The first court hearing related to the FCA-backed scheme of arrangement for investors in the former Woodford Equity Income fund has been adjourned until Thursday 12 October, with final confirmation yet to be offered on the exact date.
While it had been expected the hearing, which saw Link Fund Solutions apply for permission to call a meeting of scheme creditors to vote on the proposed compensation, would be concluded within a day, disputes regarding class composition have led the hearing to be adjourned. Felicity Toube KC, representing LFS, argued for all scheme creditors to be classified under a single class, offering all investors, both retail and institutional, a single meeting with equal votes on the scheme, suggesting that all scheme creditors hold the same rights against LFS. Woodford investors set for early ...
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