Elanor Investors Group (ASX: ENN) Market Update and FY24 Forecast
Balance Sheet Stabilisation
Elanor Investors Group has recently refined its financial strategy, announcing a new $85 million debt bridging facility from Keyview Financial Group. However, the new facility did not lead to refinancing the Group’s existing unsecured corporate notes as initially planned. The Group is currently negotiating revised terms with Keyview and the notes’ arranger and has initiated a circulating resolution for noteholder approval.
On December 19, 2024, a meeting of noteholders confirmed a 90-day standstill agreement, allowing the Group additional time to address its financial restructuring. Elanor remains committed to stabilising its balance sheet and supporting its working capital needs as the asset realisation program progresses.
Release of FY24 Financial Results
Elanor Investors Group will confirm the date for its Annual General Meeting (AGM) once it finalises its FY24 results, which depends on the restructuring of its corporate notes. The results will be followed by the lodgement of Appendix 4E and the Annual Report with the ASX.
HY25 Forecast Distribution
Due to ongoing balance sheet stabilisation efforts and in line with Keyview Facility terms, Elanor will not distribute any earnings for the six months ending December 31, 2024. Payment of distributions will resume only when the Group’s gearing ratio falls below 25%.
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