have completed significant fundraising rounds

    o Prothena has signed a collaboration agreement with US firm Celgene, set to be worth $2.2bn. However, it has recently announced the Pronto trial has not met its primary endpoint

    o Proton Partners has started treating its first patient with proton beam therapy

    o Autolus has announced its intention to list on Nasdaq in 2018

    · The Company's net asset value declined from 93.24p to 91.73p during the year under review


    Susan Searle, Chairman, Woodford Patient Capital Trust plc, says:

    "The Board, many of whom have in-depth experience of the early-stage asset class, is well aware that young companies do not develop in a linear fashion. This is the case with Prothena, which announced in April 2018 that its trial for NEOD001 in AL amyloidosis has been unsuccessful. It is clearly disappointing that this particular milestone has not been met. However, this is not the only product in its pipeline and we will be discussing with the Portfolio Manager how Prothena and its management team will be executing its strategy going forward.



    Many companies will experience failures on their journey to successfully fulfilling their commercial potential, but the Board believes that many will succeed. In either case, the Board maintains its view that patience is required and that portfolio returns will take time to mature. That said, since the end of the period under review, there have been tangible signs that many of the companies in the portfolio, including Oxford Nanopore, Atom Bank and Autolus, are making progress that we hope to see, in due course, reflected in the financials. The Board expects significant news flow in the next period and will continue to track the top portfolio companies and the achievement or not of business milestones. We continue to share the Portfolio Manager's confidence that investors' patience will ultimately be rewarded."



    Neil Woodford, Head of Investment, Woodford Investment Management, says:

    "From day one, our ambition for WPCT has been to help early-stage businesses fulfil their potential through the provision of appropriately long-term capital and working with them to deliver commercial success. We wanted to invest in great ideas and help to turn those ideas into great businesses - in terms of quality and in terms of scale.



    Clearly not all investments we've made have developed in the direction initially envisaged. That is the nature of investing in earlier-stage, higher-risk businesses. We have just heard from Prothena, the company's largest holding for much of the year, that its Pronto trial investigating NEOD001 in AL amyloidosis was unsuccessful. This is an extremely disappointing outcome and one which has surprised the company, with a much bigger and more significant placebo effect being observed than anything seen in prior trials would have suggested. As a result, Prothena has announced that it will halt all spending on NEOD001 immediately, including the termination of the ongoing Vital study, which had been due to read-out next year.



    Since the launch of WPCT, we have been clear why we have backed Prothena and, given the positive progress throughout the development of the drug, we have been increasingly confident it would be successful. Such trial results are often symptomatic of early-stage investing and with regard to biotech trials the outcome is often binary - it comes down to whether a final trial is successful or not. Nevertheless, the result of the trial is undoubtedly a blow but we will be working with Prothena and its management on its strategy beyond Pronto - it has options. The company still has an early and mid-stage clinical pipeline, collaborations with two major pharmaceutical companies and more than $500m on its balance sheet.



    While Prothena's announcement is disappointing, it should not overshadow the progress many of the portfolio's companies have made - particularly in recent months. Since year end, we have had positive developments from several companies. Proton Partners is now the UK's first high energy proton beam therapy provider having started to treat its first patient in its Newport Centre this month. Benevolent AI announced last week that it received $115 million in additional funding - an investment that now values the business at just over $2 billion, while Purplebricks, whose shares trebled in 2017, has received a strategic investment from one of Europe's leading digital publishers, Axel Springer.



    There are many examples of companies in the portfolio that have made meaningful progress on the road to commercialisation. Several have overcome significant challenges to get where they are today. There are many businesses in this portfolio that I believe should become multi-billion-dollar organisations within the next five years. Patience has been required to get to this stage and it remains a prerequisite for investing in this part of the asset class. The investment case for WPCT, despite Prothena's news, remains compelling."



    STRATEGIC REPORT



    INVESTMENT OBJECTIVE

    The investment objective of Woodford Patient Capital Trust plc (WPCT or the Company) is to achieve long-term capital growth through investing in a diversified portfolio with a focus on UK companies, both quoted and unquoted. As these companies evolve, the geographical profile of the portfolio may change to become more global in nature for reasons such as an overseas listing or as the result of changes to the capital value of a non-UK company.



    The Company will aim to deliver a return in excess of 10 per cent per annum over the longer term*.



    * This is a target only, not a profit forecast, and there can be no assurance that it will be met.



    OPERATIONAL HIGHLIGHTS

    Operational milestones

    Many of the Company's biggest holdings have reached significant milestones on the road to commercial success.



    Finding Unicorns

    The Company is invested in four companies that are valued at more than $1bn - Purplebricks, Oxford Nanopore, Benevolent AI and Immunocore.



    Building conviction

    The portfolio may become more concentrated on particular investments as value emerges, resulting in some holdings potentially becoming very significant as a proportion of the Company's portfolio.



    Stock Market Listings

    Some of the Company's holdings have plans to IPO within the next 12 months.



    Low cost

    Annual costs, including all transaction fees, of 0.2 per cent - no fee paid to Portfolio Manager unless cumulative returns in excess of 10 per cent are met.

    http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/WPCT/13615445.html
     
    Inspiration likes this.
  16. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
  17. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
    F7DECBCA-57AE-4296-9848-A258299FA9CB.jpeg
    Mail on Sunday 11/11/18
     
  18. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
  19. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
  20. Groucho

    Groucho Member

    Messages:
    3,094
    Reputation:
    281
    5FFEE871-856F-4CAD-A0FA-7310995A6F9C.jpeg
    Shares Magazine 06/12/18
     
    Inspiration likes this.

Share This Page