Shares in Link Administration Holdings plummeted by 4.1% to A$1.290, marking their worst day since September 27.

This comes as the company experiences its second consecutive day of losses.

The registry firm announced that the court granted Link Fund Solutions the permission to hold a scheme meeting related to the settlement of an investigation over a failed equity income fund.

A company’s announcement also revealed a reduction in the size of the board from eight to six.

Link Administration expects the scheme to take effect after a second court hearing, which is anticipated to occur on January 18, 2024.

Link Administration’s shares have plunged approximately 32% since last year, as of the latest close.

Link Administration Holdings is a technology-enabled provider of outsourced administrative services to large corporations and government bodies.