# LNK - Link Administration Holdings



## System (8 October 2015)

Link Group administers financial ownership data for over 2,300 clients globally servicing an underlying stakeholder base which includes over 10 million superannuation account holders and over 20 million individual shareholders.

Link Group has approximately 4,300 employees and operations in 11 countries.

It is anticipated that LNK will list on the ASX in late October 2015.

http://www.linkgroup.com


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## JTLP (31 May 2019)

Oof. Link given a good old whack on some earnings revisions. Brexit isn’t helping and some remediation to do. 

Looks like it’s back to IPO levels, worthy of a punt? Revenue slightly ahead of 2018 but profit down.


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## peter2 (31 May 2019)

I've posted a monthly chart of LNK since the IPO. It's interesting that the three largest bars are all down.


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## peter2 (1 June 2019)

@Miner  Here's the Link thread. I think you searched the incorrect section.


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## Miner (1 June 2019)

peter2 said:


> @Miner  Here's the Link thread. I think you searched the incorrect section.



Thanks Pete @peter2


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## Miner (6 July 2019)

Reproducing a link from Motley Free website - copyright does not apply to be a free for all.
However, always use all kinds of filter to skim the real news from Motley Fool published information.
https://www.fool.com.au/2019/07/05/...r-another-fall-on-neil-woodford-fund-blow-up/
If you are busy to read all of the report then please read the extracted section;
" _It is now being alleged the manager got round rules capping unlisted holdings at no more than 10% of the fund through some sleight of hand investments on the Guernsey stock exchange that LFS permitted. 
I expect if these allegations are proven the FCA will come down like a tonne of bricks on *Link Fund Solutions Limited *and its directors_.

For its part, Link maintained in its June 18 announcement that it still considers LFS “has acted at all times in accordance with applicable rules and in the best interests of investors” over the Woodford Fund affair.

LFS is also only a small part of Link’s business, but the regulatory risk alone is enough to put me (this refers to the writer of MF ) off buying Link shares today."


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## Faramir (30 August 2019)

Did anyone buy Link roughly three months when it dropped. Today it went up 9.37% to $5.37. I was dreaming about buying some shares during the past two weeks but three things stopped me:
1): No funds
2): Over the past month, I was nervous or should I say no idea what the Annual Report would say today???
3): I thought I had vague idea about Link Administration. I even kept a newspaper cut out of their PEXA acquisition last November. I think better study LNK more - I really don't understand it.

Point 2): I always have troubles biting the bullet!

Today I admit I felt FOMO when I was dreaming about entering between $4.60 and $4.80. There were opportunities over the past month.

Here is the press release.
https://www.asx.com.au/asxpdf/20190829/pdf/447zn1z3rddh50.pdf

NPAT up 123% to $320 million
Net operating cash flow $339 million, up 6%

Is that profit influenced by the sale of CPCS? No wonder I should read Cash Flow Statements first. The lack of quality input in this post shows that I need more research time. I just need more time. Something must be OK if there is up to 10% share buy-back.

Someone, please add some quality. Thanks.


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## Value Hunter (31 August 2019)

I am against investing in any share registries. Because to me they are all dinosaur business models with which have not generated any innovation in over 20 years. Dealing with share registries is an annoyance to most shareholders with so much duplication in filling out forms, etc and the process is totally un-streamlined and not user friendly. To me the industry seems ripe for disruption and share registries operating exactly the same way as 20 years ago just is not going to cut it and it I do not think the current situation will last in the long-term. Just like banks are getting disrupted by various fintechs, Wechat, Applepay, etc and credit card companies are getting disrupted by companies like Afterpay eventually all these dinosaur share registry companies will get disrupted also. They seem incredibly complacent in my view.

Now I understand that there are regulations about privacy and data security but they can be addressed  and in a rational world shareholders would not deal with share registries directly as they would only be operating invisibly at the backend. Shareholders would provide all details *once* to the stock exchange e.g. the ASX who would then create a profile for that person and share the information with share registries (upon the person ticking a box giving consent for this). The investor would then log in their profile on the ASX and manage everything from there (and the ASX would then have their systems linked to share registries and seamlessly pass on the data). This makes far more sense than for example an investor who owns 30 stocks having accounts with 8 different share registries. I could not think of a more idiotic system than the one we currently have.

In a similar vein online stock broking desperately needs some innovation also.

Basically part of the problem is that the ASX has a near monopoly in the Australian share market and therefore has had no incentive to get its s-h-i-t together and ensure that investing (from an administrative perspective) is a hassle free and seamless process for investors.


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## galumay (31 August 2019)

Why are there multiple registries? There must be services they provide to the public companies that results in some competition? Otherwise it surely would just be a function provided by the ASX? (If the only purpose were shareholder comms.)

Also thinking aloud, they must provide some value to the public companies because that is there only source of revenue, and they appear to be profitable businesses. 

