Van Eyk Three Pillars board renewal complete
The recently overhauled board of listed investment company van Eyk Three Pillars has had two additional directors added to its ranks.
Stuart Nisbett and John Vatovec have taken up the appointments, with Nisbett also to act as independent chairman of the company.
The appointments bring to six the number of new board members, with the company’s previous board being ousted by shareholders in an extraordinary general meeting (EGM) last month.
The new board will this Thursday activate a 25 per cent on market share buyback, which was also approved at the EGM. As part of a broader review, the board is also considering “a substantial share buyback, capital returns and a potential winding up of the company”. The board is also looking at reviewing the existing company constitution.
A statement by the group to the Australian Securities Exchange said Nisbett has more than 30 years' experience in property, capital transactions and general funds management, including senior roles at ANZ Investment Bank, Macquarie Bank and Lend Lease.
Vatovec has 23 years' of equity capital experience, the group said, including senior roles with the Lowy Family Group, Macquarie Group and Prudential.
Brian McGarry was recently appointed company secretary, while last month shareholders supported the Canberra-based financial planning firm’s proposals to replace the previous four-person board of van Eyk Three Pillars with four Dixon executives.
According to van Eyk Research managing director Mark Thomas, Dixon Advisory clients represent more than 35 per cent of the company’s shares, creating a potential conflict of interest.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
