Elanor Investors Group reinstated to ASX
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The news: Elanor Investors Group has been reinstated to the ASX and will start trading today.
The context: Elanor entered a voluntary suspension on the ASX in August 2024 as it moved to stabilise its financial position and turnaround the business.
During its investor call today, chief financial officer Symon Simmons said the group’s assets under management stood at $1.9 billion. The funds management platform is now focused across core sectors of retail ($910 million), office ($323 million), healthcare ($274 million), hotels ($270 million) and industrials ($81 million).
He said, since the suspension, the group’s debt and gearing has been materially reduced and there is a clear pathway for recovery of its receivables and co-investments over time to further reduce the group’s gearing.
“Our focus remains on planned asset realisations, repayment of debt, and capital notes, executing further material and sustainable cost reductions to restore operating leverage as scale increases and managing operating cashflow,” he said.
In December, Elanor was embroiled in a public battle with the Lederer Group over its Elanor Commercial Property Fund. In February, Elanor terminated its management agreement for the fund after it was removed as the responsible entity.
Earlier this month, it appointed David McNamara as its new chief executive who will join on 22 June.
What they said: Elanor chair Ian Mackie said: “The actions we have taken have resulted in a more resilient, focused, and scalable business. We are now better capitalised, more operationally efficient, and strategically aligned with long-term growth opportunities, and of course, all of this is supported by strengthened governance and leadership.
“While we will recommence trading today from a smaller capital base, the board is confident that the platform we have recreated is well positioned to deliver long-term growth.
“Today marks the beginning of the next phase for Elanor. One that is focused on rebuilding trust, delivering disciplined growth, and creating sustainable value for security holders.”
The source: Elanor investor briefing call