The craziest thing about the whole investing process is the huge mountains of paperwork it generates, I could close my PO Box just about, if it were not for the thousands of letters from share registries! As someone who runs a totally paperless company its mindboggling in this day and age that people still operate in this way.


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## Value Hunter (31 August 2019)

Galumay mountains of pointless paperwork indeed......


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## Faramir (31 August 2019)

@Value Hunter and @galumay Thank you for your input. All this time I never thought about Compuserve, BoardRoom (and others that I cannot think of on a Saturday night.)

Unless Link can reinvent itself and disrupt itself, then I have to agree with ValueHunter.

My eyes have certainly been opened up. Maybe not biting the bullet is a good trait in this instance.

(PS: Still dreaming of that short term trade but I had no idea things would react after the release of Annual Report - I wish I had hindsight.)

To play devils advocate, could I argue that Government Regulation will give more time with Share Registries to ‘adapt’? I know you said dinosaurs. Also PEXA acquisition is a new kettle of fish for Link.

I am looking for positive aspects. Not because I want to invest, I just want to know why I was seriously considering LNK. Was I thinking in terms of being a contrarian? Or looking for a turn around? Something attracted me to LNK.


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## galumay (31 August 2019)

I have never looked at LNK, its outside my circle of competence. I just had a glance at the AR and other than the debt it doesnt look too bad. I would have guessed a back of the envelope range of valuation around $6. 

I actually think VH was more saying he would like registries to be disrupted rather than saying he thinks its a present risk. Disuption doesnt always play out in favour of the disrupter either, sometimes it leads to improvements in the incumbent and they win, or its a win win. 

I think you need to look at the other players in the field and see where LNK sits as a business, no point in buying the 2nd or 3rd best business in the sector if you dont have a high conviction that they can change their rating. 

Just buying the business because the price has dropped is not a strategy that is likely to succeed in the long term! Its all very well being contrarian, but you have to have an insight that means you start contrarian but eventually the market agrees with you!

In saying all of that, LNK may well be a great buy at current prices, I have no view one way or the other.


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## Smurf1976 (1 September 2019)

galumay said:


> The craziest thing about the whole investing process is the huge mountains of paperwork it generates



For most investors it's even worse since apart from the physical paper issue, it's completely unnecessary paperwork anyway and would still be pointless if sent by email.

In reality though if companies have to use a registry then it could still be a worthwhile investment despite what seems to be an antiquated business model.


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## bigdog (31 January 2020)

ASX announcement today which market liked and share price currently up 10.79%

31/01/2020 8:46:10 AM Presentation of Business Unit Realignment & AASB 16 Leases
https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02197243

LINK reported the acquisition of Pepper European Servicing for an upfront cash payment of €165 million (A$266 million). The deal includes a contingent cash payment of up to €35 million (A$56 million). Management expects the transaction to be double digit accretive to earnings, with a further 5% to 6% accretion anticipated from efficiency benefits over the medium term.






359


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## finicky (16 March 2020)

LNK @ 3.60 today

For a potential buyer of more share there's recently been some interesting activity on the LNK register:

Soon after reporting its H1 results on 27 Feb three directors of LNK bought large amounts on market. One director (chairman) bought on two consecutive days, spending not far shy of $1m. 

On Mar 10 Vanguard Group announced it had raised its substantial holding in LNK by 1%.

Also the company since Mar 10 has been announcing  daily share buy backs.


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## dyna (17 March 2020)

Here I go again(must be somewhere near the bottom,by now? What have those yanks done to their market overnight?)...Anyway,bought $5 grand worth of Link,just now, for $3.25.


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## Dona Ferentes (12 October 2020)

Private equity funds Carlyle Group and Pacific Equity Partners have lobbed a $2.8 billion bid for Link Administration.



> Perpetual, which owns 9.65 per cent, says it will support the $5.20 a share conditional and non-binding indicative offer for the funds administration platform and 44.2 per cent owner of property setttlements platform PEXA. Perpetual support of a bid of at least $5.20 stands in the absence of a superior offer and will expire after six months.




Link says shareholders should take no action. The stock last traded at $3.99 a share.


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## kenny (17 October 2020)

Didn't see this, thanks @Dona Ferentes. Perhaps the start of consolidation in registry and shareholder management services businesses?

From a Sentiment article;


The conditional offer has been put together by a consortium comprising of Pacific Equity Partners, Carlyle Group and their affiliates, which are seeking to acquire 100% of Link Group, most commonly known as one of the largest share registry operators in the world.

Perpetual, which holds 9.65% of Link Group, has confirmed they will be voting in favour of the takeover.

With this non-binding indicative proposal being the first news to Link shareholders, the Company has advised its shareholders not to take any action in response to the proposal whilst Macquarie Capital and UBS have been engaged as financial advisers.

Link Group and Pacific Equity Partners are very well acquainted with PEP having floated Link on the ASX in 2015 at $6.37 per share before they sold their shares less than 12 months after listing, at $8.38.

