Woodford investors to vote in single class as scheme of arrangement vote delayed
The scheme meeting and vote has been delayed to 13 December 2023.
At today's (12 October) judgement hearing presided over by judge Kelyn Bacon, an order was handed down that will result in all scheme creditors voting in a single class.
Arguments had been heard by George Bompas KC, who suggested that two classes of investors should be established, as institutional and retail investors have separate and unique options for recourse in the event of the scheme failing.
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However, while Bacon acknowledged this may result in investors approaching their decision with different interests, they would not approach the decision with different legal rights, as payments will be made pari-passu in the event the scheme passes.
She also stated that the groups within the scheme creditors were «not so dissimilar as to be impossible for creditors to consult together as a single class».
Issues regarding process and fairness of the scheme were also raised, however these are to be heard at the sanction hearing in the event the scheme passes, with today's judgement only pertaining to class composition.
Today's hearing also resulted in a change to the previously outlined timeline of events, which had planned for all hearings to be concluded before the end of 2023.
However, this has now shifted, with the sanction hearing due to take place on 18 January 2024, in the event the scheme passes.
Woodford investors set for early 2024 payout if scheme passes
The voting date has also moved, with the scheme meeting now set for 13 December.
The new timeline is:
20 October — scheme notice to be sent to investors
4 December — deadline for investors to submit a claim form
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