Thank you. Good morning, everyone. My name is Vivek Bhatia, CEO and Managing Director of Link Group. Thank you all for joining us on short notice. I'm joined today by Andrew MacLachlan, Group CFO of Link Group. Before we commence, I would like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which we present today, and the traditional custodians of the land of the various places where we meet, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander people on this call today. Today's announcement is a significant milestone for Link Group. I am pleased to announce that this morning, Link Group and LFSL have reached a conditional agreement for the sale of the Fund Solutions business, excluding its Luxembourg and Swiss entities and excluding Woodford-related liabilities, on a debt and cash-free and normalized working capital adjustment basis to the Waystone Group for an aggregate consideration value of between GBP 110 million and GBP 140 million. I'm also pleased to announce that Link Group and LFSL have reached a conditional agreement with the FCA to settle its investigation into LFSL in respect of LFSL's role as Authorised Corporate Director of the LF Woodford Equity Income Fund, which is now known as the LF Equity Income Fund and which I will refer to as VIF. The settlement is conditional on, among other things, completion of the sale and the English High Court sanctioning a scheme of arrangement proposed under Part 26 of the Companies Act 2006, addressing VIF-related redress and claims against LFSL. The FCA has confirmed its intention to support the scheme and its approval by VIF investors. As part of the settlement and conditional on the scheme, Link Group has agreed to contribute to LFSL all of the available consideration to be received from Waystone Group under the sale. Meaning Link Group would receive no net proceeds of the sale as we flagged in February. There is also no further contribution required of Link Group, noting that Link Group has agreed to pay GBP 2.5 million towards the cost of the scheme. The scheme will provide that the payment of amounts to VIF investors in accordance with the scheme will be in return for a full and final release from VIF investors to LFSL and the wider group. The sale is targeted to be complete by October 2023 and is not contingent on the scheme or the settlement being unconditional. For further information on the sale, the settlement and the scheme is set out in the announcement released by Link Group to the ASX this morning. The sale of our FS business significantly completes our simplification strategy that included the PEXA in-specie distribution undertaking in December, January, and the sale of our BCM business announced last month. Upon full conclusion of this strategy, we will have a simpler, more focused organization underpinned by our two core businesses in RSS and Corporate Markets. Link Group also today reaffirmed its FY 2023 guidance provided at the H1 FY 2023 result, with expectations of operating EBIT up by 10%-12% on FY 2022. Link Group's liquidity position remains strong, and after the completion of the sale and the scheme, Link Group's pro forma leverage ratio is expected to be at the top end of the guidance range of 2-3x as of June 2024. Today's announcement should provide greater clarity for our shareholders and stakeholders. We have two great core businesses with strong market positions and clientele, and we look forward to taking these businesses on an exciting journey with great growth prospects. Thank you again. Now we will open for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Ed Henning with CLSA. Please go ahead. Hi. Thanks for taking my questions. I've got a couple if I can. Firstly, can you just confirm, in the FCA announcement, it sounds like they're waiving the fine. Is that correct? The redress is just the redress that you're paying? That is correct. Thank you. The second one, just with the scheme, can you just confirm that largely removes any class action risk that you potentially face, if all the parties involved agree to the payment? Yes, it does, Ed. That's why we talk about the full and final release of LFSL as well as the wider group. No, no worries. Then just the legal costs of what you've been doing in the sale process and going through with the FCA, how are they accounted for? Are they below the line, or how should we think about that in this result and then going forward on the cost front? For this result, you know, all transaction costs will be below the line as one of the significant items. Going forward in FY 2024, as we have flagged, the cost of the scheme is capped at GBP 2.5 million. That's right. From the contribution of Link Group. Yep. No, that's helped. Just one more mechanical one. Following this result, will the Fund Solutions business be moved to a discontinued business in your operational P&L? Yes. It's, this as well as the BCM business, both of them. Ed, it's Andrew here. from a P&L perspective discontinued operations on balance sheet held for sale. Yeah. Will that be at this result coming up? Y ou'll announce this one and then