Prior to the bid, Link was trading with a market capitalisation of $2.12 billion with the takeover bid valuing the Company at $2.76 billion.

Through FY20, Link reported $1.23 billion in revenue which was down on the $1.4b the year prior. Earnings also took a hit with $294m EBITDA down from $395m.


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## kenny (17 October 2020)

LNK is interesting to me for it's 44.2% exposure to the PEXA platform through its holding company; Torrens Group Holdings Pty Ltd. PEXA is the online conveyancing platform that was meant to IPO itself before being sold by PEP to a consortium that included Link, Morgan Stanley Infrastructure Partners and CBA back in 2018 for $1.6 billion .

The proposal also includes an alternative to let shareholders keep the company’s PEXA business unit through an offer of shares instead of cash or a rollover of existing shares alongside the consortium. Details are vague on how that affects the $5.20 headline offer.

Worth reading this AFR article; https://www.afr.com/street-talk/big-banks-show-the-way-on-link-s-pexa-20201014-p564vs


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## Dona Ferentes (31 May 2021)

Link Administration has confirmed that PEXA will undertake an *initial public offering* and list on the ASX in June.

Link said that following a cornerstone bookbuild process, it had signed an underwriting agreement for the purposed of an IPO of PEXA.

The underwritten price of the IPO implies an enterprise value for PEXA of $3.3 billion.

The Link Group board unanimously concluded that retaining exposure to Link’s interest in PEXA, whilst also realising a transparent valuation through a listing and flexibility to monetise its interest over time, was in the best interests of shareholders.



> “_This is an outstanding outcome for the shareholders of Link Group,_” said Link chief executive and managing director Vivek Bhatia.





> “I_n October 2020, the Link Group board considered that the private equity consortium’s bid for Link Group, including its interest in PEXA, significantly undervalued Link Group’s business including the PEXA asset._





> “_This has been now demonstrated through the book build undertaken on Friday valuing PEXA at $3.3 billion, representing an increase of approximately 70 per cent on the consortium’s implied valuation of PEXA at $1.95 billion._”


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## Ferret (5 November 2021)

Carlyle sniffing around again.


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## divs4ever (12 November 2021)

Non-binding indicative proposal to acquire Link Group’s Banking and Credit Management business
Link Administration Holdings Limited (ASX: LNK) (Link Group) has received a conditional, nonbinding indicative proposal from a syndicate led by Pepper European Servicing Limited (not part of ASXPM) (PES) to acquire the whole of Link Group’s Banking and Credit Management (BCM) business (Proposal).
 It is proposed that the syndicate acquire BCM for up to €55m (AU$86.5m) with PES acquiring the non-Irish businesses for €25m plus a deferred payment of €15m over three years on reaching certain targets, and the other member of the syndicate the Irish business for €15m. The Proposal is subject to a number of conditions, including:
• due diligence;
• obtaining anti-trust approvals;
• obtaining regulatory change of change approvals;
• negotiation and execution of transaction documentation; and
• securing debt financing. Link Group understands the Proposal would also require certain other approvals. The Link Group Board will consider the Proposal, including obtaining advice from its financial, legal and tax advisers.
Shareholders do not need to take any action in relation to the Proposal. It should be noted that there is no certainty that the discussions with the syndicate will result in any transaction. If there are material developments in the future, Link Group will inform shareholders as required under its continuous disclosure obligations. The release of this announcement was authorised by the Link Group Board. ENDS

Investor Relations Contact – Craig Curry, Link Group +61 403 747 901 Media Contact – Ben Wilson, GRACosway +61 407 966 083

 DYOR

 i hold LNK


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## Dona Ferentes (17 December 2021)

and a couple of views on Link:

*James Marlay (Livewire Markets) :*  Link; *buy, hold or sell?*



> *Jun Bei Liu (Tribeca) (BUY): *It_’s a buy, I know it’s a little bit boring, but it is a buy because it’s still trading 15 per cent below the bid price. In the next couple of weeks, we expect to hear more from the bidder. If that doesn’t happen, the business is going to split out the PEXA stake and then they will use that to buy back its shares. It’s already got a buyback in place, but the other way is they can buy back more shares, for example._





> *J.B.L.* _Also, at the moment, it has another two private equity groups looking at some of its worst operating assets in Europe - they’re actually loss-making. They’re bidding a good price for those as well. Eventually, in the next 12 months, this company won’t be listed. So, there’s enough interest in there for you to make a good double-digit return._






> *James Gerrish (Money Matters) (HOLD): *_They’ve obviously had a couple of bids last year that walked away. There was complexity in those bids, given they held a large stake in PEXA, which has now been spun out and is newly listed, so it has simplified the rationale to buy Link. But again, it’s in neutral territory. It may happen, it may not. It’s a lukewarm hold for me, James._


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## Ferret (22 December 2021)

So some other mob have jumped in with an all cash offer for LNK of $5.53 to $5.68.

