TORONTO, Sept. 21, 2022 /CNW/ – Dye & Durham Limited (TSX: DND) (“Dye & Durham” or the “Company”), a leading provider of cloud-based, efficient workflow software for legal and business professionals, today provided an update regarding its proposed acquisition of Link Administration Holdings Limited (ASX: LNK) (“Link Group”) and the related UK Financial Conduct Authority’s (“FCA”) regulatory approval process.
On September 20, 2022, the Company was advised that the FCA issued a draft warning notice (the “Link Group Draft Warning Notice”) to Link Group in accordance with the FCA’s settlement decision procedure. The Link Group Draft Warning Notice is in respect of the FCA’s investigation of Link Fund Solutions Limited (“LFSL”) and its management of the LF Woodford Equity and Income Fund (“Woodford Fund”). The FCA has assessed the appropriate penalty as £50,000,000 against Link Group (prior to taking into account any available discount), in addition to a restitution payment of £306,096,527 against Link Group. The Link Group Draft Warning Notice triggers the Woodford Matters condition under the Link Group acquisition’s scheme implementation deed.
Dye & Durham continues to attempt to engage with Link Group in respect of the proposed acquisition, and will provide updates on the matter when it is legally required or otherwise appropriate to do so.
About Dye & Durham
Dye & Durham Limited is a leading provider of cloud–based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia, and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.
Additional information can be found at www.dyedurham.com
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company’s current expectations regarding future events, including statements relating to the proposed acquisition, the FCA’s proposed conditions in respect of a change-of-control of LFS and the Company’s engagement with the FCA and Link Group, respectively, in respect thereof, the ability of the conditions precedent to the scheme being satisfied, and the expected closing of the proposed acquisition. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Such forward-looking information is necessarily based on a number of opinions, estimates and assumptions. Forward-looking information is also subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk associated with the Company’s and Link Group’s ability to obtain the approvals that are required to consummate the proposed transaction (include the approval of the FCA), the ability of the Company to satisfy any conditions imposed on it in connection therewith (including any conditions imposed by the FCA) and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all and the failure of the transaction to close for any other reason; the risk that a consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated or capable of being satisfied, or that otherwise negatively impact the proposed acquisition or the Company; the outcome of any legal proceedings that may be instituted against the parties and others related to the acquisition agreement; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; the Company being unable to realize expected synergies; and the diversion of management time on transaction-related issues, as well as the factors discussed under “Risk Factors” in the Company’s most recent annual information form. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Accordingly, investors should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release, and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as expressly required under applicable law.
SOURCE Dye & Durham Limited
For further information: For investor inquiries, please contact: Ross Marshall, LodeRock Advisors Inc., [email protected], 416.526.1563Go to Media