Elanor rejects Lederer takeover bid, citing misleading offer price

Elanor Funds Management Limited, as the responsible entity for ECF, today lodged its First Supplementary Target's Statement in response to Lederer's offer. The statement clarifies Lederer’s initial declaration of a A$0.70 per security cash offer, noting the actual consideration is A$0.68375 per ECF security. This revised figure represents a discount to ECF's 30 June 2025 Net Tangible Assets (NTA) of A$0.69 per security.

ECF's independent board committee (IBC) strongly disagrees with Lederer's assertion that the correction of these errors is frivolous, stating its commitment to preventing misleading information to securityholders. The IBC unanimously recommends that securityholders REJECT the Lederer Offer by taking no action, citing the independent expert's conclusion that the offer is "NEITHER FAIR NOR REASONABLE."

The ECF IBC also noted that the offer price would be further reduced by the value of any distributions declared or accrued prior to the offer’s close.