Elanor Investors Group (ASX: ENN), a real estate investment and funds management group with funds under management across Australia and New Zealand, has announced that the acquisition of Singapore-based Firmus Capital will not proceed in its current form. This decision follows a mutual agreement with Rockworth Capital Partners, stemming from delays and uncertainty regarding regulatory approvals.
The Firmus Capital acquisition, which involved a real estate investment manager with approximately S$658 million of assets under management, was initially announced in July 2025. It was intended to be completed as part of Elanor’s comprehensive $125 million balance sheet recapitalisation with Rockworth, which finalised on April 17, 2026. However, due to the protracted timeline for obtaining necessary regulatory clearances and the significant time lapse since the transaction terms were negotiated, Elanor and Rockworth mutually agreed not to extend the May 31, 2026 sunset date for the acquisition.
As a consequence of this development, Elanor will not issue the proposed 141.3 million ENN consideration securities to Rockworth and Su Kiat Lim, which were previously tied to the Firmus acquisition. Rockworth will continue to hold approximately 17.9 million ENN securities and 30.0 million unlisted warrants, exercisable after October 17, 2026. Tony Fehon, Managing Director, affirmed, “Our balance sheet recapitalisation with Rockworth has significantly reduced the Group’s cost of capital and provided alignment between our capital structure and the long-term strategic objectives of the business.” A Rockworth spokesperson reiterated commitment to building the Elanor business through their expanded strategic alliance.
Separately, Elanor has made submissions to the ASX seeking approval for the recommencement of trading in ENN securities. The ASX has indicated its intention to reinstate official quotation, subject to the satisfaction of certain conditions precedent, including the provision of quarterly cash flow and activity reporting. The Group will update the market on the recommencement of trading following confirmation from the ASX.
