Australia's E&P Financial climbs on signing HoA with ASIC to settle litigation

E&P Financial

09/07/2021 05:11

** Shares of E&P Financial Group  EP1.AX  rise as much as
8.6% to A$0.760
    ** EP1 says its unit, Dixon Advisory & Superannuation
Services (DASS), has entered into a heads of agreement (HoA)
with ASIC to resolve the legal proceedings commenced by ASIC
against it in the federal court of Australia on Sept. 4, 2020
 urn:newsml:reuters.com:*:nFWN2OK11E
    ** Says HoA follows court-ordered mediation between DASS and
Australian Securities and Investments Commission (ASIC)
    ** Under terms of HOA, DASS agrees to pay to the
Commonwealth a penalty of A$7.2 mln ($5.34 mln) which may be
paid in 2 equal instalments
    ** ASIC agrees to seek no further declarations of
contravention in the proceedings, under terms of HOA
    ** Stock up 15.7% YTD, as of last close 

($1 = 1.3475 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))