Business
Dye & Durham provides update on Link Group acquisition and the UK's Financial Conduct Authority regulatory approval
Dye & Durham provides update on Link Group acquisition and the UK's Financial Conduct...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham provides update on Link Group acquisition and the UK's Financial Conduct Authority regulatory approval\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Dye & Durham provides update on Link Group acquisition and the UK's Financial Conduct Authority regulatory approval\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 12, 2022\n \n \n \n /CNW/ - Dye & Durham Limited (TSX: DND) (\"Dye & Durham\" or the \"Company\"), a leading provider of cloud-based, efficient workflow software for legal and business professionals, today provided an update regarding its proposed acquisition of Link Administration Holdings Limited (ASX: LNK) (\"Link Group\") and the related UK  Financial Conduct Authority's (\"FCA\") regulatory approval process.\n \n \n \n \n The FCA has delivered a Warning Notice to Dye & Durham stating that it is proposing to approve the Company's acquisition of Link Fund Solutions Limited (\"LFS\") subject to conditions, which are subject to finalization.\n \n \n \n \n The currently proposed conditions provide that the FCA will not approve the proposed acquisition unless Dye & Durham undertakes to cover any shortfall in the value of the assets of Link Fund Solutions Limited (\"LFS\"), up to a maximum of £306 million (approximately\n \n A$523 million\n \n or\n \n C$465 million\n \n ) in relation to any restitution and/or redress payments that the FCA may levy on LFS in relation to its management of the LF Woodford Equity and Income Fund (\"Woodford Fund\"). For certainty, the process by which any restitution and/or redress liability is decided is still underway and no determinations in that respect have been made.\n \n \n \n \n The Woodford Fund was a £3 billion (approximately\n \n A$5.13 billion\n \n or\n \n C$4.56 billion\n \n ) investment fund that collapsed in 2019 after it was unable to repay investors. The FCA commenced an enforcement investigation into LFS, which was responsible for managing the Woodford Fund, including its liquidity, in\n \n June 2019\n \n . In it...