Elanor Investors Group (ASX:ENN) said it established a board committee to represent the interests of Elanor Investors, as the investment manager for Elanor Commercial Property Fund (ASX: ECF) and the owner of the Elanor Funds Management, in connection with the proposed takeover offer by Lederer Group for Elanor Commercial for AU$0.70 cash for each stapled security, according to a Wednesday Australian bourse filing.
The board committee is considering its response to Lederer's proposal, including a number of "inaccurate" assertions made by Lederer. It rejected any assertions made by Lederer against Elanor Investors regarding proper governance and management of the fund.
Elanor Funds Management is the responsible entity for the Elanor Commercial Property Fund.
The Elanor Funds Management board established an independent board committee and adopted protocols to manage any potential conflicts of interest that may arise between the interests of Elanor Investors and the interests of Elanor Commercial Property Fund securityholders.
In the same filing, Elanor Investors said it continues to progress preparations regarding the expansion of its strategic alliance with Rockworth Capital Partners, in which Rockworth will invest up to AU$125 million into Elanor to recapitalize the business and stabilize the balance sheet, and Elanor will acquire the Firmus business.
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