Maybe some chance of a bidding war.  Good luck holders!


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## divs4ever (22 December 2021)

i would rather just hold LNK long term , but my faith in the board is waning  rapidly  , they seem to be very eager  to get out of leadership , 

 i wonder what the support would be for an EGM


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## greggles (11 May 2022)

Strange decline in the LNK share price today, down 13.08% to $4.32. Management has said it is not aware of any reason for the share price decline. 

It is somewhat odd that the share price is trading at these levels when shareholders are expecting to receive $5.50 cash for their shares from Dye & Durham.

Hmmmm....


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## DrBourse (12 May 2022)

greggles said:


> Strange decline in the LNK share price today, down 13.08% to $4.32. Management has said it is not aware of any reason for the share price decline.
> 
> It is somewhat odd that the share price is trading at these levels when shareholders are expecting to receive $5.50 cash for their shares from Dye & Durham.
> 
> ...



I last looked at LNK Financials back on 3/2/22 – Analysis showed that of 29 various Ratios, 6 were Very Good, 4 were Good, 6 were average, 6 were BAD, 7 were VERY BAD.

Then we looked at LNK’s 21 Margin of Safety Figures, 9 were Good or VG, 7 were Bad or VB, 5 were somewhere in-between.

On 3/2/22 LNK’s Share Price(SP) was $5.43, their Intrinsic Value(IV) was only $4.36 – so LNK was pretty much Overpriced at that point.

And LNK’s IV & SP has been in decline for the past 5 years.

www.marketindex.com.au had calls of 1 Buy, 6 Hold & 5 Sells on 3/2/22.



Then when we looked at LNK’s TA – It has taken abt 5 mths for punters to realise that Gap Up on 22/12/21 was just a knee jerk reaction.

Also note that a few Large Shareholders ceased being Shareholders either side of 22/12/21.

Also it could be that holders got tired of waiting for a Predator to appear – Has anyone not wondered why some of the ‘Would Be Predators ‘just walked away’?? - Could it be that their Due Dilligence Tests FAILED.
Basic FA & TA show that LNK is not interesting enough for it 2B a T/O Target.

So, Now, LNK’s SP is probably where it should be- Low $4.00’s.

Not sure why punters are so surprised at the past 5 mths decline – it was always going to happen sooner or later.


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## Garpal Gumnut (12 May 2022)

DrBourse said:


> I last looked at LNK Financials back on 3/2/22 – Analysis showed that of 29 various Ratios, 6 were Very Good, 4 were Good, 6 were average, 6 were BAD, 7 were VERY BAD.
> 
> Then we looked at LNK’s 21 Margin of Safety Figures, 9 were Good or VG, 7 were Bad or VB, 5 were somewhere in-between.
> 
> ...



And to summarise. 

It is stuffed. 

DDDYYYOOOOHRLOL

This advice from gg is specific in nature. 

gg


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## dyna (12 May 2022)

greggles said:


> Strange decline in the LNK share price today, down 13.08% to $4.32. Management has said it is not aware of any reason for the share price decline.



Looks like insiders knew this take over was probably going  to fail.
Boy, why  was ASIC not on to this?
ZZzzzzz !


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## Garpal Gumnut (12 May 2022)

dyna said:


> Looks like insiders knew this take over was probably going  to fail.
> Boy, why  was ASIC not on to this?
> ZZzzzzz !



Didn't you know?

gg

BYO


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## Ferret (12 May 2022)

dyna said:


> Looks like insiders knew this take over was probably going to fail.
> Boy, why was ASIC not on to this?
> ZZzzzzz !



Might be a bit harsh this time.

The fall coincides with yesterday's release of the scheme of arrangement booklet.  The booklet noted the huge $2.9 billion consideration D&D are to pay and that they have a debt commitment letter from various institutions to borrow A$3.5B.  The booklet notes failure of the funding arrangement as a risk to the scheme.

This is what has spooked the market.  Is the fear rationally grounded? Who knows?


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## divs4ever (6 June 2022)

ACCC EXTENDS REVIEW OF PROPOSED ACQUISITION
The Australian Competition and Consumer Commission (ACCC) has advised that it has delayed the release of its
decision as to whether to provide notification it will not oppose the proposed acquisition of Link Administration Holdings
Limited (ASX: LNK) (Link Group) by Dye & Durham Corporation (D&D) or release a Statement of Issues (SOI) in
relation to the acquisition.
The ACCC has indicated it expects to update the parties on 16 June 2022.
The Link Group Board continues to unanimously recommend that Link Group Shareholders vote in favour of the
proposed acquisition, in the absence of a Superior Proposal and subject to the Independent Expert continuing to
conclude that the Scheme is fair and reasonable and in the best interest of Link Group Shareholders.
Link Group will continue to work closely with D&D to progress the competition approval process and all other regulatory
approvals required for implementation.
The release of this announcement was authorised by the Link Group Board.

 i hold LNK

 interesting that the ACCC  hasn't just waved this through


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## divs4ever (17 June 2022)

Affirmation of FY22 guidance

Following elevated trading activity in shares of Link Administration Holdings Limited (ASX:LNK) (Link Group) on the ASX on 16 June 2022, 
Link Group affirms its FY22 guidance provided on 24 February 2022 and in the Explanatory Booklet dated 10 May 2022. Revenue is expected to increase by a low single digit percentage and operating EBIT is expected to be at least 5% higher relative to FY21.

