Elanor Confirms $125M Recapitalisation as Firmus Deal Falls Through

Firmus Acquisition Falls Through After Regulatory Delays

Elanor Investors Group (ASX:ENN) has scrapped its planned acquisition of Singapore-based Firmus Capital, a real estate investment manager with approximately S$658 million in assets under management. The deal, first announced in July 2025, was contingent on regulatory approvals that have now been delayed beyond the agreed sunset date of 31 May 2026. Both Elanor and its strategic partner Rockworth Capital Partners have mutually agreed not to extend this deadline, effectively terminating the transaction in its current form.

The fallout means Elanor will not issue the previously proposed 141.3 million consideration securities to Rockworth and Su Kiat Lim, who remain significant shareholders with 13.59% of existing securities. Rockworth also holds 30 million warrants exercisable after 17 October 2026, which if converted, would increase their stake to nearly 30% on a diluted basis. Despite the setback, all parties have expressed a continued interest in exploring the acquisition opportunity in the future.

Recapitalisation with Rockworth Strengthens Balance Sheet

The Firmus acquisition was part of a broader $125 million recapitalisation package with Rockworth completed in April 2026. This refinancing included a $70 million senior secured debt facility, $55 million in perpetual subordinated notes, and 30 million warrants with a nominal exercise price of $0.01. The recapitalisation has significantly reduced Elanor's cost of capital and aligned its capital structure with its long-term strategic goals.

Elanor’s Managing Director Tony Fehon highlighted that the recapitalisation has laid a strong foundation for the company’s Pan-Asian growth ambitions. Rockworth’s spokesperson reaffirmed their commitment to expanding Elanor’s platform through targeted real estate initiatives, building on their $125 million investment and the established working relationship with management. This refinancing move followed a period of financial challenges, including a half-year loss and asset divestments, which had previously halved Elanor’s funds under management and pressured its balance sheet.

ASX Trading Set to Resume Pending Conditions

Following the recapitalisation, Elanor has engaged with the ASX to recommence trading of its securities, which have been suspended. The ASX has indicated its intention to reinstate official quotation of ENN securities once Elanor satisfies certain conditions, notably providing quarterly cash flow and activity reports under Listing Rules 4.7B and 4.7C. The company has committed to updating the market once the ASX confirms the trading resumption.

This development follows Elanor’s recent ASX waiver extending deadline and the earlier $125M recapitalisation completion, underscoring the company’s efforts to stabilise its financial position and pursue growth despite the acquisition setback.