Elanor to reacquire securities as Challenger partnership unwinds

Elanor Investors Group (Elanor) will claw back 12,377,083 stapled securities from Fidante Partners Holdco1, a wholly-owned subsidiary of Challenger, as part of the unwinding of their strategic partnership. This clawback, approved by securityholders in June 2023, involves a selective buy-back of EIF units and a selective share reduction of EIL shares held by Fidante, reflecting approximately 61% of Fidante's current holding or 8.1% of ENN stapled securities on issue.

The clawback is expected to be completed on or around 16 October 2025, contingent on the termination of investment management arrangements. Following this transaction, Fidante's holding in ENN stapled securities will reduce from 20,280,481 (13.3%) to 7,903,398 (5.7%). Consequently, the total issued capital of Elanor will decrease from 152,201,962 to 139,824,879 stapled securities.

Elanor intends to claw back the remaining 7,903,398 ENN stapled securities held by Fidante in a subsequent transaction, subject to further ASIC relief and securityholder approval. This final step would result in Fidante ceasing to hold any related ENN stapled securities.