the. Okay. Okay. From the, from the H2, it actually falls out of your. No. Your numbers, and that's- From June 23, Ed. In our June 23 results. Yeah. I'm just thinking about your guidance now. Does that include the discontinued business? [crosstalk] I think from a guidance perspective, Ed, you think about it as it was before. We don't want to change it. And y ou know, risk people saying, "Well, you know, we don't know it, whether it's like for like." We will report our guidance. The basis of the guidance that we have put forward today is based on the whole. We will also showcase in the June 20 result what the ongoing and continuing operations will be, and then talk about the overall number as well as the continuing operations number, and then project forward on the continuing operations number only. No, that's perfect. Very clear. Thank you for your time. Thank you, Ed. Thank you. Your next question comes from Siddharth Parameswaran with JP Morgan. Please go ahead. Good morning, gentlemen. A couple of questions from me. Just following on from Ed's question, I was just hoping you could flesh out what those below-the-line costs are likely to be for, you know, legal costs and also just the sale costs. Are they likely to be large? Look, I mean, it's a complex transaction, Sid. They'll be below the line. We're not gonna quantify them at this point in time. It's consistent with the treatment that we've adopted in previous M&A transactions. Okay. Okay, fair enough. can I just seek some clarification on the guidance then? Just are all the points of guidance maintained? I think you mentioned EBIT, but just the revenue and a ll of them are? Yes. They are. All of them are held. Okay. If I could just clarify as well, just ex BCM and ex LFS, can you just give us some color on how those businesses are trending? That's basically what's important for shareholders on a go-forward basis. Wondering if you could give us some color, you know, within that guidance, the contribution for those businesses going forward. Sid, if you reflect back on our H1 results, we actually specifically called out how those two businesses are doing. You know, I probably won't put any further color on that, given we are in the middle of, you know, the H2 of the business. You know, we will talk about it at length in our June results in August. If you go back to our results presentation, as of February, I think you will get a very fair idea of how those two businesses are performing, if you exclude LFS and Corporate Markets basically. BCM. Sorry. If you exclude BCM and LFS. Okay. The guidance for the whole, I mean, the only reason for asking that question is because obviously conditions have changed. You know, we've had the SVB issues, interest rate expectations are a little bit lower. markets is probably stronger. You know, there might have been some mix changes, but what you're saying is mix changes don't matter. The way things are, your guidance still holds. That's correct. We wanted to give some certainty and stability to the market, so that's why we're not going to change the basis of what we have said so far. That's why we are reaffirming our guidance on the same basis as we provided it throughout the financial 2023 year. Yeah. Okay. Okay. Okay, great. Okay, I'll stop there. Thank you. Thanks, Siddharth. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Nigel Pittaway with Citi. Please go ahead. Morning, guys. I know you're saying the sale is conditional on contracts representing a significant majority of revenue in respect of LFSL. I was just wondering, sort of have you had conversations been had with those customers? You know, is there any risk that they... What, you know, how would you assess the risk that they won't transfer? It's a good question, Nigel. The answer is yes. We have had conversations with all the customers. You know, we have strong relationships with these customers. Just to reflect on that, Nigel, you know, in the last, you know, in a few years, whilst the Woodford investigation has been ongoing, we have not lost any customer to any other competitor of ours. We have obviously assessed the risk of that, and that has been very transparent with the FCA as well. As you can see from the FCA announcement, they have announced settlement, and so they have also assessed the risk of that. You know, you can keep that into mind as well. Right. you know, do I take it from that you're reasonably confident that won't be an issue or? I think that's a fair assumption. Yeah. Okay. I was just wondering as well, I mean, obviously there's quite a few conditions in all the sort of stuff you've put out today. I mean, what would you see as the biggest risk to completion of these arrangements? You know, we don't you know, there are obviously risks in all of these conditionalities as that's why they're conditions. We see a pathway to completion on this one. We see, you know, a lot of clarity in terms of what are the key elements. Let's talk about, you know, the three different threads of the announcement. Let's talk about the sale. We already talked about the conditionality of the sale. The