NorthWest Biotherapeutics Inc (NWBO)

[hyperopia]

Cheers Hb, I knew NWBO wasn’t in the top 10, but wasn’t sure if it was a smaller holding. I think there may have been more front-running short sales of his former assets again as his other fund (WPCT) assets are also being liquidated.


WPCT update reveals ‘disappointing’ progress as Schroders takes over
By Jessica Tasman-Jones, 16 Dec 19

Announcement comes as Link reveals only 56% of Woodford Equity Income has been liquidated

https://portfolio-adviser.com/wpct-update-reveals-disappointing-progress-as-schroders-takes-over/

The Woodford Patient Capital Trust has been accused of slow progress on the sale of investments as it hands the reins to Schroders and rebrands as the Schroder UK Public Private Trust.

The board revealed on Friday its credit facility had been reduced from £150m to £112.9m, the latter being the amount currently drawn. Gearing on the investment trust, which as of Monday trades under the ticker SUPP, is 23%, according to the Association of Investment Companies.

Investment trust takes its time selling down companies

JP Morgan Cazenove said in a note “this implies there has been no further progress in terms of selling investments from the portfolio” since the last update on the credit facility three months ago.

The amount drawn from the credit facility was £111.1m, according to an update on 26 September. That was down from £116m at the end of June due to the sale of two unquoted investments, ADV and Ultrahaptics.

Portfolio Adviser is waiting for a response from the investment trust about why the amount drawn from the credit facility has increased by £1.8m since September.
The progress revealed in the latest update was “a little disappointing”, said JP Morgan Cazenove.

Slow progress on the investment trust portfolio mirrors the lack of sales in the illiquid and unquoted holdings in the Woodford Equity Income fund, which Blackrock and PJT Partners are responsible for selling as part of the fund’s wind-down.

Authorised corporate director Link revealed on Friday that while 80% of the liquid portfolio had been sold, 44% of the portfolio is yet to be liquidated. Like the Woodford Patient Capital Trust, the open-ended fund has also now been rebranded to the LF Equity Income fund.


Link update reveals 80% of liquid Woodford stocks have been sold
By Jessica Tasman-Jones, 13 Dec 19

https://portfolio-adviser.com/link-update-reveals-80-of-liquid-woodford-stocks-have-been-sold/


Link has revealed it has freed up £1.65bn from the liquid assets in the Woodford Equity Income fund but is keeping mum on progress in the sale of unquoted stocks in the portfolio.

In a letter to unitholders, which coincides with the results of UK general election, Link said Blackrock, which is responsible for the liquid part of the fund, has sold 79% of the portfolio it is responsible for. The cash realised has been re-invested in FTSE 100 index instruments, money market funds, government securities and commercial paper with short maturity date.

The remaining 21% of the portfolio is in “generally less liquid stocks than those assets sold so far”, managing director Karl Midl told Woodford Equity Income investors, who have been trapped in the fund since June.

The authorised corporate director provided no detail on progress in the unquoted holdings that are being managed by Park Hill. “We and Park Hill continue to explore opportunities for selling the Portfolio B assets while maximising the return for investors. However, at this stage we are unable to confirm when these assets will be sold. “We will provide further updates on the progress of the sale of the remaining assets and dates for the subsequent capital distribution to investors until the process is complete.”

The Blackrock sales in total only represent 56% of the Woodford Equity Income fund.