The past week was very eventful for ASX shares with news of surprise takeovers of AMP Limited (ASX: AMP) and Coca-Cola Amatil Ltd (ASX: CCL). Moreover, annual general meeting (AGM) season continued with meetings for heavyweights like Carsales.Com Ltd (ASX: CAR) and JB Hi-Fi Limited (ASX: JBH).

This week, the theme of takeovers is likely to continue. In addition, there will be a series of AGMs, some of which may prove contentious. All times mentioned are eastern standard time. 

Major events planned for ASX shares

Monday

New listing:

Monday will see Dusk Group Limited (ASX: DSK) list for the first time. This company is the candle retailer you may have run into in the local malls. An omni-channel consumer discretionary company, it has reportedly completed a $70 million deal at $2 a share. The IPO will value Dusk at 10.1 times earnings for the year to 30 September. This is the equivalent of $124.5 million in terms of market capitalisation.

This comes on the heels of Adore Beauty Group Ltd (ASX: ABY) and, more successfully, Zebit Inc CDI (ASX: ZBT)'s recent listings.

Westpac annual report:

This morning, Westpac Banking Corp (ASX: WBC) released its annual report, posting a 66% decline in statutory net profit to $2,290 million, which was largely in line with expectations. Analysts at Goldman Sachs, for example, were expecting Westpac to deliver a 63% decline in cash earnings. The bank also included additional charges for AUSTRAC matters. Additionally, a write down associated with Westpac Life Insurance Services Ltd, and an increase in provisions for refunds and litigation. 

The Westpac share price slid by 4.9% across last week's trading, but is up by 0.34% so far this morning as the market digests the results.

Reports on the economy:

At 11.30 am the Australian Bureau of Statistics (ABS) will release the building approvals and the housing finance reports. At the same time Australia and New Zealand Banking GrpLtd (ASX: ANZ) will release the ANZ job ads report. These three reports will provide investors with a view into the domestic economy. In particular, there has been a lot of interest in the housing market since the lockdowns started. This is likely to impact ASX shares. 

Wednesday

At 9 am, small cap ASX share, Evans Dixon Ltd (ASX: ED1) will hold its AGM. While only a small company, it is likely to be a contentious event. Evans Dixon is currently being targeted for takeover by 360 Capital Group Ltd (ASX: TGP). 360 Capital managing director Tony Pitt recently manoeuvred the company to purchase 19.9% of Evans Dixon from company co-founder Alan Dixon. 

Tony was then elected with unanimous support to the board of Evans Dixon, subsequently dropping an unsolicited takeover bid into their laps on 22 October. As of last Friday, the board had withdrawn support for him. In addition, it has recommended shareholders do not support his election to the board, declaring in a statement: "The directors believe that his appointment would put him in a position of conflict between his obligations to 360 Capital Group and his obligations as a director to the company."

Thursday

At 9 am Ansell Limited (ASX: ANN) will hold its AGM, with detail behind Q1 performance and FY21 guidance. Last Friday, the personal protective equipment company company upgraded its FY21 guidance for earnings per share from $1.26–$1.38 to $1.35–$1.45. This is due largely to better than expected sales across all of its 5 strategic business units. The healthcare ASX share will also provide further detail on the progress of expansion capex spending, which it believes is proceeding to plan.

Friday

Macquarie Group Ltd (ASX: MQG) will present an interim result on Friday. In a recent presentation, Macquarie included its Q1 results, which showed that the profit contribution from the company's annuity-style businesses was slightly up versus the prior corresponding period (pcp). Its market-facing businesses were slightly down versus pcp.

The rise in  from the annuities businesses was largely due to the sale of the company's rail operating lease business. In the market-facing businesses, Macquarie Capital saw investment-related income reduce significantly.

Macquarie Group has also been making headlines due to its stake in Barrenjoey investment bank. The interim update may also include further information on this issue. 

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The Evans Dixon Ltd (ASX: ED1) share price is bucking the wider selling trend on the All Ordinaries Index (ASX: XAO) today. Evans Dixon's share price is up more than 7% while the All Ords is down almost 2%.

This comes following this morning's announcement of a takeover offer from 360 Capital Group Ltd (ASX: TGP).

Today's rise will come as welcome news to Evans Dixon shareholders, who've watched the share price fall 37% year-to-date. That's despite a 20% share price gain since 17 March.

Meanwhile, 360 Capital Group's shares are trading flat in late afternoon trading, after posting gains of more than 1% earlier today. Year-to-date, 360 Capital Group's share price is down 25%.

What do Evans Dixon and 360 Capital do?

Evans Dixon is a financial adviser providing advice to private and institutional clients, as well as corporates. The company employs over 475 staff across Sydney, Melbourne, Canberra, Brisbane and New Jersey.

360 Capital Group is an investment and funds management group. The company is predominantly focused on the strategic and active investment management of alternative assets. It invests in real estate, credit strategies, and public and private equity in Australia and around the world.

Why is the Evans Dixon share price up on the takeover offer?

This morning's takeover announcement from 360 Capital Group – made via its wholly owned subsidiary, 360 Capital ED1 Pty Limited – stated its intent to acquire via off-market takeover all of the shares in Evans Dixon that it does not already own.

As of this morning, 360 Capital ED1 owned 19.55% of Evans Dixon's shares.

The takeover offer price amounts to 61 cents per share. That's just under the share price Evans Dixon is currently trading for. The current Evans Dixon share price represents a 7.83% gain from the opening bell.

360 Capital noted it has the available cash as well as the ability to issue its securities to finance the acquisition. It stated that its offer is not subject to a minimum number of acceptances.

360 Capital also highlighted that its 61 cent per share offer price represents a 54% premium to Evans Dixon's share price after it had disclosed ASIC was taking corporate action against one of its subsidiaries, Dixon Advisory.

The post Why the Evans Dixon (ASX:ED1) share price is up 7% as the All Ords slides appeared first on The Motley Fool Australia.

The corporate regulator has taken a wholly owned subsidiary of Evans Dixon Ltd (ASX: ED1) to the Federal Court.

Dixon Advisory and Superannuation Services Limited faces allegations of not acting in its clients' best interests and providing inappropriate advice.

The Australian Securities and Investments Commission (ASIC) also accuses Dixon Advisory of not dealing with a conflict of interest between its clients' and businesses within Evans Dixon.

The specific allegations refer to 51 instances of advice provided to 8 clients relating to investment in US Masters Residential Property Fund Unit (ASX: URF).

According to ASIC, URF was created by Dixon Advisory back in 2011 and paid "substantial fees" to companies within Evans Dixon – including Dixon Advisory itself.

A total of 126 contraventions are alleged to have occurred between 2 September 2015 and 31 May 2019.

The maximum civil penalty is $1 million for each breach before 13 March 2019, and $10.5 million per contravention after that point.

Evans Dixon, in a statement to the ASX on Friday, indicated it would mount a defence. 

"[Dixon Advisory] will be defending the proceedings and in due course will file a comprehensive defence after it has received and had a reasonable opportunity to review ASIC's detailed statement of claim," announced the company.

ASIC is also seeking a court order that Dixon Advisory put systems in place to meet clients' best interests in the future.

URF is an ASX-listed real estate investment trust (REIT) that allows shareholders exposure to the New York City residential property market.

Evans Dixon is a financial services conglomerate that provides personal wealth advice to 9,200 clients, representing $20.1 billion in investments. The company also advises institutional customers.

Evans Dixon shares were down more than 15% at 12.14 pm AEST to 45 cents. The Evans Dixon share price was $1.60 in May last year.  

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