In his written judgment, justice Jonathan Richards confirmed he has no reason to contradict the outcome of the scheme vote and so will sanction the scheme of arrangement.
Investors are set to receive their first payment in April, barring successful appeals. This marks a delay to the previously outlined schedule, which originally proposed the first payments, expected to range between £183.5m and £200m, to be made by 31 March 2024.
The delay has arisen as a result of the judgment being left unsealed until 29 February in order to allow for potential appeals, which will be accepted in writing until 4pm on 23 February.
FCA reasserts proposed Woodford redress is 'subset of total losses' as sanction decision delayed
In his written judgment, justice Jonathan Richards confirmed he has no reason to contradict the outcome of the scheme vote and so will sanction the scheme of arrangement.
He cited the «overwhelming majority» of investors who voted choosing to approve the scheme, with 93.7% by number and 96% by value backing the deal. A total 54,032 creditors participated in the vote, compared with the potential number of creditors, which stands in excess of 200,000.
Richards responded to all objections raised during the two-day hearing held during January and found none held enough weight to overturn the conclusion of the scheme hearing, in turn choosing to sanction the scheme.
The objections spanned a range of arguments, including the removal of access to the Financial Ombudsman Service and Financial Services Compensation Scheme, the fairness or clarity of language included in the explanatory statement, and the independence of the chair of the investor committee.
Barring a successful appeal, scheme creditors do not have to take
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