The UK Law Society Gazette reports…”Listed firm Slater and Gordon today announced it will break off its UK operation to focus fully on the Australian business.”
The report goes on to say
Directors unanimously voted to support recapitalisation of the business to effectively hand over control to international hedge funds.
As part of the business plan, all UK operations and subsidiaries will be separated from the listed company and transferred to a new UK holding company, UK HoldCo, which will be wholly owned by the senior lenders.
The Gazette understands that, following separation, existing shareholders of the company will cease to have any interest in UK operations.
Slater and Gordon told the Australian Stock Exchange: ‘The company believes the separation of the UK operations provides the best option to enable both the Australian and UK operations to succeed in their own right and will enable the company to focus its management’s time and resources on the Australian business.’
