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Sydney-based boutique investment group Samuel Terry Asset Management (STAM) is eyeing full control of Melbourne funds manager and property investor Eildon Capital Group (ASX: EDC) in a second bid in as many years to scoop up the 37 per cent of the company it doesn’t already own.
The offer is pitched at 80c per security which values Eildon Capital at $38.47 million - or a $4.8 million discount to the company’s net tangible assets (NTA) of 90c per security at the end of FY25.
It’s also down from the 93c per security offered by STAM in April 2023 when NTA was sitting at $1.05 per security.
The latest offer price is struck at a 13.4 per cent premium to the last closing price on 29 August 2025 of 70.5c per security.
In its bidder’s statement, STAM says the offer price provides “certain value in the form of cash consideration and an additional source of liquidity for EDC securityholders, without the need to incur brokerage costs that would otherwise be payable for on-market sales”.
The investment group says as EDC's largest securityholder controlling about 63.08 per cent of the company’s stapled securities on issue, a competing offer emerging for the group is “unlikely”.
STAM is the investment manager and trustee of the Samuel Terry Absolute Return Active Fund and Samuel Terry Absolute Return Fund which have a combined net asset value of $1 billion invested in Australian and international debt and equity securities and derivatives.
The Eildon capital board says it is considering the bidder’s statement and has yet to make a recommendation to shareholders.
Eildon Capital’s investment portfolio at the end of FY25 totalled $35.9 million, including cash reserves of $10.9 million, which represented 90 per cent of the group’s net assets or 81c per security.
The group’s investment portfolio comprises five investments, namely four debt investments and one equity investment, valued at $25 million.
Among the investments is a 19.9 per cent interest in the MNL Property Trust, which has a portfolio of four childcare centres, another under construction and a vacant parcel of land in the process of being approved for a childcare centre.
The company also has a $1.8 million equity investment in the Burnley Maltings apartment project under construction in Melbourne and due for completion in 2027.
Eildon Capital posted a $5.7 million net loss in FY25, down from a $2.3 million profit a year earlier, with the latest result impacted by $8 million in one-off costs including a $5.9 million provision against investment loans.
Eildon Capital’s stapled securities were trading more than 10 per cent higher at 78c each at 3.18pm (AEST).
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