Elanor Commercial Property Fund (ASX:ECF) Entitlement Offer Announcement

Elanor Funds Management Limited, the responsible entity of Elanor Commercial Property Fund (ECF) (ASX:ECF), has announced a non-renounceable pro-rata entitlement offer of 1 fully paid stapled security in ECF for every 3.5 existing fully paid ECF stapled securities held as at 7.00pm (Sydney time) on Wednesday, 9 October 2024 by eligible security holders with a registered address in Australia or New Zealand.

Executive Commentary on Entitlement Offer

The largest security holder, Lederer Group, has confirmed its full pro rata entitlement to New Stapled Securities in the Entitlement Offer, along with participation in the oversubscription facility and a commitment to sub-underwrite up to approximately $37.0 million in the Entitlement Offer. The potential effect of the issue of the New Stapled Securities on the control of ECF will depend on various factors, including investor demand and existing securityholdings.

Summary of Entitlement Offer and Outlook

Elanor Commercial Property Fund (ECF) has announced a non-renounceable pro-rata entitlement offer, with Lederer Group's commitment to increase its stake in ECF through participation in the offer. The effect of the offer on securityholder dilution and the control of ECF will depend on factors such as investor demand and participation in the oversubscription facility. The announcement emphasizes the potential increase in Lederer Group's securityholding in ECF and outlines the arrangements designed to mitigate the potential effect of the Entitlement Offer on the control of ECF. This strategic move indicates the company's efforts to strengthen its position and raise capital for future endeavors.