Call the office on 020 8870 7072 or email
Woodford Scheme of Arrangement Approved

Woodford Scheme of Arrangement Approved

Investors in Neil Woodford’s flagship fund, Woodford Equity Income, now LF Equity Income, have voted decisively to approve a reimbursement scheme backed by the Financial Conduct Authority.

Ninety-four per cent of those who voted, including institutional investors, opted for the “scheme of arrangement” administered by Link Fund Solutions and supported by the FCA.

More than 54,000 investors participated in the vote with the final results to be published before a court hearing on January 18, which Link hopes will approve the result in order to begin the process of returning up to £230mn to investors.

According to the FCA, this will mark the return of a total 77 per cent of money that was locked up in 2019.

Roughly 300,000 investors had some £3.6bn stuck in the Woodford Equity Fund after its suspension in June 2019 in what became one of the UK’s worst investment scandals. The fund collapsed after a downturn deflated the value of its public equities, and its illiquid holdings meant it struggled to meet investor demands for redemptions.  The FCA said: “This redress scheme offers the quickest route for redress for the vast majority of people. Payouts through other means such as litigation or the FSCS are not guaranteed and will likely take longer to achieve.”

Aegon released the following “Notice” issued by Link Fund Solutions Limited (“LFSL”).

The Notice provides important information about the result of the meeting of Scheme Creditors, that was held at 10:00 a.m. on 13 December 2023.

It also contains information about LFSL’s application to the Court for an order sanctioning the Scheme (the “Sanction Hearing”), which will be heard on 18 January 2024.

The Scheme will bind all Scheme Creditors if it is approved. Approval of Scheme of Arrangements proposed by Link FSL

Your Capital is at Risk

Seymour Sinclair Investments Limited is authorised and regulated by the Financial Conduct Authority and offers an execution-only service. Past performance is not a reliable guide to future returns. Market and exchange-rate movements may cause the value of investments to go down as well as up. Yields will fluctuate and so income from investments is variable and not guaranteed. You may not get back the amount originally invested. Tax treatment depends of your individual circumstances and may be subject to change in the future. If you are unsure about the suitability of any investment you should seek professional advice. Whilst Seymour Sinclair provide product information, guidance and fund research we cannot recommend which of these products or funds, if any, are suitable for your particular circumstances and must leave that judgement to you. Before investing you must read the Seymour Sinclair and Platforms Terms and Conditions and it is important that you read the specific risk factors on the Key Investor Information Documents for the funds which you are considering investing in.

For non-platform business, where we can still give discounts, those discounts are subject to receipt of commission and may be subject to change if commission levels are altered. The information on this site is intended solely for the use of those people who are United Kingdom residents for tax and investment purposes.

Close this popup