Member Info for Spikeyj

http://www.ft.com/cms/s/0/e8320ccc-0327-11e5-8333-00144feabdc0.html#axzz3bJqWMow4

suits staffline v nicely.

http://www.proactiveinvestors.co.uk/companies/news/80049/clinigen-groups-idis-acquisition-prompts-sharp-rise-in-peel-hunts-price-target-80049.html

sssh! some of us trying to sleep here.

g*d help me, i have averaged up on this one, for l/t view, but not a habit i hope!

lol, should have waited for the other dip.

welcome on board. good timing not to have delayed by another hour!

http://www.ft.com/cms/s/0/c7fa0d9a-ead8-11e4-96ec-00144feab7de.html#axzz3YS6APqPv

[mind, i regret posting that now .... ... it seems a mite hubristic, so we probably get profit warning tomorrow!]

i think it will stay in aim until it gets taken over. tasty package of growth morsels being built up.

mutual congrats.

a nice little bonus i hadn't been expecting.

just sit back and wait. look again in 3-4 years time, then again 6 or 7 years in.

mind you, even if there is a significant ftse correction, it probably won't make much difference to the prices they would need to pay for the small quoted & unquoted growth companies they will be after. the worth of those businesses has very little to do with the share prices of the huge international miners, bank/ finance companies, retailers etc that make up indices like ftse 100. but i suppose if there is a marked main market correction, that would mean wpct would buy into some of the dividend earning larger stocks cheaper. i have a lot of confidence in woodford's team to time their entry points for that well, proven expertise at that. (whereas slightly more open question whether they really are good micro-cap pickers)

http://www.ft.com/cms/s/0/ad82aa36-ea6e-11e4-a701-00144feab7de.html#axzz3YS6APqPv according to the article above: ".... the “innovative and enticing fee structure”, in which the trust will charge only a performance fee rather than the usual percentage-based management charge. Once it is fully invested, which the company says will take up to two years, the trust will hold 75 per cent in early-stage and early-growth companies, with the rest in mature stocks; the income from these will be used to pay the trust’s running costs. It will aim for returns of 10 per cent a year."

http://citywire.co.uk/money/woodford-patient-capital-blackrock-and-trust-directors-buy-in/a811120

the idea is to hold enough dividend earning main market shares to pay running costs / management costs in the v. early days, until they start earning performance fees. but would not expect more than 20-25% in such divi earners. in terms of long term performance, perhaps it depends in part on how much one believes we will remain in a low inflation or even deflationary environment? if this does persist for years, then it will be very hard to find good growth in the larger companies which will struggle to grow revenue streams as much as in those more 'normal' times when there are inflationary pressures. if we are in for years of (near?) deflation, then small companies should provide better chances for decent growth, which would favour WPCT versus the income fund. if however the world economy picks up very well in next few years, then the income fund should do well. me, i hold both now, but have rather more in wpct as i am not an optimist on l/t 5-8 yr global growth.

https://woodfordfunds.com/patient-capital-trading-starts/

they will deliberately make it hard to work it out for a while. yes, chunks of the money will be in cash. but other chunks will be going into dividend paying main market stocks to help fund the ongoing costs. some other deals with relevant small caps were probably already arranged well before the ipo closed, but are not yet announced. other stakes being built up as slowly and carefully, but also as quietly as they can manage. last thing they want is to move the market in a share by their interest becoming known before they have acquired. it will take them a year or two before they have the overall sort of portfolio they would like, this is a slow build.

on the dip today.