The release of this announcement was authorised by the Link Group Board.

i hold LNK

 what a feeble attempt to stop the share price slide


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## divs4ever (28 June 2022)

UPDATE ON SCHEME WITH DYE & DURHAM
Link Administration Holdings Limited (ASX: LNK) (Link Group) provides the following update in relation to the proposed
acquisition of Link Group by Dye & Durham Corporation (Dye & Durham) by way of scheme of arrangement (Scheme),
pursuant to the Scheme Implementation Deed announced to the ASX on 22 December 2021 (Scheme Implementation
Deed).
Link Group has today received a letter from Dye & Durham stating that:
• Dye & Durham is considering providing an undertaking to the ACCC in order to obtain its approval as required
in the Scheme Implementation Deed;
• acknowledging this potential undertaking and the current state of the financial markets and values of both the
Link Group and the PEXA shares, Dye & Durham proposes that the current offer price under the Scheme
Implementation Deed be reduced to $4.30 per share (compared to the $5.50 per share within the Scheme
Implementation Deed);
• other than a reduction in the offer price, Dye & Durham is not prepared to make any further amendments or
alterations to the Scheme Implementation Deed and expects that the ACCC approval, based on the
contemplated undertaking, will satisfy one of the key outstanding conditions in the Scheme Implementation
Deed; and
• the proposal is subject to agreed documentation.
Consistent with the current Scheme Implementation Deed, if Dye & Durham reaches an agreement to sell the BCM
business, shareholders are entitled to receive any net consideration received from the sale of the BCM business up to
12 months after the implementation of the Scheme and up to 13 cents per Link share.
The Link Group Board will consider Dye & Durham’s request, including obtaining advice from its financial, legal and tax
advisers, and will provide Link Group shareholders with an update during the next week (including any updates to the
Scheme timetable previously announced and the timing of the Scheme Meeting and Special General Meeting currently
scheduled for 13 July 2022).
The release of this announcement was authorised by the Link Group Board.


===================================================================================

DYOR

i hold LNK

i was luke-warm on the original deal , will be definitely rejecting the reduced offer

i will happy if they just walk away ( and get a chance to add more cheap )


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## divs4ever (4 July 2022)

UPDATE ON SCHEME WITH DYE & DURHAM
Link Administration Holdings Limited (ASX: LNK) (Link Group) provides the following update in relation to the proposed
acquisition of Link Group by Dye & Durham Corporation (Dye & Durham) by way of scheme of arrangement (Scheme),
pursuant to the Scheme Implementation Deed announced to the ASX on 22 December 2021 (Scheme Implementation
Deed).
Further to Link Group’s announcement on 27 June 2022, with the assistance of its advisers, Link Group Board has
carefully considered the letter from Dye & Durham dated 27 June 2022 that stated, amongst other things, that:
• Dye & Durham is considering providing an undertaking to the ACCC in order to obtain its approval as required
in the Scheme Implementation Deed; and
• Dye & Durham proposed that the current Base Scheme Consideration under the Scheme Implementation Deed
be reduced to $4.30 per share (compared to the $5.50 per share within the Scheme Implementation Deed).
The Link Group Board has had regard to various factors, including:
• feedback received from a wide range of stakeholders;
• the range which the Independent Expert has determined to be the full underlying value of Link Group’s shares,
including potential adjustments to that range as a result of the change in market conditions;
• changes in market valuations of PEXA, Link Group and the broader market since the Scheme Implementation
Deed was signed; and
• alternatives available to Link Group if a transaction with Dye & Durham does not proceed.
Having regard to the above, the Link Group Board does not believe it is able to recommend a $4.30 per share
transaction for control of Link Group.
Link Group is continuing to engage with Dye & Durham in relation to whether an agreed position can be reached on the
matters raised in Dye & Durham’s letter.
If an undertaking is proposed by Dye & Durham to the ACCC which Link Group considers will satisfy the ACCC’s
concerns, the Link Group Board would be willing to consider an amendment to the agreed scheme consideration, with
consequential amendments to the Scheme Implementation Deed to document this.
In light of the above developments and to allow the parties additional time for discussions, Link Group will
postpone the Scheme Meeting and the Special General Meeting (the Meetings) from Wednesday, 13 July 2022
to a date to be determined.
Link Group will update the market as appropriate and inform Link Group Shareholders of the new date for the Meetings
as soon as possible. Link Group notes that the proxy deadline will be extended in line with the new date for the
Meetings. Link Group Shareholders who have already submitted a proxy will be entitled to revoke their proxy and lodge
a new proxy. Details regarding proxy instructions and any revocation of proxy votes will be issued once the date for the
Meetings is determined.
In the event the Scheme does not proceed, Link Group intends to evaluate alternatives for the business, including an in
specie distribution of a minimum of 80% of Link Group’s shareholding in PEXA, in order to maximise value for
shareholders.
2
Registered Office: Level 12, 680 George Street, Sydney NSW 2000, Australia
+61 2 8280 7100
www.linkgroup.com
The release of this announcement was authorised by the Link Group Board.


