Dixon challenges van Eyk on Three Pillars
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.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
