Tuesday, May 24, 2016 11:39:09 AM
https://woodfordfunds.com/insight/wpct-april-2016/
NEIL WOODFORD says:
May 24, 2016 at 4:17 pm
Hi Ray,
You raise a number of very interesting points in your post, in particular, the difference between due diligence and judgement and this is something that we will explore in more detail on our blog in due course, as it’s important for investors to understand and appreciate the difference.
In relation to Northwest Biotherapeutics, as I have said before, this wasn’t an error in the due diligence process we undertook. Our due diligence was thorough and identified certain corporate governance issues at Northwest.
When we feel it is in the interests of our shareholders we will look to influence change. But it is not always straightforward regardless of whether the company is early-stage, mid or large cap in size. We made our investment decision because we firmly believed in – and still believe in – the technology, but we underestimated how governance issues would undermine the fundamental technology story.
We hope the steps now being taken by the company can address the much-publicised shortcomings in its governance procedures.
As we have said previously, the nature of early-stage investing means that there will be failures, whether it’s the technology behind the business or the management team.
Neil
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