===================================================================================

DYOR

i hold LNK


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## henrietta (4 July 2022)

What a shambles of an organisation, yet they have some good assets. Glad my fairly long term holding is small.
Bought them for dividends, but got a lot more !!!!!!!! 
Cheers
J


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## JohnDe (4 July 2022)

henrietta said:


> What a shambles of an organisation, yet they have some good assets. Glad my fairly long term holding is small.
> Bought them for dividends, but got a lot more !!!!!!!!
> Cheers
> J




Same, and I had planned to keep them for many years. I got tired of their shenanigans and sold after 18 months, for a small profit.


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## divs4ever (4 July 2022)

indeed  for a company that specializes in financial administration  , you make a very valid point 

 MQG and PPT are still hungry  would they  reach for the calculator


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## divs4ever (4 July 2022)

JohnDe said:


> Same, and I had planned to keep them for many years. I got tired of their shenanigans and sold after 18 months, for a small profit.





 i am CONSIDERING adding more if this dips lower ( but not today )


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## divs4ever (7 July 2022)

MEDIA UPDATE
7 July 2022
Clarification on ACCC’s merger review of Dye & Durham's proposed
acquisition of Link
The ACCC has become aware of a media report that states that Dye & Durham’s (D&D)
proposed acquisition of Link Administration Holdings (ASX:LNK) requires approval from the
ACCC which it has agreed to provide by 22 September 2022.
The ACCC has not agreed to provide ‘approval’ or any decision by 22 September as
reported.
The ACCC has not reached a view on Dye & Durham’s request for informal merger
clearance for its proposed purchase of Link.
The ACCC has invited submissions on its Statement of Issues by Thursday, 7 July 2022.
The ACCC’s final decision is currently scheduled for 8 September 2022. Any changes to the
indicative timeline will be published on the ACCC’s public register: Dye & Durham
Corporation - Link Administration Holdings

===================================================================================

DYOR

i hold LNK


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## Gretsch (8 July 2022)

Bought in early 20’s, was gonna sell but decided to keep. Now I’m kicking myself. When will I learn??


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## divs4ever (8 July 2022)

hasn't been so impressive so far  , but i would prefer they didn't sell


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## divs4ever (23 September 2022)

UPDATE ON SCHEME – COURT DISMISSES PROCEEDINGS

Link Administration Holdings Limited (ASX: LNK) (Link Group) refers to the proposed acquisition of Link Group by Dye & Durham Corporation (Dye & Durham) by way of a scheme of arrangement (Scheme). There are three conditions precedent necessary to implement the Scheme that have not been satisfied (together, the Outstanding Conditions Precedent), being:
• the Woodford Matters condition;
• the UK Financial Conduct Authority condition; and
• the Luxembourg Commission de Surveillance du Secteur Financier condition. Under the Scheme Implementation Deed between Link Group and Dye & Durham, the time for satisfaction of the Outstanding Conditions Precedent has expired. There is no expectation that the Outstanding Conditions Precedent for the Transaction will be satisfied.
Accordingly, at the Second Court Hearing today, the Court declined to make orders approving the Scheme and dismissed the proceedings. As a result, Link Group is disappointed to inform shareholders that despite Link Group working diligently over an extended period and using its best efforts, the proposed Scheme with Dye & Durham involving Base Cash Consideration of $4.81 per Link Group share which Link Group shareholders approved in August will not be proceeding.
Link Group is still considering paying Link Group shareholders a fully franked Special Dividend of $0.08 per Link Group share. Link Group will update the market in respect of its decision on the Special Dividend in due course.
PEXA In-Specie Distribution As previously advised, Link Group intends to evaluate alternatives for the business, including an in specie distribution of a minimum of 80% of Link Group’s shareholding in PEXA (In-Specie Distribution), in order to maximise value for shareholders. Affirmation of FY23 guidance Link Group reaffirms the FY23 guidance provided in Link Group’s FY22 results released on 30 August 2022. Link Group’s FY23 revenue is currently projected to increase by a low single digit percentage, Operating EBITDA is currently projected to be around 8-10% higher than FY22 and Operating EBIT is currently projected to be around 10-12% higher than FY22.1 1 Link Group’s FY23 operating EBITDA and operating EBIT projections do not include earnings attributable to Link Group’s 42.8% equity interest in PEXA, which are accounted for below the operating EBIT line as profit or loss from equity accounted investments, net of tax. Projections are subject to a range of assumptions and variables, which may not prove to be correct, or which may be correct but may change over time, such that the projected figures may not ultimately be accurate. The comments in relation to Link Group’s financial update should be reviewed in this context.

