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HAVE ADDED A FEW MORE TO OUR HOLDING, (150% OF OUR CURRENT HOLDING) BUT PERHAPS OUR OLD AGE HAS MADE US GO-GA OR WE MAY BE LUCKY AND GET NEAR OUR AVERAGE COST WHICH IS WELL BELOW THE SO CALLED NAV. SCHRODERS MAY NOT BE AGGRESSIVE BUT PERHAPS EVEN HAVING THEM GET THE BOAT STEADY WOULD BE GOOD. WE WOULD HAVE BEEN BETTER OFF ADDING TO OUR FFWD HOLDING PROBABLY, WE MAY WELL DO THAT NEXT MONTH BUT NO MORE ON WPCT.
APPROACHING 80 WE WILL BE APPROACHING 90 BEFORE WE SEE A PROFIT ?
Anyone thinks Shroder is a good fit, check out the dismal performance of their Small Cap Discovery fund (as close an equivalent as youd find) over the last five years. Better than Woodford but way behind the general market.
As for "before the new year" well its not the New year yet ! Plenty of time for them to discover they have been left holding a bag of poo and close it down citing "didnt realise until we could evaluate", " in the best interests of shareholders" etc.
New ticker -
They still have the old stock, however they may get new investors by buying better quality and using their name and contacts once it is under their name. Then eventually the stock will rise under the Schroders name. Do we know what the new ticker will be?
What an appalling year for long term investers - both SXX and WPCT in tatters. Better stick to AIM O&G exploration companies, it seems.....
Great News-only 63p down after 4-5yrs investment in PC with the Great Woodford.
"and they couldn't possibly buy at the same price of their relevant NAVs anyway."
To clarify, I mean they'd have to buy at the massively over-priced NAV, which goes back to my perpetuating point or put money in at much more reasonable prices, which will see the companies written down massively.
peggy, there probably are a few positives.
But don't you believe the likes of IH are worth little or nothing?
Or Versaeon and Benevelent AI are struggling?
If not, fair enough, it's your choice.
But Scroders will have to continue to pile money in if they think they're good companies.
And I don't see that happening, because the money isn't there and they couldn't possibly buy at the same price of their relevant NAVs anyway.
And that's before the bank covenants.
Their reputation means they have to get this right and come clean, imo.
Oh, I wasn't here for a couple of hundred quid either.
I put serious money in here, very early on, with the view to it being a long term investment in my SIPP.
I got seriously burned and pulled out, because I listened to what was being said.
I then entered again and got burned again, because of the massive underperformance.
Then I realised the truth, simple, in that Woodford was frankly lying, imo. I wouldn't go so far as to say he was doing it to benefit himself, but the fact that he did is convenient.
Not everyone who thinks this trust is an utter dog is a trader and to insinuate that is poor.
I cant believe Schroders would take this over and then watch people bail out, surely a company of there standing would not get involved if that was the case,
A reputation takes a lifetime to build and a few seconds to destroy.
I am sure if you are in this for the longer term you will be okay here, Schroders know what they are doing and they must see positives in the trust otherwise why bother.
The small time traders on here (quick £200 ) will no doubt have othere views as always.
That old saying rings very true, imo;
You can't polish a t*rd.
I'd agree that we'll probably see a NAV re-rate, as Schroders tell it as is is, clear the dross and start again on a better footing.
It's going to have to hurt before it gets better, imo.
Otherwise, they'll just be perpetuating the rubbish that Woodford was trying to sell.
I'd definitely be looking to bail for now and see how it goes.
its good news there is a new manager BUT its the same old 'assets' that have to be sold/given away to allow the new lads some liquid to buy better quality and its no secret that a lot of the existing securities are illiquid!! maybe better to wait for Schroders first NAV calculation before diving in? GLA DYOR everything is IMO
Early Preview @Share_Talk Bulletin Board Heroes, Thursday 24th October 2019 with @ZaksTradersCafe video charting update
Woodford Patient Capital Trust #WPCT (recorder before UK asset manager Schroders announcement) takes reins of the investment trust
Some chunky buys coming in. I think we are good for another 10-15% from here just on this news(although maybe not today)
Nothing wrong with taking a profit of course and well done to those of you who were buying at 30p !! I think I’d probably be crystallising that asap.
But if you are still under water - as I suspect the vast majority of holders here will be - the future looks a little brighter this morning. I myself will sit tight and trust Schroders. They are not known for spectacular returns but they are sensible and have strong governance - something, it is now generally accepted, that Woodford lost when he left Invesco and was the cause of his downfall.
Totally agree to sell out with the gain as a change of management and gloss will not change the underlying overvalued NAV's in there.
I will wait for another fall and see what the fund is actually composed of with re evaluations.
In myself today. Got to be a fair punt now
Mr Toast, there will be further revaluations but the sentiment that has depressed the share price has changed for good. A new Manager of the highest integrity, a new name and no threat of a fire sale. No performance fee until the NAV increases by around 20% from here. I have no doubt Schroders wouldn’t have touched it unless it was viable.
Just doubled up on the positive vibes. Good to see some sense returning to the SP. Dead cats don't tend to bounce this high. Any comments from ItsToast?
"I also believe there will be some action to get it shut this side of the New Year"... just 3 days ago you said this, Toast. Oh dear.
I'm in also. Currently trading way below NAV and the removal of the toxic branding is a real bonus. In fact the very mention of the name (W) made me wobble on the buy button. Healthy - what do you mean by contrarian investing? Thanks.
Now sthe time to sell, before the penny drops that its still dross. Anyone who bought in the last couple of days has made a killing and anyone who was hanging on, take your opportunity now before a massive downward NAv revaluation comes along.
For e few days jolding.
I thought they would appoint another Fund Manager but haven't wasted any time.
The more pleasing aspect and the bonus is the name change so any asdociation with Woodford is gone for good.
This contrarian investing and spying value is doing me proud..
Thats Intu and now WPCT have come up trumps.
they wouldnt have touched it if they didnt think they could turn it around
Time for the shorts to exit I think...
Maybe but they wouldn’t have taken it on and set the High Water Mark (the point at which they can earn a performance fee) @ 77p unless they thought that was achievable. This news should put a solid floor under the share price even if the NAV still has some drops to come when Schroders looks at the individual valuations. It will be interesting to see what they do with IH - immediate write down to zero ?