Elanor hits back at Lederer Group's 'factually incorrect' assertions
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The news: Elanor Investor Group has hit back at the Lederer Group, which is looking to acquire its commercial property fund, regarding a number of assertions Lederer made about the fund manager.
Elanor described assertions that it intended to vary the investment strategy of its commercial property fund to invest outside of Australia as "factually incorrect".
The context: On 4 August, family office Lederer Group made an unsolicited off-market takeover offer to acquire all the shares of Elanor Commercial Property Fund (ECF) for 70 cents per share. ECF last closed at 68 cents.
Elanor said the proposed offer of 70 cents would be reduced by the amount of distributions declared or paid by ECF between 4 August and the close of the proposed takeover and this would likely lead to a payment maximum of 68.125 cents per share.
Elanor provided initial observations in response to Lederer’s proposal and assertions it had made.
The fund manager said it was unclear from the proposal who would manage ECF in the future and that it was therefore “impossible” to assess the capabilities of a potential replacement responsible entity or manager.
Elanor also said it had no intention to acquire properties outside Australia. Lederer said it was concerned that Elanor had a desire to become a “pan Asian funds manager”.
Elanor Investor Group has been voluntarily suspended from the ASX since 23 August 2024. The fund manager has been seeking to stabilise its financial position and meet its obligations to debt financiers.
Elanor has also established a Board Committee (“ENN BC”) to represent the interests of Elanor, as the Investment Manager for ECF and the owner of the RE, in connection with the Proposed Takeover Offer.
The ENN BC comprises Karyn Baylis (Chair) and Tony Fehon.
The source: ASX
