Key Highlights

  • Kyron Capital Group completed a A$125 million recapitalisation with Rockworth on 17 April 2026 and changed its ASX code from ENN to KYN on 29 July 2026.
  • Assets under management were A$1.83 billion at 30 June 2026, down from A$5.5 billion a year earlier, and FY26 operating loss before tax was A$36.7 million.
  • Rockworth holds 30 million warrants exercisable at A$0.01 from 17 October 2026, against 131.9 million securities on issue at 30 June 2026.

Kyron Capital Group (ASX:KYN), formerly Elanor Investors Group, is a real estate funds manager that has been rebuilt around a A$125 million recapitalisation and a much smaller platform. The listed equity now ranks behind substantial debt and perpetual notes, which leaves its market value small relative to the assets the group manages.

A new name and ticker

The company's June 2026 quarterly report shows the recapitalisation with Rockworth completed on 17 April 2026, with ASX trading resuming on 11 June 2026. Securityholders approved a name change on 22 July 2026 and Kyron Group RE Limited became responsible entity on 24 July. On 29 July 2026 the group was renamed and its code changed from ENN to KYN.

How the recapitalisation is structured

The A$125 million package has three parts: a A$70 million senior secured loan facility, of which A$66 million is drawn at 7 per cent a year; A$55 million of perpetual subordinated notes paying 9 per cent for three years and 11 per cent thereafter; and 30 million penny warrants issued to Rockworth with an exercise price of A$0.01. The FY26 results presentation of 28 August 2026 states that the warrants become exercisable from 17 October 2026 and expire on 30 June 2028. With 131.9 million securities on issue at 30 June 2026, full exercise would add about 23 per cent to the count by simple arithmetic, a material source of dilution.

FY26 results

Assets under management stood at A$1.83 billion at 30 June 2026, down from A$5.5 billion a year earlier after about A$1.1 billion of transactions. Funds management income fell to A$27.1 million from A$47.1 million. Core earnings EBITDA was negative A$18.3 million and the operating loss before tax was A$36.7 million, including A$17.5 million of receivable provisions and impairments. Net assets were A$34.1 million. Net tangible assets came to A$0.26 per security, but once the perpetual notes are deducted the figure attributable to ordinary equity was negative A$0.17, according to the presentation.

The remaining portfolio comprises A$879 million of retail, A$325 million of office, A$274 million of healthcare and A$271 million of hotels and leisure assets, plus A$81 million of non-core industrial. Gearing fell to 54.2 per cent from 72.4 per cent, and covenants are first tested on 30 June 2027.

Cash and funding

The June quarter Appendix 4C reported a net operating cash outflow of A$9.27 million and cash of A$14.8 million, which the company calculated as about 2.0 quarters of funding. The results presentation quotes cash of A$11.4 million, so the two figures appear to rest on different definitions or dates. The 4C also listed a A$85.4 million Commonwealth Bank (ASX:CBA) facility maturing on 31 August 2026; the company has not disclosed whether it has been refinanced.

Strategy and governance

Management's stated priorities are to repair the balance sheet by recycling co-investments and receivables, grow through capital-led initiatives in retail, office, healthcare and hotels, lift profitability through cost savings, and rebuild confidence. David McNamara is chief executive, a trustee board has been established and ASIC has granted a new financial services licence. Rockworth held 17.92 per cent of the group as of 2 July 2026.

What's Next

The main risks are debt servicing, the quality of receivables, execution of asset sales and dilution from the Rockworth warrants. Near-term items include the warrants becoming exercisable from 17 October 2026, the status of the Commonwealth Bank facility and the first covenant test on 30 June 2027.