Neil Woodford’s investment trust shares rise after slide triggered by fund suspension June 11, 2019 Neil Woodford’s listed investment trust’s stock rose this morning following a share price slide after the former star trader’s flagship fund was suspended. Shares in Woodford Patient Capital Trust were up more than eight per cent today. Read more: FCA chief Andrew Bailey calls on Woodford to waive management fees The suspension of Woodford’s Equity [...]
Neil Woodford’s flagship fund suspends trading to protect investors June 3, 2019 Veteran investor Neil Woodford's flagship fund has suspended trading after a spike in investor redemptions. Link Fund Solutions, which is the corporate director of the fund, said it was "in the best interests of all investors in the fund to suspend the issue, cancellation, sale, redemption and transfer of shares" in the Woodford Equity Income [...]
Aberdeen Standard opposes Non-Standard Finance’s hostile Provident Financial takeover June 2, 2019 A major shareholder in Provident Financial has come out to publicly oppose rival doorstep lender Non-Standard Finance’s (NSF) hostile takeover bid. Aberdeen Standard Investments, which owns 3.1 per cent of the sub-prime lender, said it would not accept NSF’s offer. Read more: Watchdog probes Non-Standard Finance's hostile takeover of Provident Head of UK equities Andrew [...]
Neil Woodford’s flagship fund drops £560m of assets in four weeks May 30, 2019 Veteran trader Neil Woodford’s flagship fund has lost £560m in assets over the last month following a prolonged period of underperformance. The Woodford equity income fund saw assets fall from £4.33bn in April to £3.77bn this week, according to data from Morningstar Direct. Read more: Analysts downgrade Neil Woodford flagship fund due to 'underperformance' Assets [...]
M&G Investments rejects hostile takeover of Provident Financial May 28, 2019 M&G Investments has announced that it will reject a hostile takeover of Provident Financial by rival sub-prime lender Non-Standard Finance. The investment firm, which owns 1.7 per cent of Provident’s stock, has joined Schroders and Coltrane in confirming it will refuse to back the deal. Read more: Non-Standard Finance confident of watchdog support for £1.3bn [...]
Analysts downgrade Neil Woodford flagship fund due to ‘underperformance’ May 20, 2019 Analysts at Morningstar have downgraded veteran investor Neil Woodford’s flagship fund due to underperformance. Woodford Equity Income fund’s rating was lowered from bronze to neutral, which is the research group’s second lowest ranking, following “persistent” redemption requests as investors exit. Read more: Fund manager Neil Woodford doubles stake in Card Factory The fund, which was [...]
Schroders stands firm against Non-Standard Finance’s hostile takeover of Provident May 19, 2019 A major Provident shareholder has stood firm against a £1.3bn hostile takeover bid delivering a blow to rival subprime lender Non-Standard Finance’s hopes of gaining more support. NSF decided to plough ahead with its takeover last week with support from investors holding 53.53 per cent of Provident shares. The doorstep lender dropped its own target [...]
Non-Standard Finance pushes forward with £1.3bn hostile takeover of Provident May 15, 2019 Sub prime lender Non-Standard Finance has dropped the number of acceptances needed to push forward with its £1.3bn hostile takeover of rival firm Provident Financial. NSF said in a statement that its offer was now unconditional in terms of acceptances by investors, with 5 June the last date on which the takeover may be declared [...]
Fund manager Neil Woodford doubles stake in Card Factory despite high street woes May 13, 2019 Former star trader Neil Woodford has doubled his stake in Card Factory despite high street footfall woes hitting the retailer’s sales last year. Woodford Investment Management has increased its stake in the greeting cards retailer to 10.06 per cent, in a significant bet on the company boosting its performance. Read more: Neil Woodford's billion-dollar baby [...]
Provident Financial says hostile bidder Non-Standard Finance is overvalued May 8, 2019 Provident Financial today said it had concerns about the valuation of Non-Standard Finance (NSF) which is trying to take it over. Provident said it had concerns NSF was undercapitalised, it said NSF’s business was facing “significant headwinds”, it said there was an overly positive perspective on NSF’s headline financial performance and said NSF was overvalued [...]