The Takeovers Panel has received an application from Elanor Funds Management Limited (EFM), the responsible entity of Elanor Commercial Property Fund (ECF), regarding an off-market takeover bid by LDR Assets Pty Ltd. ECF is a listed externally managed real estate investment trust (A-REIT, ASX: ECF). The application concerns LDR Assets’ offer to acquire all ECF securities for $0.70 per security. EFM is part of the Elanor Investors Group (ASX: ENN).
The application, submitted by an independent board committee, alleges material information deficiencies in LDR Assets’ bidder’s statement. These deficiencies relate to the ownership, personnel, expertise, and track record of LDR Assets, Lederer Family Office, and LDR Capital. The application also raises concerns about speculation of changes to ECF’s strategy or investments, a potentially misleading comparison of ECF’s management expense ratio, and the omission of safeguards regarding a proposed ASX delisting.
EFM is seeking final orders that would require LDR Assets to acknowledge the disclosure deficiencies in its bidder’s statement and lodge a replacement statement addressing these issues. LDR Capital is a funds management platform that manages the Lederer Family Office’s real estate assets, among other things. LDR Assets has confirmed that it will dispatch a replacement bidder’s statement.
At this stage, the Takeovers Panel has not appointed a sitting panel nor made any decision on whether to conduct proceedings. The Panel has made no comment on the merits of the application.
