Australia's Elanor Investors hits near 9-mth high on improved transaction metrics

Elanor Investors

16/06/2023 05:06

** Shares of Elanor Investors Group  ENN.AX  jump as much as
7.1% to A$1.805, their biggest intraday pct gain since Sept 23
if gains hold
    ** The investment management firm says it has entered into
agreements to acquire 100% of Challenger Ltd's  CGF.AX  A$3.4
bln ($2.34 bln) Australian real estate funds management business
(CRE)
    ** Says purchase Price for CRE has been reduced to A$37.7
mln based on the termination of a third-party advisory contract
    ** Co in April said it is acquiring CRE for a maximum
consideration of A$41.8 mln
    ** Co to issue 24.8 mln securities as consideration for the
acquisition of CRE
    ** Sees material FY24 earnings accretion with incremental
EBITDA of ~A$12 mln from transaction
    ** Shares post their biggest intraday pct gain since April 6
    ** ENN stock up 3.4% YTD as of last close 

    
    
($1 = 1.4556 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))