EP1 - E&P Financial Group

[System]

Evans Dixon is a financial services business with a history spanning over 30 years. The business operates two recognisable wealth advice brands in Australia, being Evans & Partners and Dixon Advisory, as well as Walsh & Company, a specialist asset manager.

Evans Dixon's approach is to focus on long term client partnerships while seeking to provide high quality market leading outcomes through an integrated investment, execution and advice solution for private clients, institutional clients and corporates.

As of 28 February 2018, Evans Dixon Wealth Advice services over 8,800 clients with over $18 billion in funds under advice.

Capital Markets advises over 180 institutional clients and provides equity and debt capital markets services to corporate clients and to the Evans Dixon Wealth Advice network.

The Funds Management group manages over $5 billion of assets across its different strategies.

Evans Dixon currently employs over 600 staff located across Sydney, Melbourne, Canberra, Brisbane, and New York City.

It is anticipated that ED1 will list on the ASX during May 2018.

https://www.evansdixon.com.au

 

[So_Cynical]

Wow - Shocking chart for a financial that is well established, wheres the bottom?
~

 

[willy1111]

Wow - Shocking chart for a financial that is well established, wheres the bottom?
~
View attachment 95406

Would have thought maybe the election result would turn it around. They are big in the smsf space, I see regular adds in the Age.

 

[So_Cynical]

PE in single figures, been a bit of support at the 78-80c level over the last week, the SP has to turn up at some point,
if the final dividend is just 3c thats a 50% cut on last year and a FY yield at today's price of 10% net, 13% gross.

 

[Knobby22]

Interesting

 

[Dona Ferentes]

bit of a sad story in today's AFR; the headline says it all
Dixon name to vanish, leaving behind devastated clients

Dixon name to vanish, leaving behind devastated clients

In Canberra, Dixon Advisory was the most trusted name in finance. Now it faces extinction.

www.afr.com

The listed merged entity will revert to an abbreviated form of Evans & Partners – E&P Financial Group.

[these days,] the Dixon Advisory name is tarnished. Plagued by a conflict of interest scandal and mounting investment losses of in-house funds that its advisers recommended to self-managed super clients, the name will be dispensed with.

Shine Lawyers is circling.

 

[dyna]

Truly tragic fate for hundreds of mainly, Canberra clients of Daryl Dixon,one of the most knowledgeable and trusted experts on superannuation in this country.How could he not have checked his own son's high risk U.S. real estate strategy? The market didn't like it,right from day one.Even with the ship going down , the firms advisors were still roping in more unfortunate people's life savings. All gone now,along with the good will of what was once a trusted expert on super.

 

[So_Cynical]

All gone now,along with the good will of what was once a trusted expert on super.

Reputation all gone but the business and the fund lives on, massive loss for investors that have been in since the beginning.

 

[Dona Ferentes]

Evans Dixon has appointed advisers as it considers a takeover offer from 360 Capital .

(a client of these outfits is a mere source of revenue /a potential future income stream. )

 

[dyna]

Good to see the corporate cop is going after Dixon Advisory,still part of the Evans Dixon group,despite the intention to soon drop the Dixon name.

 

[System]

On November 16th, 2020, Evans Dixon Limited (ED1) changed its name and ASX code to E&P Financial Group Limited (EP1).

 

[Belli]

On November 16th, 2020, Evans Dixon Limited (ED1) changed its name and ASX code to E&P Financial Group Limited (EP1).

Not surprising E&P is dropping the Dixon name with all it's products and also changing the name of the Responsible Entity of Walsh& Company to E&P Investments.

The names Dixon and Walsh have now apparently become toxic. A rather sorry ending in some respects.

 

[Dona Ferentes]

Dixon Advisory grew into the fourth-largest superannuation advice firm in Australia and in late 2016 it merged with Evans & Partners, the brokerage firm founded in 2007 by David Evans.

The merger proceeded despite concerns raised in a report to directors of Evans & Partners by KPMG that highlighted the risks of Dixon Advisory’s vertically integrated model and its high reliance on fees generated by the URF. In fact, Dixon Advisory’s foray into manufacturing its own investment products that charged high fees and performed poorly for investors proved its undoing.

this has come to haunt E&P. As per other threads, E&P released news yesterday that it had put a major subsidiary – Dixon Advisory – into voluntary administration. That was after Dixon Advisory (DASS) directors determined that mounting liabilities from class actions, settlements and regulatory penalties would leave the company insolvent.

Peter Anderson, Managing Director & CEO of EP1, said

“The appointment of Voluntary Administrators to DASS has become necessary in light of the increasing number of claims against DASS and the potential associated financial liabilities.

“It has also become apparent that settling individual claims as they arise will likely lead to inequities between client creditors. Voluntary administration provides an appropriate framework to ensure all client creditors are treated equitably.

Importantly, no client assets are at risk as a result of this process, he added.

.... too late, they cried!

 

[Dona Ferentes]

Evans Dixon is a financial services business with a history spanning over 30 years. The business operates two recognisable wealth advice brands in Australia, being Evans & Partners and Dixon Advisory, as well as Walsh & Company.
It is anticipated that ED1 will list on the ASX during May 2018.

https://www.evansdixon.com.au

still playing

Federal Court approves $16m class action settlement against defunct Dixon Advisory | Riotact

The Federal Court of Australia has approved a $16 million settlement in a class action lawsuit brought by Shine Lawyers…

the-riotact.com

 

[Dona Ferentes]

E&P has delisting plans .. It is capitalised at $97 million on the ASX, with $48.9 million in cash and equivalents (a portion of which is reserved to meet regulatory capital requirements). It will have to raise the money to fund a buyback, with the usual circa 30 per cent premium. The company surprised investors once again by requesting a trading halt on Friday to conduct a raising.

According to reports, E&P is preparing a $10 million placement and concurrent voluntary buyback for existing shareholders, which is funded via a debt facility.

.
And, of course, this has attracted the attention of rival firms. Bell Financial Group, capitalised at $400million, is understood to have made a scrip-based bid to E&P, which has $80.5 billion in advisory assets; more than 325 advisers on its books; and a solid ECM business.

Sources said while talks between the two firms did not progress, the rationale for Bells’ interest was logical. E&P is at the tail-end of its legal and regulatory troubles; meanwhile its wealth and corporate advisory businesses are trading well below underlying value; and the company has signalled its intention to decamp from the ASX.