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Link's UK unit faces $57 million fine in Woodford probe; D&D buyout under threat

By Sameer Manekar (Reuters) - Australia's Link Administration said on Wednesday Britain's financial regulator may fine a UK unit 50 million pounds ($56.86 million) in addition to...
Link's UK unit faces $57 million fine in Woodford probe; D&D buyout under threat © Reuters. FILE PHOTO: Signage for the FCA (Financial Conduct Authority), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo

By Sameer Manekar

(Reuters) - Australia's Link Administration said on Wednesday Britain's financial regulator may fine a UK unit 50 million pounds ($56.86 million) in addition to potential 306.1 million pounds in redress over its management of a now defunct fund.

The potential fine and redress payment casts doubts over the share registry firm's nine-month-long buyout talks with Canada's Dye & Durham (D&D), which has already slashed its offer by a fifth from an agreed price to A$1.95 billion.

Link shares fell 1.6% to A$3.39 in early deals, a discount of 11% to the latest buyout offer of A$3.81 apiece and about 30% to the previous agreed-upon proposal of A$4.81 per share.

UK-based Link Fund Solutions Ltd (LFSL), which managed the LF Woodford Equity Income Fund (WEIF), is being investigated by Britain's Financial Conduct Authority (FCA) for the fund's collapse in June 2019.

LFSL was the authorised corporate director for the 3.7-billion-pounds WEIF, which closed in October 2019, and whose assets were picked by veteran star manager Neil Woodford.

Woodford was criticised by lawmakers and investors for holding a large number of illiquid assets, making it hard to meet redemption calls after months of underperformance.

Link Group said on Wednesday it had not made any commitment to fund or financially support LFSL, and considered any liabilities related to the Woodford matters to be confined to the fund manager.

"LFSL will explore all options, including engaging in settlement discussions with the FCA, challenging any warning notice that may be issued at the regulatory decisions committee and further through the upper tribunal," it said.

The increasing roadblocks for Link-D&D buyout underscore the growing problem of execution risks in Australian mergers and acquisitions in a year marked with share market gyrations and hard-line regulatory approach.

Last week, private equity firm KKR & Co (NYSE:KKR) said it would not improve its already rejected $14.5 billion offer for Ramsay Health Care after the hospital operator posted a hefty profit decline.

($1 = 0.8794 pounds)

($1 = 1.4948 Australian dollars)

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30-09-2022 09:33:58 (UTC+7)

EUR/USD

0.9804

-0.0010 (-0.10%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

EUR/USD

0.9804

-0.0010 (-0.10%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

GBP/USD

1.1098

-0.0018 (-0.16%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (3)

USD/JPY

144.73

+0.28 (+0.19%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (7)

AUD/USD

0.6489

-0.0010 (-0.16%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (2)

USD/CAD

1.3707

+0.0031 (+0.22%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (6)

EUR/JPY

141.88

+0.10 (+0.07%)

Summary

Neutral

Moving Avg:

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Sell (0)

EUR/CHF

0.9570

-0.0006 (-0.06%)

Summary

↑ Buy

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Sell (0)

Gold Futures

1,669.40

+0.80 (+0.05%)

Summary

Buy

Moving Avg:

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Indicators:

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Sell (1)

Silver Futures

18.795

+0.083 (+0.44%)

Summary

Buy

Moving Avg:

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Indicators:

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Sell (1)

Copper Futures

3.4195

-0.0068 (-0.20%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

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Crude Oil WTI Futures

81.13

-0.10 (-0.12%)

Summary

Sell

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Indicators:

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Brent Oil Futures

87.02

-0.16 (-0.18%)

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↑ Sell

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Natural Gas Futures

6.866

-0.021 (-0.30%)

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US Coffee C Futures

225.55

-3.15 (-1.38%)

Summary

↑ Buy

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Euro Stoxx 50

3,279.04

-56.26 (-1.69%)

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↑ Buy

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S&P 500

3,640.47

-78.57 (-2.11%)

Summary

Neutral

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DAX

11,975.55

-207.73 (-1.71%)

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↑ Buy

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FTSE 100

6,881.59

-123.80 (-1.77%)

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↑ Buy

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Hang Seng

17,088.50

-77.37 (-0.45%)

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Buy

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US Small Cap 2000

1,671.71

-43.54 (-2.54%)

Summary

Buy

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Sell (2)

IBEX 35

7,300.10

-142.10 (-1.91%)

Summary

Buy

Moving Avg:

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Sell (3)

Indicators:

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Sell (0)

BASF SE NA O.N.

38.850

-0.565 (-1.43%)

Summary

↑ Sell

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Bayer AG NA

47.72

-0.47 (-0.98%)

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↑ Sell

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Allianz SE VNA O.N.

159.62

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↑ Buy

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Adidas AG

124.02

-6.22 (-4.78%)

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Deutsche Lufthansa AG

5.817

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Summary

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Siemens AG Class N

98.26

-1.20 (-1.21%)

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Neutral

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Deutsche Bank AG

7.594

-0.260 (-3.31%)

Summary

Sell

Moving Avg:

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Indicators:

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Sell (6)

 EUR/USD0.9804Buy
 GBP/USD1.1098Neutral
 USD/JPY144.73Neutral
 AUD/USD0.6489Neutral
 USD/CAD1.3707Neutral
 EUR/JPY141.88Neutral
 EUR/CHF0.9570↑ Buy
 Gold1,669.40Buy
 Silver18.795Buy
 Copper3.4195↑ Buy
 Crude Oil WTI81.13Sell
 Brent Oil87.02↑ Sell
 Natural Gas6.866↑ Sell
 US Coffee C225.55↑ Buy
 Euro Stoxx 503,279.04↑ Buy
 S&P 5003,640.47Neutral
 DAX11,975.55↑ Buy
 FTSE 1006,881.59↑ Buy
 Hang Seng17,088.50Buy
 Small Cap 20001,671.71Buy
 IBEX 357,300.10Buy
 BASF38.850↑ Sell
 Bayer47.72↑ Sell
 Allianz159.62↑ Buy
 Adidas124.02↑ Sell
 Lufthansa5.817↑ Buy
 Siemens AG98.26Neutral
 Deutsche Bank AG7.594Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,475/ 6,575
(25/ 25) # 1,783
SJC HCM6,485/ 6,585
(30/ 30) # 1,791
SJC Hanoi6,485/ 6,587
(30/ 30) # 1,793
SJC Danang6,485/ 6,587
(30/ 30) # 1,793
SJC Nhatrang6,485/ 6,587
(30/ 30) # 1,793
SJC Cantho6,485/ 6,587
(30/ 30) # 1,793
Cập nhật 30-09-2022 09:34:00
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ↀ Giá vàng thế giới
$1,660.10+3.60.22%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V23.26023.720
RON 95-III22.58023.030
E5 RON 92-II21.78022.210
DO 0.05S22.53022.980
DO 0,001S-V24.51025.000
Dầu hỏa 2-K22.44022.880
ↂ Giá dầu thô thế giới
WTI$81.05+0.861.06%
Brent$86.70+0.610.70%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.650,0023.960,00
EUR22.786,1724.061,48
GBP25.879,8826.982,74
JPY160,24169,64
KRW14,3717,51
Cập nhật lúc 07:59:55 30/09/2022
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