The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The rise to 1.7 is a very good point.
None of us know for sure, we will just have to wait and see...
They want to be fully out by tomorrow to pay back investors. Does that mean they are completely out? Personally I think not. Although why did we get to 1.7p and why weren't they selling loads into that? I figured the rise was due to the seller being out but no notification.
Basically I aint got a Scooby.
..."PJT Partners is helping Link to sell the fund’s unlisted and highly illiquid listed holdings. But some reports suggest that investors will only get back a fraction of their capital once the fund, which has assets worth around £3bn, is wound up."
Another date for 'winding up' illiquid holdings seems to be implied by this, but it should not affect TRX shares.
besharp, don't take it personal, - you know we are all affected to the same extent, and it is stopping TRX management from getting a market value for the sp until this nonsense ends, which in turn delays other important decisions.
The relentless selling over the last few months tells me that Link should be out fully today or tomorrow. Then again I thought they were out a few weeks ago, and then again last week - especially when the SP rose from below 1p to 1.7p!!!
WHFDIK!!!
I'm tired of this. The sooner the better as I'm beginning to think this is personal.
i can put a valuation on my house...dos not mean its sold.
i think calculations would be the word used if all assets realised.
I would be more confident if they said final calculations.
Valuation is just that a valuation...
Seems to me they are giving a first initial payment that they are happy to pay, giving them more time to realise their assets and keep the holders reasonable happy.
Of course just my opinion and i would love to see the TR-1...but prepared for it not arriving just yet.
My reading of this is, tomorrow they will calculate the amount to return to investors for the sale of all holdings. This would mean by 430pm they will need to be out of everything.
Tuesday they will communicate to investors what they are going to get. Possible date of TR1 also.
Any future payments are interest, divis etc.
I might be wrong and this is all my interpretation. dyor.
Surely they will have to have sold all to be able to give a final valuation!
Link Fund Solutions, the authorised corporate director for the fund, which is now called LF Equity Income(GB00BZ01L372), said a final valuation of the fund’s assets would take place on 17 January – as originally planned – and that the wind-up would start the next day.
Wind up = selling shares or apportioning proceeds to investors?
Final valuation (of shares you've been selling for weeks?)
I think the latter is closest to the truth.
it does say final valuation...but a valuation is not a sale?
Thanks for that link,
First payment...still not clear as to whether they will have finished selling tomorrow?
Is that the first payment of finalised calculations? or just a first payment of so far received?
Hoping this helps - source:
https://www.investorschronicle.co.uk/funds-etfs/2020/01/15/woodford-investors-face-payment-delay/
Neil Woodford’s former flagship fund will start to return capital to investors this month, but the first payment will be later than expected. Link Fund Solutions, the authorised corporate director for the fund, which is now called LF Equity Income(GB00BZ01L372), said a final valuation of the fund’s assets would take place on 17 January – as originally planned – and that the wind-up would start the next day. But the first payment of capital to investors is now expected to be on or around 30 January, rather than around 20 January.
“We intended that investors in the fund would receive their first payment on or around 20 January 2020," said Link. "This date will now be on or around 30 January 2020. This change to the timetable is required to ensure that investors retain exposure to the equity market for the entire period prior to the fund being wound up as required by the regulations. This delay also allows a significant portion of the fund’s holdings in money market instruments to be liquidated in a way that minimises costs to the fund.”
The calculation of the amount investors are due to receive will be made on 24 January rather than 6 January, as originally planned. Link will write to investors in LF Equity Income to inform them how much this will be on 28 January. Link has also outlined other key dates for the fund, as shown in the table below. These include its income payments and the publication of its 2019 annual report.
Link suspended trading of the fund amid elevated redemption requests in June last year, and towards the end of 2019 decided to wind it up and return capital to its investors, rather than attempting to reopen it.
Asset manager BlackRock has been appointed to sell LF Equity Income’s liquid assets, and buy cash funds and FTSE 100 trackers with the proceeds. PJT Partners is helping Link to sell the fund’s unlisted and highly illiquid listed holdings. But some reports suggest that investors will only get back a fraction of their capital once the fund, which has assets worth around £3bn, is wound up.
Either way I think it’s best to be in than out before then
IMHO
Followed your link parkez, - found this 1/2 way down; - pure comedy gold :)
Nimesh Shah of Blick Rothenberg replies:
The winding-up of the company is complicated and every shareholder should take their own advice, :)
Not sure, I took it as being 24th Jan all out, then calculated and paid
is not the payment on the 30th just a first payment? Link could still be selling after the 30th?
The holders will eventually receive more as more funds are liquidated.
https://www.moneyobserver.com/news/how-should-wind-lf-woodford-equity-income-be-treated-tax-purposes
Does that mean we can have a holding TR1 tomorrow or Monday???
Tissue Regenex Rock imop.
Thanks guys, yes I read that as tomorrow is the last day to be out of all investments
Was it not linked to the revised 31 Jan deadline for the payouts to (ex Woodford) investors?
https://www.moneymarketing.co.uk/news/link-pushes-back-timetable-to-pay-woodford-investors/
Calculations made on 24th, payments on 30th. So tomorrow is last day. imho
Yes JHolder, here goes ...
https://twitter.com/riddler_smitb/status/1218886482766770176
Payments start very shortly
Sooooo when you say Link have to be gone by Tuesday is that something that’s in writing?
Yep definitely link
Once they have gone this will pop
FDA in America
Only 1-5000 achieve that