==============================================================================================

 i hold LNK

 AWESOME   

i am a little disappointed with myself  by being a little too greedy  on the top-up price ( so missed out )


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## KevinBB (23 September 2022)

I'm in two minds here. This stock has been on my watchlist for a little while now, my thinking being that there may be a panic sell-off if the D&D deal fell through.

The UK penalties are a known, so they can be factored into any estimate of LNK's price. This stock has one great asset, and is sure to get another unsolicited bid somewhere down the track. This mind is telling me to watch the price action closely during the first hour of trading on Monday, and maybe Tuesday, too, after all those Fundies have received approval from compliance to reduce holdings.

The other mind is telling me that LNK already has had a number of offers, all of which have fallen through. There must be a good reason for this. This mind is telling me to keep the wallet firmly zipped.

KH


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## divs4ever (23 September 2022)

my money is in the wrong place for Monday morning  , Tuesday is possible ( for me )

 but this whole saga has raised some questions  ( i remember  similar speculation  on the Coles-Myer empire  in the prelude to WES  coming in to swallow  it all , and then spit out half the pieces much  later )


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## Ferret (23 September 2022)

Link is hard to gauge.

I think the business is fundamentally sound and PEXA has value, but the Woodford matters muddies the waters.

I think a bid by another suitor is quite likely and I'm tempted to add to my holding.  However, having already been burnt by this one makes me hesitant.  

If the footy results go as I'd like, I might feel bullish on Monday morning.


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## divs4ever (4 October 2022)

Link Administration Holdings Limited (ASX:LNK) – 
Request for Trading Halt Pursuant to ASX Listing Rule 17.1,
 Link Administration Holdings Limited (ASX:LNK) (the Company) requests that the securities of the Company be placed in an immediate trading halt. For the purposes of Listing Rule 17.1, the Company provides the following information:
(a) the Company requests the trading halt pending an announcement by the Company in response to recent media speculation;
(b) the Company requests that the trading halt remain in place until the earlier of the time the Company makes an announcement to the market and the commencement of normal trading on 5 October 2022;
(c) the Company is not aware of any reason why the trading halt should not be granted; and (d) the Company is not aware of any other information necessary to inform the market about the trading halt.

 i hold LNK  ( including buying a few extra this morning )


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## Dona Ferentes (5 October 2022)

Ferret said:


> Link is hard to gauge...
> 
> I think a bid by another suitor is quite likely .....



clearly the Canadians want some part.

First the the collapse of a broader $2.5 billion buyout of all of Link, which had been agreed between them and Dye & Durham but which fell over in the final weeks before a 30 September deadline.
Then, last week, a $950 million buyout of Link’s Corporate Markets business, which runs share registries for listed companies
A following proposal was made on 02 October for a $1.1 billion buyout of the Corporate Markets business and parts of the BCM business, excluding the parts of it that deal with non-performing loans.
And on 05 October with a non-binding, indicative proposal to buy Link’s Corporate Markets business, and Link’s BCM business, for a total of $1.27 billion.
And of course, US private equity firm The Carlyle Group walked away after weeks of detailed due diligence late last year, after an initial offer of $5.38 a share.


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## divs4ever (5 October 2022)

By Alice Uribe
SYDNEY--Link Administration Holdings Ltd. is considering an offer worth 1.27 billion Australian dollars (US$830 million) from Dye & Durham Ltd. for its Corporate Markets business and its entire Banking and Credit Management unit.

Link said Dye & Durham had made three proposals recently to acquire some of its businesses, but it had decided not to engage with Dye & Durham on two of them.

"The Link Group board will consider Dye & Durham's third proposal, including obtaining advice from its financial, legal and tax advisers, and will provide Link Group shareholders with an update during the next week," said Link in a regulatory filing.

Link received the third indicative proposal from Dye & Durham on Oct. 5 to acquire the Corporate Markets business and all of the BCM business for A$1.27 billion.

"The third proposal provides that discussions should occur on an exclusive basis," said Link.

Three days earlier, Link received a proposal from Dye & Durham to acquire the Corporate Markets arm and its BCM unit excluding the business that deals with and holds non-performing loans for A$1.1 billion. Dye & Durham had earlier sought to acquire Link's Corporate Markets business for A$950 million.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

October 04, 2022 18:22 ET (22:22 GMT)

 i hold LNK

 now personally i hope  those bidders would go away and let LNK management  get on with normal business

 but time will tell , these buyers look determined


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## Ferret (5 October 2022)

divs4ever said:


> personally i hope those bidders would go away and let LNK management get on with normal business



I imagine the LNK board must be thinking something similar.  

