The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
very sad to see this agree is likely being shorted a practice that should be banned at present - incoming new boe governer - previously hopeless imo fca head has said "they should just stop" - way to go mate, but the ceo has a statement - the link takes you straight to the jet2 bookings site, so amateur hour here as well. I don't hold jet2 but am watching closely - agree with other posts elsewhere that other airlines not being punished like dtg so either shorts or bad news on coming. gla and dyor
live feed guardian 3 mins ago "jet2 have cancelled all flights to mainland Spain, the balearic islands and the canary Islands". its now whether dtg survive, not the floor, bedlam on Monday.
I don't hold wpct /supp but I am a holder of woodfords major fund weif now lf equity income - unfortunately.
I would view with extreme scepticism the daily navs for supp being published, in view of the fact that after the weif fund was re opened it was quoted at 60p and holders got a big markdown based on the 70 percent that was sold comprising the good/liquid part of the fund.
as soon as the payment was made the remaining 30 percent comprising the illiquid holdings was then re valued at 20p - this part of the fund is still gated and link are only giving navs weekly or so due to the difficulties in valuing such unsaleable stocks. No time frame has been given to when this bad portfolio will be sold off but I don't expect it to be soon give the good stocks took 7 months to be sold.
Given that wpct / supp is presumably almost all of the illiquid / **** stuff that woodford bought, I would draw my own conclusion as to the published navs. I would also say that the weif fund was valued at over 80p and on settlement day came down to 60p, and you got a proportion of that as representing the good fund at a rate depending if you held acc or income units, so I wouldn't even take the 20p price as gospel.
These figures show on my hl holding of weif - as you can't trade this sock you won't see this elsewhere, but I figured supp investors may be interested. as usual IMHO and dyor.
First Post here but followed this bb for a while. My position - long term holder but sold majority at 10.5p in August after disastrous rns - cost us at east 10k, held onto some smaller holdings which are now down over 80% and not really worth much. Financially have written sxx off as a bad bet and moved on.
I couldn't agree more with the general sentiment that this stinks, pi's have served their purpose to cf and the board and are now disposable, and that they are busy protecting their own backs.
On the issue of a vote on any offer being made, I presume that each shareholder gets a vote that is then weighted according to the number of shares they hold. On that basis Pi`s are once again now irrelevant.
Just for interest this is from a 2019 takeover guide
The City Code comprises six general principles and 38 rules (as well as numerous notes which aid
the interpretation of the rules). Its underlying objective can be summed up in three underlying
principles:
? all shareholders of the same class in a target company must be treated equally and must have
adequate information so that they can reach a properly informed decision;
? a false market must not be created in the securities of the offeror or the target company; and
? the management of the target company must not take any action which would frustrate an
offer without the consent of its shareholders.
Make what you will of that - usual riders of IMHO and dyor. GLA