Shares of Australia’s Link Administration Holdings witnessed a considerable drop, dipping as much as 5.4% to A$1.415, which marks the lowest levels since March 24, 2020.

The share registry firm foresees a statutory loss after tax of about A$417.7 million ($273.05 million) for FY23, in contrast to the previous loss of A$67.6 million a year ago.

The loss is primarily driven by a one-off provision of A$390.9 million for settlement and associated redress with UK regulators on account of its UK unit, Link Fund Solutions.

The aforementioned unit is expected to pay up to 235 million pounds ($298.76 million) in redress payments, following an investigation into the unit’s mismanagement of the now-defunct LF Woodford Equity Income Fund.

While Link Administration Holdings is on track to post operating EBITDA of A$273.2 million for FY23, an increase of 8.3% from the previous year and within the previously disclosed guidance range, it is slightly below the estimated A$275 million.

Simultaneously, Link Administration marked its largest intraday percentage drop since July 3.

Around 1.5 million shares exchanged hands, compared to the 30-day average volume of approximately 1.4 million shares.

Since the last close, the company’s shares are down 24.3% YTD.

Link Administration Holdings (ASX:LNK) is a leading share registry firm in Australia.