Australia's Link Administration leaps on UK unit sale, FCA settlement

Link Administration Holdings

20/04/2023 02:17

** Shares of Link Administration  LNK.AX  rise as much as
8.1% to A$2.26, their best intraday gain since Dec. 30, 2022
    ** Stock hits highest level since Feb. 28
    ** Link reaches agreement to sell its UK unit Link Fund
Solutions (LFS) for up to $174.1 million to Dublin-based
Waystone Group 
    ** Unit was under investigation by UK's Financial Conduct
Authority related to mismanagement of a now-defunct fund, co
reached agreement with FCA on redressal payments 
    ** Stock second-highest gainer on benchmark  .AXJO  index 
    ** As of last close, LNK up 5.8% YTD 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))