Sorry Saga - “It’s actually quite funny people thinking they know more than they actually do”

[Speedy_Gonzales]

The company owned by former Essendon boss David Evans has axed 100 workers as the company downsizes. The announcement follows the unveiling of its annual report, which makes for unpleasant reading.

Ellen Whinnett and Michael Warner , Herald Sun

The financial advice firm owned by former Essendon Football Club boss David Evans has laid off 100 staff in Australia as it unveiled an annual report awash with red ink.

Evans Dixon Limited reported its results for the financial year, with net revenue down 5 per cent to $212 million. The company’s earnings before tax and other expenses fell 26 per cent to $37.1 million, while the share dividend of eight cents was down 27 per cent on the previous year.

The company’s share price was trading at 87 cents on Monday, up from a low of 62 cents in August but dramatically down from the $2.50 price at which launched on the ASX in May last year.

Evans Dixon, the company owned by Alan Dixon (L) and David Evans, has made 100 redundancies as it reports a decline in net revenue.

Company CEO Peter Anderson said the company had reduced its staffing levels by 100 since April, and was downsizing its office space as he enforced new financial discipline on the firm, formed by a merger between financial advisory companies Evans & Partners and Dixon Advisory in 2017.

Mr Anderson, who was brought in to streamline the ailing company in April, said he believed Evans Dixon was well placed to improve its performance in coming years.

“We have closed non-core operations including Dixon Projects in Australia, scaled back operations in the US as the URF renovations pipeline runs off, ensured there is no duplication of support services as well as refined our non-customer facing services,’’ he said.

“These actions along with a number of other measures have allowed us to make significant expense reductions.’’

The URF is the publicly-listed, wholly-owned subsidiary of Evans Dixon which renovates and leases real estate in New Jersey and New York, but which has been performing badly for more than a year.

David Evans expressed his disappointment to shareholders, but ensures that changes are being made to reverse the decline.

Mr Evans told shareholders he was “acutely aware’’ the result had not been good enough and the outcome was disappointing.

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But he said the changes made to the business this year had made the company stronger.

“The share price performance of Evans Dixon over the period is of great disappointment to the Board and the management and all of us at Evans Dixon,’’ he said

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Mr Evans said several factors had contributed to the “underperformance’’ including the poor returns on the URF and the Government’s royal commission into financial services.

“I am acutely aware that the year we have delivered is not good enough,’’ he said.

The man Mr Evans launched the business with, US-based Alan Dixon, was re-elected to the company board as non-executive director.

The Canberra-raised Mr Dixon, who is the company’s largest shareholder and was its CEO, resigned all executive positions with the company last month. He is closely associated with the URF businesses in the US, into which hundreds of Evans Dixon clients in Australia were encouraged to invest.

[bigallan]

TBF, times may be tough for Dixon, maybe could not afford the airfare to fly home for the AGM.
The IRS has lodged a tax case against him. In 2014 he lodged a case against the IRS, claiming around US$1.6m in tax refunds for 2014. And he reportedly donated US$300k to a US political campaign

[stander2]

That’s a real head scratcher.
Why would Dixon make donations to political interests of the Jersey Mayor, and the Jersey Mayor gets his holiday shack renovated by Dixon.

[tassiehammer]

Dixon might be partners with Evans but what has he got to do with the 34?

[stander2]

He’s the business partner of the guy who just about sank Essendon Football Club and threw a club legend under the bus because of poor decisions.
He and his partner floated a company on the ASX at $2.50 and it’s sinking too, down to 86c in less than 18 months, presumably because of poor decisions too.
It’s worth a post or two.

[bigallan]

Did she not think to refer to that mysterious Russian voluntary contribution to the WADA budget, which just might have influenced the WADA position on Russia.? Did she raise objections to that? Did she raise objections to Big Pharma’s financial arrangements with WADA which served to place substances on the WADA banned list which were not covered by Big Phama’s patent holders ( like meldonimum)?
Did she raise objections to WADA’s erosion of athletes rights to justice, such as the retrospective application of WADA de novo rights at CAS.?
Probably not, as athletes have no rights to intervene in WADA decisions.

