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I have placed some buy orders sub 50p. Not sure if they will fill but we’ll see. Can’t believe I missed out on ONC. Did loads of research there and the sp suddenly ran away before I had funds! Can see the same here 80% rise quite possible on dosing news so had a jiggle of the pf!
Trek
FT article this morning names 4D as one of the names in the Acacia transaction ( the article only names 3, not all 19).
Clearly a positive for 4D. Acacia are intellectual property specialists so they must like the 4D assets at this valuation. In addition, they will also have taken a view on the 4D cash position and be prepared to fund it when cash levels get low again early next year (assuming no licence deal in the meantime, which is conservative).
TR1s for Link Fund Solutions (selling) and Acacia Research should drop soon. Also a busy calendar through June. Company also focusing on spreading awareness. Can see a lot of stateside interest being generated. PIs would do well to get in now while the price is almost at last placing of 50p. The next I can see being closer to £1 late 2020 or Q1 2021.
Woodford administrator under fire for £224m asset sale
https://www.thetimes.co.uk/edition/business/woodford-administrator-under-fire-for-224m-asset-sale-tb9gg7jq0?utm_source=newsletter&utm_campaign=newsletter_103&utm_medium=email&utm_content=103_9586754&CMP=TNLEmail_118918_9586754_103
Ben Martin, Senior City Correspondent
Friday June 05 2020, 12.00pm, The Times
The administrator of Neil Woodford’s failed investment fund has come under fire over its handling of a deal to sell a group of the fallen stockpicker’s healthcare stakes for £224 million.
Link Fund Solutions announced that it had agreed to sell 19 of the assets held in Mr Woodford’s crippled Equity Income fund to Acacia Research Corporation, an American company focused on life sciences and technology patents. Link, which did not say which investments had been sold or when it would return the proceeds of the sale to investors, gave scant details on the terms of the deal and warned that it could take up to six months to complete.
It also risked disappointment over the price that its advisers secured for the stakes. Link said that the fund was now valued at £444.2 million, including the amount it will receive from the Acacia transaction. This is markedly lower than its £558.2 million valuation on May 20 and suggests that the asset sale had valued the healthcare assets at a steep discount, inflicting losses on the hundreds of thousands investors who have been locked in the fund for a year.
Adrian Low****, head of personal investing at the investment platform Willis Owen, said: “Rather disappointingly there is no detail on what was sold, for how much and what the losses were on those investments. Investors should be given an idea of what the costs incurred for this deal are and what they could expect to see back.”
Mr Woodford, 60, was once considered Britain’s top stockpicker until a run of poor investment performance erupted into a crisis. Investors were blocked from making withdrawals from his main Equity Income fund last June and Mr Woodford was subsequently removed as its manager by Link, which handles the corporate governance of the vehicle, in October.
The turmoil forced Mr Woodford to shut his investment company and Blackrock and PJT Park Hill were hired by Link to sell off the assets in the frozen fund to hand money back to the trapped investors. This process has so far returned £2.27 billion, although investors will have suffered losses at various points throughout the debacle because the fund’s valuation has dramatically shrunk.
It peaked at £10.2 billion in May 2017 but had dropped to £3.7 billion by the time it was frozen after investments soured and withdrawals mounted. The valuation has also declined since the fund was suspended, delivering a further blow to trapped investors.