Australia's Link sells LFS unit for up to $174 mln, settles FCA probe (updated)

Link Administration Holdings

20/04/2023 24:12

(Adds FCA investigation settlement, details on LFS sale)
       April 20 (Reuters) - Australian share registry firm Link
Administration  LNK.AX  said on Thursday it will sell its
UK-based Link Fund Solutions (LFS) for up to $174.1 million to
Dublin-based Waystone Group. 
    The firm also reached a conditional deal with the UK's
Financial Conduct Authority (FCA) to settle its investigation
into the unit over the mismanagement of the now-defunct LF
Woodford Equity Income Fund. 
    Under the deal, about 300,000 investors in the equity fund
will receive a combined 235 million pounds in redressal
payments. 
    Link said the FCA has agreed to support the deal, and will
call for its approval by investors of the fund. 
    Link is selling the unit for between 110 million pounds and
140 million pounds ($136.77 million to $174.08 million). 


($1 = 0.8042 pounds)

 (Reporting by Harshita Swaminathan; Editing by Krishna Chandra
Eluri)
 ((Harshita.Swaminathan@thomsonreuters.com;))