sale, as I said, is not conditional to the scheme or the unconditionality of the settlement. The only thing that the sale is conditional on is the transfer of plan contracts. I've given you a bit of color around where we see the risk and the certainty around that. Following that, you know, the settlement. While the settlement has been signed, the settlement is conditional on two things. The sale going through, and we have talked about the risk and certainty around that. The second thing that the settlement is conditional on is the scheme of arrangement getting upheld in the court. The fact that we have put forward is that the FCA has intended or flagged its intent to support the scheme. You know, we believe that is a very strong indicator of the certainty around the scheme as well. As, as you highlight, you know, these things always have inherent risks, and hence the conditionality. You know, we are confident that this gives a good pathway for us to complete the announcement that we have made today. Okay. That's very helpful. Thank you very much. Thanks, Nigel. Thank you. Your next question comes from Andrei Stadnik with Morgan Stanley. Please go ahead. Good morning. Just a couple of questions, if I can. Firstly, with the sale of Luxembourg and the Swiss entities, is there any prospect of, you know, some contribution or some amount of that coming back to the Link Group? Will that, you know, definitely go into the scheme? The Lux and... we're very clear that any consideration that we get from the sale of those entities will go into the scheme. Nothing will come back to Link Group, as I think we have been pretty clear about that, for a while in terms of that entire FS parameter once sold will be contributed towards the scheme. Thank you. My other question is, can you just, you know, clarify kind of the reason for splitting the GBP 80 million and the GBP 60 million payments, you know, that together, you know, make up the range of GBP 110 million-GBP 140 million. Can you just clarify, you know, the kind of, you know, the reason and kind of give us the logic, you know, splitting those, you know, two separate payments? Absolutely. So the GBP 80 million rests with the value of the LFSL entity. As we know and we have discussed multiple times, that's the ring-fence entity, which is the subject of the FCA investigation. Should the scheme not be upheld as the FCA announcement makes pretty clear. If the scheme is not upheld, the only amounts that become available for restitution is the GBP 80 million that sits within the LFSL entity through the proceeds of the sale, plus the net assets of the LFSL entity, and any insurance proceeds that may come. The GBP 60 million of the other entities within the FS group that we are contributing, will not become available as a source of redress to investors if the scheme doesn't stand up. That's why they need to be in two different buckets. I think, you know, we have obviously tried to explain that. It's a complex one. I think the FCA press release does a great job of explaining that too. Thank you. Thanks, Andrei. Thank you. Your next question is a follow-up from Siddharth Parameswaran with JP Morgan. Please go ahead. Sorry, just one other question I had was just whether there's any stranded costs that'll be left from this sale and the BCM sale as well. Yeah, great question, Siddharth. As we have flagged before, you know, we have, you know, through the changing operating model over the last 12 months, you know, ensured that most of these costs actually sit within the individual businesses, you know, on the decentralized, in a decentralized model. The center cost base, you know, clearly, you know, will have some small stranded costs associated with it. When we come to the market, with the results of the full year in August, we will, you know, be able to quantify what they are and what the treatment is to it. As I say, you know, they are small in magnitude. Sorry, just to 100% clear. The stranded costs you're saying will only be in the center group, and presumably you're saying that that will be identified and will eventually be removed. Is that right? Basically the way we see it is we just take off the earnings from these whole businesses, and we can assume that the worst case is the same costs stay as they are but presumably get lower. That's just saying not that there'll be any reallocation back from the divisions back up to the group. There will definitely not be any reallocations back. There will be as I've said, you know, there will be certain costs that will go, but, you know, we will give you a timeline of when that is. You know, please do, you know, also factor in that both the BCM and the LFS sale have got a reasonable period of TSA services that are gonna be provided as well. Right. Okay. Thank you. That's very clear. Thank you, Siddharth. Thank you. We are showing no further questions at this time. I'll now hand back to Mr. Bhatia for closing remarks. Thank you very much. That concludes our presentation for today. I'd like to thank all of you for your participation today at very short notice. Thank you.