The submission put forward by Carlyle comprises $3 per Link Group share plus a pro rata distribution of the fund administrator’s shareholding in PEXA Group to shareholders.
The proposal is still subject to due diligence and would require final investment committee approval from relevant Carlyle committees.
Link Group confirmed on Friday that it is considering the proposal with Macquarie Capital and UBS appointed as financial advisers.
In response to the proposal, Link Group has suspended its on-market share buyback. As of 4 November, Link Group had bought back 23,238,691 shares for a value of $101,722,772.84.
The proposal comes just months after court proceedings against Link Group commenced for its involvement in Woodford Equity Income Fund.
The claim was lodged on behalf of an initial group of 100 Woodford Equity Income Fund (WEIF) investors to recover losses which followed the fund’s eventual demise in 2019.
The legal action brought on behalf of investors by Leigh Day is against Link as the fund’s authorised corporate director, which oversaw the WEIF on behalf of those individuals who invested in the fund.