[bigallan]

Mick Warner is one of the Hun’s accredited journos for that article. He is one of the Hun’’s sports reporters, not on the Hun’s financial team. Read that into what you will as to relevance to the saga ( does not just belong to the Evans thread on Blitz)

[tassiehammer]

Get all that. Hes a crook who is partners with a crook who did all you said.
But what was he doing during the saga. Thats all I wanted to know.

[tassiehammer]

Okey doke so what is the relevance?
Not having a pop because I admire your work. But what was he doing when the ■■■■■ hit the fan?

[bigallan]

Because he was instrumental in the stitch up, walked away with his reputation as a pillar of the establishment intact, when he was involved in the demonisation of others?
At least Robson accepted some accountability in resigning, whereas Dave dropped out for health reasons and was not pursued by the media, but portrayed as an innocent in the whole saga.

[stander2]

Okey doke so what is the relevance?
Not having a pop because I admire your work. But what was he doing when the ■■■■■ hit the fan?

Presumably you’re asking what Dixon was doing when the saga ■■■■■ hit the fan?
No one can be sure. Evans has gone missing since he walked out on EFC and a friendship.
We’ll never know why in the hell he made decisions to tear EFC apart and do nothing to protect his friend from obscene character assassination.
You could speculate however, that Dixon and Evans being very closely connected did consult about damage control as the saga progressed and came out with the the ■■■■■ decsions that led to the above.

[tassiehammer]

No. Dixon. We all know about Evans.

[bigallan]

Take your point, more about Evans business connections. But what is going on now is that Evans appears to be deflecting the blame for losing shareholders money on to his business partner’s activities in the US. He has however given some acknowledgment that his own private wealth funds and other of his private companies making money from the Evans Dixon company might have been kept at more arms length.

[mdso]

And; also so hopefully no one in the Essendon family ever invests any money in a Company involving with either of them.

[Speedy_Gonzales]

Seems like some business model

Float the company at high share price, stuff your pockets with excessive $$, business underperforming then cry poor about market conditions and make 100+ staff redundant to try appease shareholders via reduced overheads.

[bigallan]

In response to criticism of inaction on Russia, WADA claims it wasn’t ready to handle a case of that magnitude.
ASADA says it wasn’t ready to handle the Essendon and Cronulla sagas.
But between Fahey and Howman, WADA was well prepared to bring down Essendon. What did Howman discuss with Lundy in 2013? What did Fahey and Howman discuss with Dutton in October 2013? Does ASADA have records of the briefing and discussions on file?
In November 2013 Fahey is on the record in anticipating infraction notices against Essendon.
Subsequent to the CAS decision, in an interview on 3AW in January 2016, Howman referred to the lack of curiosity and inconsistent statements by the players as contributing factors in the CAS decision ( inferring that the players lied). Howman also said that the players had been educated on the doping rule ( now, what would that be David; surely he could not have been referring to check your substances).
On a wider front, Howman stressed the importance of the Essendon case to in regard to consistency in the application of the standard of proof in non analytical cases. But compare the standard in the Essendon case to the vastly higher standard in two subsequent Russian cases at CAS, where Fahey’s old mate Coates pulls the strings.

[Bomber1408]

Fahey = lynch pin

[Speedy_Gonzales]

Russia gives WADA more $$ than Aus

[bigallan]

The Australian delegate to the 11 May 2013 WADA Executive Committee pre-empted ASADA investigations and outcomes. That delegate ( representing Lundy) advised that there were a number of athletes using substances who had not been picked up by testing - but who had been ascertained by cooperation between the ACC, TGA, Customs and others.
Later, ASADA kept changing the substances that athletes were alleged to have used and narrowed down the number and type of athletes to NRL and Essendon players. At the end of the day, ASADA settled on TB4 for Essendon .
TB4 was not regulated by the TGA at the time and was not a prohibited import, so the “evidence” would seem to be derived from publicly available customs records entries, together with differing advice from witnesses deemed to be lacking in credibility as to the internal sale of TB4

[bigallan]

€300k voluntary contribution by Russia in 2013, no strings attached according to WADA.
Strings were attached to Australia’s “voluntary” contribution to WADA during Fahey’s tenure - in the form of paying for Fahey’s personal expenses attached to his position of WADA President.