NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

The issue for Woodford is redemptions. He has more investors who want to cash out of Equity Income than he has cash available to fund those redemptions.

Woodford needs to sell something to raise cash. That is true across all of his positions, nothing specific to nwbo. The question is what to sell.

Equity Income contains some unlisted shares. He already did a deal swapping some of those to PCT (Patient Capital Trust). If he can sell any of the rest, it will likely be at distressed prices.

Some of the fund holdings are larger cap liquid stocks which are easier to sell. However, if he sells only the liquid stocks, the remaining portfolio is unbalanced, illiquid, and tilted toward small cap.

In an ideal world, he'd probably sell an equal slice of the portfolio. The unlisted shares make that difficult.

The arguments against selling nwbo are:

- It is a tiny piece of the fund (0.10%).
- He owns many days of trading volume and could crush the price
- He has held for 3+ years. Whatever reasons he has for holding presumably still apply as there has been little nwbo news.