LNK: Link Group sale of Fund Solutions and settlement with FCA

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Group and LFSL have agreed to sell the Fund Solutions business (excluding Luxembourg and Swiss entities and Woodford-related liabilities) to Waystone Group with a £110-140 million consideration value.
• Link Group has reached a conditional agreement with the FCA to settle its investigation into LFSL's role as the authorized corporate director of the LF Woodford Equity Income Fund.
• The sale is targeted to complete by October 2023, and Link Group reaffirms its FY23 guidance of Operating EBIT to be up 10-12% on FY22.

2023-04-20 08:15:00

LNK: Update on the sale of Fund Solutions

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Group continues exclusive discussions with Waystone Group regarding the sale of the Fund Solutions business, targeting April 2023 for an agreement.
• Progress has been made, but no certainty exists until binding agreements are signed with Waystone and the UK Financial Conduct Authority (FCA).
• The announcement was authorized by the Link Group CEO and Managing Director.

2023-03-30 08:17:00

LNK: Link Group enters into agreement to sell BCM

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Group is selling its Banking & Credit Management business to LCFH for up to €30 million cash consideration.
• The transaction is expected to be completed in the second half of CY2023, subject to regulatory approval.
• Proceeds from the sale will be used to pay down debt, and Link Group re-affirms its FY23 guidance with expectations of Operating EBIT to be up 10%-12% on FY22.

2023-03-17 08:34:00

LNK: Link and Rest announce in principle partnership extension

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Administration Holdings Limited (ASX: LNK) and long-standing client Rest have agreed in principle to extend their 30-year partnership by a further five years.
• Upon finalisation of a binding agreement, Link Group’s Retirement and Superannuation Solutions (RSS) business will deliver core administration and experience-led customer engagement services to the fund.
• Servicing the retail sector, Rest has become one of the largest industry superannuation funds by membership with more than 1.9 million members and approximately $70 billion.

2023-02-22 08:35:00

LNK: Update on the sale of Fund Solutions and expected impairment

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Group is in exclusive negotiation with the Waystone Group in respect of the sale of the whole of its Fund Solutions Business, excluding Woodford related liabilities.
• Any transaction with Waystone is subject to successful finalisation of due diligence and finalisation of detailed legal agreements, and to board and other approvals.
• Link Group has granted a further period of exclusivity to Waystone to enable the parties to conclude the necessary legal agreements before the end of March 2023.

2023-02-20 08:46:00

LNK: Legal proceedings served on Link Fund Solutions Limited

LINK ADMINISTRATION HOLDINGS LIMITED

• Link Fund Solutions Limited has been served legal proceedings by Harcus Parker.
• The application for a Group Litigation Order in respect of both the Leigh Day and Harcus Parker claims was dismissed on 21 December 2022.
• LFSL will vigorously defend itself against these proceedings.

2023-01-19 09:39:00

LNK: Legal proceedings served on Link Fund Solutions Limited

LINK ADMINISTRATION HOLDINGS LIMITED

1. Link Group Administration Holdings Limited (ASX:LNK) has become aware that law firm Leigh Day has served a group action in England against Link Fund Solutions Limited (LFSL).
2. An application for a Group Litigation Order in respect of both the Leigh Day and Harcus Parker claims was dismissed on 21 December 2022.
3. As previously disclosed, LFSL is aware that three claims have been issued against it by Leigh Day and one claim has been issued against it by Harcus Parker.

2023-01-17 09:44:00