The wealth management company first announced in September that it had formally applied to delist from the ASX.
The proposal was due to be submitted for shareholder approval at an extraordinary general meeting (EGM) on October 24, 2024, but was then delayed by a week, to November 1.
Shareholders narrowly approved the ASX delisting at Friday’s EGM, with 76 per cent voting in favor of the special resolution, according to an ASX statement. E&P anticipates the withdrawal will take place on December 27, 2024.
“The company reminds shareholders that if they wish to sell their shares on the ASX, they will need to do so before the company is delisted.”
Explaining the reasoning behind the September decision, the company said: “The EP1 board has concluded that the benefits of being listed on the ASX are far outweighed by the potential benefits of the next phase of growth in an unrated environment. »
In particular, he highlighted a “lasting negative impact on the EP1 share price following regulatory proceedings and class action lawsuits”. Despite the resolution of these issues, the lack of support for the stock market remains.”
However, Phil Anderson, the Financial Advice Association Australia’s chief executive for policy, advocacy and standards, recently argued that delisting E&P would not prevent the company from being subject to scrutiny under the investigation into Dixon Advisory.
An investigation into Dixon Advisory was proposed in September, and the Senate Economic References Committee is expected to report by the last sitting day of March.
Anderson said: “Their message seems to be that their stock price has fallen, they don’t think it’s likely to rise any time soon, no one likes them and they’ve attracted too much attention from all these regulations and class action stuff.
“I don’t think they will avoid scrutiny.” I think there will be less scrutiny in the future if they are not required to report to the ASX. But in the context of this parliamentary inquiry, it does not matter whether they are listed or not. Under this mandate, the Senate Economic Affairs Committee will closely examine the action of Dixon Advisory and therefore its parent company E&P Financial Group.
