The wealth management firm first announced in September that it had formally applied to be delisted from the ASX.

The proposal was expected to be presented to shareholders for approval at an extraordinary general meeting (EGM) on 24 October 2024, but was then delayed by a week to 1 November.

Shareholders narrowly approved the ASX delisting at an EGM on Friday, with 76 per cent voting in favor of the special resolution, according to an ASX release. E&P expects the delisting to occur 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 decision in September, the firm said: “The EP1 board concluded that the benefits of listing on the ASX significantly outweighed the potential benefits of delivering the next phase of growth in an unlisted environment.”

It highlighted in particular “a continued negative impact on EP1’s share price as a result of regulatory proceedings and class action litigation. Regardless of the resolution of these issues, the lack of support for the equity market remains”.

However, the Financial Advice Association of Australia’s general manager for policy, advocacy and standards, Phil Anderson, recently argued that delisting E&P would not stop the company from coming under scrutiny in the Dixon Advisory investigation.

An inquiry into Dixon Advisory was proposed in September and the Senate Economic References Committee is scheduled to report by the last day of the March meeting.

Anderson said: “Their message seems to be that their stock price is down, they don’t think it’s going to go up any time soon, nobody likes them and they’re wearing too much of the glare of all these regulatory and class action lawsuits.”

“I don’t think they will avoid scrutiny. I think there will be less scrutiny going forward if they are not required to report to the ASX. But for the purposes of this Parliamentary Inquiry it does not matter whether they are listed or not. The Senate Economic Committee will, as a result of these conditions, look very closely at the actions of Dixon Advisory and therefore its parent company E&P Financial Group.”