LDR Assets clarifies Elanor Commercial Property Fund takeover bid price

LDR Assets Pty Ltd (Bidder) has issued a Second Supplementary Bidder's Statement regarding its off-market takeover bid for Elanor Commercial Property Fund (ECF). This statement clarifies the offer consideration, noting that ECF's September 2025 quarter distribution has impacted the final price for accepting securityholders. The bidder considers matters raised by ECF's independent board committee (IBC) to be frivolous and without merit, highlighting potential negative impacts on ECF's underlying NTA due to accumulated costs.

The First Supplementary Bidder's Statement referred to a consideration of $0.70 cash per ECF Security. However, following ECF's September 2025 distribution of 1.625 cents per ECF Security, the offer consideration for "Relevant ECF Securityholders" who accept after September 26, 2025, is now $0.68375 cash per ECF Security, deducting the distribution value. Securityholders who accepted on or before September 26, 2025, received $0.70 cash.

The bidder calculates the offer premium to ECF’s June 30, 2025, NTA per security as 1.9% based on the headline $0.70 offer price, which incorporates both the cash paid by the bidder and the value of any retained rights. The bidder urges the ECF IBC to avoid incurring unnecessary transaction costs that negatively impact all ECF Securityholders.