mmmmseems the AFR has more info than the update we just...

mmmm

seems the AFR has more info than the update we just received.......and a CR seems likely.

Billionaire businessman Paul Lederer has emerged as a white knight at Elanor Investor Group, the ASX-listed real estate fund manager which is facing a backlash from shareholders over its poor performance and a growing debt pile.

Former Macquarie Bank executive Tony Fehon has been appointed interim managing director.

Under the deal struck with Mr Lederer, his private Lederer Group vehicle has agreed to buy Elanor’s 12.6 per cent stake in the Commercial Property Fund for $23.9 million and become the largest shareholder with a 14 per cent stake.
The fund owns a $500 million portfolio of office properties, including a half-stake in 19 Harris Street in Pyrmont.

"Lederer Group has also committed a further $50 million to support the fund.Some of this money will help fund and underwrite a $40 million raising needed to reduce the gearing of the Harris Street property, which had breached its lending covenants following a valuation writedown."