Registration to vote on Link Fund Solutions' Woodford scheme of arrangement opens

investmentweek.co.uk:

The result of the vote will be announced no later than 5pm on 15 December 2023, according to LFS.

Registration will be open until 5pm on 30 November 2023, if scheme creditors are only able to attend the scheme meeting in person, or 5pm on 4 December if they wish to attend remotely.

The scheme meeting will be held on 13 December, and scheme creditors are able to vote on the scheme in advance or register to vote at the meeting.

Woodford investors to vote in single class as scheme of arrangement vote delayed

The result of the vote will be announced no later than 5pm on 15 December 2023, according to LFS.

To be approved, the scheme requires the support of a majority of voting creditors, totalling at least 75% by value of shares held.

Link Fund Solutions, the Financial Conduct Authority and the investor committee established for the scheme have all recommended investors vote in favour.

If approved, investors are expected to receive an initial distribution in the first quarter of 2023.

The minimum investors will receive as part of the scheme, which also prevents any further claims being brought against Link Fund Solutions and its affiliates, is 61% of what the FCA considers an «appropriate redress amount», based on «misconduct rather than losses».

Woodford deal requires 'careful thought' from investors

If the reserve amount remains unspent, investors will see a maximum of 77% of this amount, as a direct result of this scheme.

The process of winding up the former WEIF is still ongoing, and investors may see further payments from this.

As detailed in the scheme's explanatory statement and confirmed to Investment Week by the Financial Services Compensation Scheme, investors relinquish their rights to claim with the FSCS against