Elanor Investors courts suitors for possible takeover

Elanor Investors is currently considering several offers, including potential takeovers, saying it has so far engaged with more than 15 interested parties as part of its strategic review.

In a business update, the real estate fund manager said it is continuing to "examine a range of options to maximise value for all securityholders."

This includes having received non-binding indicative offers (NBIOs) from a number of parties, as well as working with other entities for a potential recapitalisation of the business including a refinancing of the balance sheet debt.

"There is no certainty that any of these NBIOs or other options to maximise value for all securityholders will result in a transaction," the group said.

As part of the strategic review, Elanor has undertaken an asset realisation program which has so far resulted in divestments worth more than $300 million in value.

Elanor Investors said it also continues to refine and enhance its corporate governance, saying it has decided to establish a separate independent trustee and responsible entity board for its managed funds.

Doing so would see the replacement of many directors on the board of Elanor Funds Management Limited, with a majority independent board to be appointed.

A new responsible entity would be appointed for the Elanor Investment Fund, with the same board of directors as Elanor Investors Limited.

Finally, Elanor said it still plans to commence a search for a chief executive, following the departure of Glenn Willis in September 2024. It said it will do this once the balance sheet is appropriately stabilised.

Willis was the co-founder and chief executive of Moss Capital prior to its ASX listing as Elanor in July 2014. He left at the same time as chief operating officer Paul Siviour.

At that time, non-executive director Tony Fehon took over as interim managing director.