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
Forward-looking Statements
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