Elanor Investors Group (ASX:ENN) entered into arrangements to facilitate the potential transition of the investment and property management of the Elanor Commercial Property Fund (ASX:ECF) if the fund's securityholders approve a resolution for the removal of Elanor Funds Management as the responsible entity of the fund and the appointment of Evolution Trustees as the new responsible entity, according to a Wednesday Australian bourse filing.

Lederer Group decided to convene an extraordinary general meeting of the fund's securityholders to vote on the resolution and confirmed its plans to vote its 43% stake in the fund in favor of the resolution.

If the resolution is passed, Elanor Investors will terminate its current investment management agreement and property management agreement. Both agreements contain provisions entitling the firm to a compensation payment on termination following a change of responsible entity without its consent.

Under the arrangements, Elanor agreed to receive a reduced compensation amount of AU$8.5 million on termination, if it is approved by the fund's securityholders.

Elanor Commercial Property Fund's shares advanced 1% in recent trading on Wednesday.