Elanor’s Recapitalisation Faces Delay Amid Regulatory and Shareholder Approvals

Strategic Alliance Deepens with Rockworth

Elanor Investors Group has announced an extension to the timeline surrounding its strategic alliance with Rockworth Capital Partners. Rockworth is set to inject $125 million into Elanor, a move designed to recapitalise the group and stabilise its balance sheet. This capital boost is paired with Elanor’s planned acquisition of the Firmus business, a transaction that remains subject to regulatory and securityholder approvals.

Delays Reflect Ongoing Financial Reporting and Approvals

The company has agreed with Rockworth to extend the sunset date for the transaction’s completion to 31 March 2026, pushing back the dispatch of the Notice of Meeting to December 2025. Consequently, the Extraordinary General Meeting (EGM) where securityholders will vote on the investment and acquisition is now expected in late January 2026. These adjustments follow Elanor’s recent FY24 Annual General Meeting and ongoing preparations for the HY25 and audited FY25 financial results.

Support from Lenders and Noteholders

Elanor continues to maintain constructive dialogue with its secured lender, Keyview, which remains supportive of the group’s deleveraging and stabilisation efforts. Keyview has agreed to extend certain covenant milestones under its facility agreement to facilitate the Rockworth transaction. Additionally, noteholders of Elanor’s $40 million Corporate Notes have approved a special resolution to waive certain covenants, further smoothing the path to recapitalisation.

Looking Ahead to Financial Results and Suspension Lift

The group is preparing to release its HY25 results and Appendix 4D by the end of November 2025, with the full FY25 results and Annual Report expected shortly thereafter. Following the finalisation of these financial disclosures and successful approvals at the EGM, Elanor plans to engage with the ASX to lift the suspension of its securities, a critical step for restoring market confidence and liquidity.

A Pivotal Moment for Elanor

This recapitalisation and acquisition represent a significant turning point for Elanor, aiming to strengthen its financial footing and expand its asset base. However, the extended timeline underscores the complexities involved in securing regulatory and shareholder approvals, as well as the importance of transparent financial reporting to reassure investors.