Financial services group Dixon Advisory has mounted a challenge to van Eyk over the performance of its Three Pillars vehicle.
Dixon announced to the Australian Securities Exchange today that it had requested a general meeting of van Eyk Three Pillars on behalf of more than 100 investors to replace the current board, implement an improved capital management plan and undertake a review to maximise shareholder value by closing the gap between the fair value of the company’s assets and its share plan.
The move comes just months after Dixon undertook a similar move with respect to Premium Investors.
Commenting on the initiative, Dixon managing director Alan Dixon said the objective was to maximise shareholder value in circumstances where the company had been trading at a discount of about 17.5 per cent to its post-tax net tangible asset backing.
