Link Fund Solutions (LFS) has opened voting on its proposed £230m scheme of arrangements for investors in the former Woodford Equity Income fund (WEIF).
Investors have until 5pm on 4 December to vote on the £230m redress scheme.
A creditors’ meeting is then expected to take place on 13 December before a final voting outcome scheduled for 15 December, with a second court hearing due to take place on 18 January 2024.
To pass, the scheme requires the support of 75% of investors by value, and a majority in number. There is no separate vote for institutional and retail investors.
Link said that, if approved, it anticipated an initial distribution to be made in Q1 2024. An explanatory statement was issued to investors on 20 October.
A spokesperson for Link said: “We are pleased that the court has agreed that the scheme can proceed to a vote. This is another important step forward in the process of ensuring investors in the fund at the point of its suspension – and their successors and transferees – can receive payments, much sooner and with more certainty than under any alternative arrangements.
“LFS believes that the terms of the scheme, if implemented, will materially enhance the amount of redress available to Scheme Creditors from LFS, in comparison to the position had LFS not entered into a settlement with the FCA, and the scheme had not been proposed.”