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Looks like Woodford's half out. That's pretty significant, he's been able to offload a LOT of shares.
Might be worth dipping the toe back in here now.
Yes down to 16.5%. That is really positive.
Nice one, the Woodford cloud is hopefully clearing. Has smashed the share price in doing so over the last few trading days, but the sooner he's gone then the sooner the share price can actually get moving upwards again. Wonder if we'll get a few more TR-1 forms to indicate who's taken the stock off him? Or has it just been absorbed on the open market?
Unashamedly good news. I only wish it cost him money as opposed to his poor investors.
Actually, just realsied it says in Box 2 of the form:
'No trading in the stock - voting control interest over stock transferred to new manager'
Any thoughts on this?
Great news one would think. His holding was the major / key unknown that ultimate tipped my hand with regards selling out. Suddenly watching a bit closer again.
I take your point PhilBanks.
'No trading in the stock - voting control interest over stock transferred to new manager'
What does that actually mean?
Wish I had noticed that.
May only be related to his dismissal and we still have the 32% overhang.
Hoping it is a transfer to a fund with no Woodford connection.
If it is the former, why not notify a complete transfer.
Downward pressure until Woody out.
Could do with some great news here ... not just decent
'No trading in the stock - voting control interest over stock transferred to new manager'
I took this literally, that the holding has been transferred to another Investment Fund whose manager is happy to hold.
As a LTH - please don't accuse me of ramping - but I think this is the time for a top-up.
I have concluded that it is a paper exercise and although Woodford has gone,
whoever manages the holding still needs to find a buyer at some point.
If it was an unrelated fund they would have bought the shares and therefore
they would have been traded.
It wasn't the good news I thought initially, but it isn't bad news either.
It might be if we actually understood what the RNS means, for definite.
Why is everything smoke and mirrors on AIM FFS?!
Woodford had a major stake in similar Biotec - Synairgen - it's sp has also suffered as a consequence. That too was sold (?) on 15th like RENE and this afternnon an RNS as been issued that Link Fund Solutions Ltd had obtained a 19.5% stake - presumably the Woodford holding.
So, is it Linik that now has RENE ?
Yes, I think you could be right. It looks like Link Fund Solutions have taken Woodford's holdings in Arix, Eve Sleep and a number of other companies over the last few days too.
So who are they and what's going on?
They are a private Company and have no requirement to disclose.
https://www.linkassetservices.com/who-we-are/our-story
https://www.reuters.com/article/us-woodford-invs-suspension-link/after-woodford-fund-suspension-focus-turns-to-its-stewards-idUSKCN1TI1NW (17 June 2019)
LONDON (Reuters) - The suspension of Neil Woodford’s flagship fund has put the focus on a little known firm tasked with ensuring his investors were being looked after properly. While Woodford, one of Britain’s highest profile money managers, picked the companies in which the LF Woodford Equity Income Fund invested, the fund’s governance was overseen by a company with a much lower profile — Link Fund Solutions.
Link acts as Woodford’s Authorised Corporate Director (ACD) and is the fund’s legal owner. In the prospectus for the suspended fund, Link lists a group of six directors led by its Chief Executive, Christopher Addenbrooke.
ACDs are meant to ensure fund managers stick to their investment mandates and follow the rules. They usually attract little scrutiny, but Woodford’s fall from grace has raised questions about whether they are fit for purpose.
One key question is whether ACDs — hired by the investment manager — challenge fund managers’ decisions robustly enough.
“The ACD’s role is very much behind the scenes from most retail investors’ perspective, but is nonetheless crucial - they play a major part in ensuring that the fund complies with the FCA’s rules,” said Richard Small, a financial services partner at Addleshaw Goddard.
"Britain’s regulator, the Financial Conduct Authority (FCA), has said it was looking into the circumstances surrounding Woodford’s fund suspension and the listing of some of its assets on an exchange in offshore dependency Guernsey - a move Link would have needed to approve. I would expect that the FCA will take a hard look at Link’s role in this affair,” Small said.
Nope, sorry, still don't understand.
Can anyone explain what that RNS means in plain English, including how/why whatever has happened has only happened to half of Woodford's holding, not all of it?
Link saw the future and decided it was in their best interest to leave it well alone?
Yes I think I can. WEI (Equity income) is closing down. So those shares that were held in WEI have been transferred from WEI into the company that is doing the run-off aka Link Fund Solutions. The other 1/2 of the Woodford stake is held in Patient Capital (WPCT) which is looking for a new manager to replace Woodford himself but is not, at this moment, being wound down. So the 50% stake in Link Fund is very much alive and for sale. The 50% in WPCT is likely to remain there whilst a new fund manager is hired and who then decides what he wants to do with the stock.
For colour I misread first time the RNS and also bought a small amount but would appear that not for the first time in my life, I was a tad premature!
Thanks PC01, much appreciated.
I'm not sure that's true. Link have always been the ACD of Woodford Equity Income Fund (WEIF). Nothing has changed in this regard.
Woodford IM, however, have been replaced as investment manager, by Link, on WEIF.
That's probably not helped with the RNS, that I am still puzzling over, but the above is true!
Think I've got it - this is simply record keeping as part of WIM being replaced by 2 new IMs; Blackrock & Park Hill (see link below). Perhaps Link is fronting this by name, but Blackrock & Park Hill are the ones deciding how & when to sell the assets.
So in conclusion, no RENE stock has been sold on the market, and no change in beneficial owner (it's still owned by WEIF).
https://www.thisismoney.co.uk/money/markets/article-7580743/Savers-frozen-second-Woodford-fund-charging-fees.html
Pleased i bought some more at 125. The recovery in sp has been quicker than I thought and at this rate it should re rate to above £2 with luck.
When i read about it earlier this week it was described as simply a name change.