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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Time Out Group PLC    TMO   GB00BYYV0629

TIME OUT GROUP PLC

(TMO)
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Suspended Woodford fund has sold around £100 million of assets

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06/14/2019 | 02:46am EDT
Neil Woodford is seen in this undated handout picture

LONDON (Reuters) - Neil Woodford has sold 97 million pounds of shares over the past 10 days to boost liquidity in his suspended equity income fund, a Woodford spokesman said on Thursday.

He needs to raise cash from the Woodford Equity Income Fund, which had 3.7 billion pounds in assets under management when suspended, to pay back investors seeking their money due to poor performance.

The fund was frozen on June 3, shortly after a 263 million pound redemption request from the pension fund of Kent County Council in southern England.

Market participants have been expecting a wave of forced selling by Woodford, with some hedge funds taking out short positions against his investments.

"Since suspension, Woodford has sold 97.1 million pounds of stock as he continues to reposition the Woodford Equity Income Fund portfolio," a Woodford spokesman said by email.

Woodford has said he will shift the focus of the fund to larger, more liquid stocks.

Since the equity fund was suspended, Woodford's firm has sold or transferred stakes worth at least 808 million pounds in UK listed companies, according to a Reuters analysis of stock exchange filings.

However the Woodford spokesman said the bulk of these filings related to stock transfers, following the firm's loss of a mandate from wealth manager St James's Place.

Woodford managed an investment portfolio for St James's Place worth 3.5 billion pounds that was held separately from the suspended equity income fund, but St James's Place cancelled that mandate last week so the portfolio is now being transferred back to them. Wealth manager Openwork also dropped a 330 million pound mandate with Woodford last week.

Woodford's firm has cut or transferred its position in at least 22 listed UK companies, including FTSE 100 company Barratt and smaller companies Time Out Group and Purplebricks.

The filings may not represent the full extent of Woodford's UK sales or transfers as firms in Britain only have to report stake reductions when they own more than 3% or 5% of an underlying stock, depending on the company's home base.

The St James's Place mandate did not fully replicate Woodford's equity income fund, which has come under fire for investing in illiquid stocks. Woodford did not invest in unlisted companies or small overseas stocks on behalf of St James's Place, the St James's Place spokesman said.

Woodford's stake changes, and the expectation of further sales, have had an impact on some of its investments in smaller companies.

E-Therapeutics has fallen 9.1% since June 3, IP Group is down 8.1% and NewRiver REIT is off 8%.

"Woodford is creating some bargains for savvy investors by being forced to liquidate positions," said Neil Wilson, analyst at Markets.com.

(Additional reporting by Simon Jessop; Editing by Rachel Armstrong and Keith Weir)

By Carolyn Cohn, Muvija M and Samantha Machado

Stocks mentioned in the article
ChangeLast1st jan.
BABCOCK INTERNATIONAL GROUP 1.27% 470.4 Delayed Quote.-5.07%
BARRATT DEVELOPMENTS 0.39% 622 Delayed Quote.33.88%
E-THERAPEUTICS PLC -4.87% 2.521 Delayed Quote.-58.27%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
IP GROUP PLC 1.61% 61.665 Delayed Quote.-42.91%
NEWRIVER REIT PLC 3.13% 151.8 Delayed Quote.-30.21%
PURPLEBRICKS GROUP PLC -2.24% 122 Delayed Quote.-15.79%
TIME OUT GROUP PLC -0.41% 122 Delayed Quote.72.54%
WOODFORD PATIENT CAPITAL TRUST PLC -2.63% 43.0892 Delayed Quote.-46.22%
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Financials (GBP)
Sales 2019 64,9 M
EBIT 2019 -6,68 M
Net income 2019 -
Debt 2019 40,5 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
EV / Sales2019 3,17x
EV / Sales2020 2,41x
Capitalization 165 M
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Number of Analysts 1
Average target price 135,00  GBp
Last Close Price 122,50  GBp
Spread / Highest target 10,2%
Spread / Average Target 10,2%
Spread / Lowest Target 10,2%
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NameTitle
Julio Bruno Group Chief Executive Officer & Executive Director
Peter Adam Daiches Dubens Non-Executive Chairman
Adam Silver Chief Financial Officer & Executive Director
Antonio Rodriguez de la Torre Director-Technology & Travel
Anthony M. Elliott Non-Executive Director
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