The board must have wasted a lot of time responding to D&D bids that amount to nothing.


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## divs4ever (10 October 2022)

UPDATE ON DYE & DURHAM NON-BINDING INDICATIVE PROPOSAL
 Link Administration Holdings Limited (ASX: LNK) (Link Group) refers to its announcement of 5 October 2022 regarding a confidential non-binding, conditional and indicative proposal from Dye & Durham (D&D) to acquire Link Group’s Corporate Markets business and all of the BCM business, for total cash consideration of A$1.27 billion on a cash and debt free basis and based on a normalised level of working capital (conditional non-binding proposal).
Link Group has engaged with D&D on a non-exclusive basis to see if the conditional non-binding proposal can be progressed to a transaction that will provide sufficient value and certainty, on appropriate terms, to Link Group. 
No assurance is given that the proposal will lead to a transaction.
 Link Group will continue to engage with applicable regulators including the Australian Tax Office in relation to a potential in-specie distribution to Link Group shareholders of a minimum of 80% of Link Group’s shareholding in PEXA.

 The release of this announcement was authorised by the Link Group Board. 


 i hold LNK


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## Dona Ferentes (18 November 2022)

_and cleaning things up_:

Link has sold 10% of its existing 42.77% shareholding in PEXA Group Limited (ASX: PXA), representing approximately 4.3% of the issued capital in PEXA. The PEXA Selldown will proceed at $13.50 per PEXA share.  

 Link Group will use the proceeds of the PEXA Selldown to repay borrowings. The repayment of borrowings is expected to reduce Link Group’s financing costs.  

.....  following the PEXA Selldown, it proposes to proceed with an _*in-specie *_*distribution *of the remainder of its PEXA shares to Link Group shareholders, subject to matters including Link Group shareholder approval. This shareholder approval is proposed to be sought in December 2022 with the Distribution proposed to occur in January 2023.


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## divs4ever (24 December 2022)

LNK is my second pick in the Full Year  comp. 

it should fall through the floor when it goes ex-entitlement  on December 30th after  divesting the PXA shareholding 

the big question is  .... 

after all the distractions   , will LNK just concentrate on business ?

 i hold LNK

 will wait and see if either LNK or PXA offers a reasonable price


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## debtfree (30 December 2022)

divs4ever said:


> LNK is my second pick in the Full Year  comp.
> 
> it should fall through the floor when it goes ex-entitlement  on December 30th after  divesting the PXA shareholding
> 
> ...




You were spot on @divs4ever about it falling through the floor, down over 40% today. Let's see where it goes from here.


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## divs4ever (30 December 2022)

debtfree said:


> You were spot on @divs4ever about it falling through the floor, down over 40% today. Let's see where it goes from here.



i hold a reasonable amount of LNK  , so forgive my  pessimism 

 the dispersion  of the PXA  interest will leave it open for renewed take-over interest  ( for better or worse )

 given the market cap. drop  , it would not surprise me if it tumbled down the indexes  , obliging some funds to reduce or even exit 

 without putting pen to paper ( yet ) i am waiting to see if $1.50  holds  up to June ( 2023 )

 but possibly a better tip over 12 months  than 1 month  ( thinking someone might be interested  now the PXA complication is removed  from the deal )

 but the drop wasn't hard to understand given LNK management activity over the last  18 months


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## Ferret (30 December 2022)

Actually, LNK did pretty well today.

Closed at $3.29 yesterday.  Down $1.315 today to $ 1.975.

PXA closed at $11.89 yesterday.  1 x PXA for every 7.52 LNK should have meant a drop of $1.58.

You could say LNK was actually up 20% (1.58/1.315) today.  And PXA went up 0.5% as well!

I expect PXA might fall a bit over the next few weeks as LNK holders who don't want PXA sell out.


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## Ferret (30 December 2022)

Oops.  Actually up 15.5% (1.975/1.71).


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## divs4ever (31 December 2022)

Ferret said:


> Actually, LNK did pretty well today.
> 
> Closed at $3.29 yesterday.  Down $1.315 today to $ 1.975.
> 
> ...



certain foreign residents will be compulsorily sold out  , of their PXA entitlement  the question is ... will that affect the PXA  share price , i imagine they will be sold as a block to an institutional intermediary 

 and different question is the new less complicated LNK   a ripe take-over target 

 i will watch ( LNK ) and see  IF i add more later , i am thinking around $1.50 for the extras 

 PS i still haven't decided   if to inject cash into the PXA holding coming my way


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## Ferret (1 January 2023)

I agree that the divestment might boost the takeover chances for LNK.  

I'm picking this for the Jan 2023 comp and also the full year 2023 comp.


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