• Elanor Funds Management has applied to the Takeovers Panel regarding the off-market takeover bid by LDR Assets Pty Ltd for Elanor Commercial Property Fund (ECF)
• Elanor Funds Management alleges material information deficiencies in LDR Assets' bidder's statement
• Elanor Funds Management seeks orders requiring LDR Assets to address the disclosure deficiencies and lodge a replacement bidder's statement

Elanor Funds Management Limited (EFM), as the responsible entity of Elanor Commercial Property Fund (ECF), has applied to the Takeovers Panel in relation to the affairs of ECF. ECF is the subject of an off-market takeover bid by LDR Assets Pty Ltd as trustee for the LDR Assets Trust (Lederer), offering to acquire all the securities of ECF for $0.70 per ECF security. The applicant, represented by an independent board committee, alleges that the bidder's statement contains material information deficiencies relating to the ownership, personnel, expertise and track record of Lederer, Lederer Family Office and LDR Capital, speculation of a change to ECF's strategy or investments and the pursuit of new transactions by ECF, misleading comparison of ECF's management expense ratio with other externally managed REITs, and the threat of delisting ECF from the ASX and the omission of the safeguards in respect of a proposed ASX delisting. The applicant further submits that there are other errors and misstatements in the bidder's statement that Lederer has agreed to address.The applicant seeks final orders requiring Lederer to advise the market of the disclosure deficiencies and lodge a replacement bidder's statement addressing these deficiencies. Lederer has confirmed that it will dispatch a replacement bidder's statement.