Elanor Investors Group (ASX:ENN) has terminated its management and property agreements with the Elanor Commercial Property Fund following a pivotal vote by securityholders.
At an extraordinary general meeting held on Jan. 30, securityholders voted overwhelmingly to remove Elanor Funds Management as the responsible entity, appointing Evolution Trustees in its place.
The leadership change triggered a $8.5 million termination compensation payment to Elanor, a reduced amount agreed upon to facilitate an "orderly transition" of the Fund's assets.
While the outgoing management highlighted a strong track record of consistent distributions since ECF's 2019 IPO, the move marks a strategic shift for the fund under the new oversight of the Lederer Group.