Overview of Elanor Commercial Property Fund's entitlement offer

Elanor Commercial Property Fund (ASX:ECF) is conducting a fully underwritten 1-for-3.5 Entitlement Offer to raise approximately $52 million at an issue price of $0.58 per ECF security. The proceeds will be used to fund ECF's participation in the Harris Street Fund Capital Notes issuance and to repay ECF debt and transaction costs. The offer is available to eligible securityholders only, and the closing date for acceptance is expected to be 5.00pm (Sydney time) on Friday, 25 October 2024.

Executive commentary on the entitlement offer

The Entitlement Offer is a strategic move to raise capital for ECF's participation in the Harris Street Fund Capital Notes issuance and to strengthen the fund's financial position. We are pleased with the strong support from Lederer Group and other associated entities, demonstrating confidence in ECF's growth prospects and strategic initiatives. The underwriting by Citigroup Global Markets Australia Pty Limited and MA Moelis Australia Advisory Pty Ltd provides additional assurance for the success of the offer.

Summary of Elanor Commercial Property Fund's entitlement offer

Elanor Commercial Property Fund (ECF) is offering a 1 for 3.5 pro rata non-renounceable entitlement offer of fully paid stapled securities at an issue price of $0.58 per New Stapled Security. The offer aims to raise approximately $52 million to support ECF's participation in the Harris Street Fund Capital Notes issuance and to reduce ECF's debt and transaction costs. The fund's balance sheet gearing is expected to decrease, providing funding flexibility for future initiatives. ECF's strong performance and the support from Lederer Group indicate a positive outlook for the fund's growth and stability.