TIDMGR1T
RNS Number : 2848S
Grit Real Estate Income Group
08 March 2019
GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered by continuation in the
Republic of Mauritius)
(Registration number: C128881 C1/GBL)
LSE share code: GR1T
SEM share code: DEL.N0000
JSE share code: GTR
ISIN: MU0473N00036
("Grit" or the "Company")
CLARIFICATION OF THE PURCHASING OF SHARES BY THE GRIT EXECUTIVE
SHARE TRUST AND SHARE SALES BY BOWWOOD AND MAIN
Further to the Company's announcement on 27 February 2019
advising shareholders of the intention by the Grit Executive Share
Trust ("Grit Share Trust") to acquire shares in the Company in the
open market in order to satisfy the obligations of the Company's
Long-term Incentive Plan Scheme Rules (the "LTIP Scheme") and the
subsequent acquisition of shares in the Company announced on 1
March 2019 and 7 March 2019, the board of directors of Grit Real
Estate Income Group Limited (the "Board") provides the following
update:
-- The Company engaged with the relevant exchanges and
regulators and sought and obtained approvals for the acquisition by
the Grit Share Trust of shares pursuant to the LTIP Scheme, which
were approved by way of a special resolution at the Company's
annual general meeting of shareholders held on 24 November
2017.
-- The Company had sought and received approvals from the
Johannesburg Stock Exchange for the sales of shares by the Bowwood
and Main No.117 Proprietary Limited ("Bowwood and Main") and the
part or whole acquisition of such shares by the Grit Share
Trust
-- Between 28 February and 6 March 2019, the Grit Share Trust
acquired shares in the open market at market value. The shares
acquired included shares sold by Bowwood and Main, which were
acquired by the Grit Share Trust on an arm's length basis in the
open market at market value.
-- Bowwood and Main is an investment vehicle indirectly owned
50% by Bronwyn Corbett (CEO of Grit) and 50% by Sandile Nomvete
(one of the original co-founders and previous chairman of
Grit).
-- Bronwyn Corbett is defined as a Person Discharging Managerial
Responsibilities ("PDMR") and Bowwood and Main is defined a person
closely associated with them ("PCA") for the purposes of the Market
Abuse Regulation.
-- The sale of shares by Bowwood and Main forms part of a
restructure of the Company's management shareholding in Grit, which
is expected to ultimately result in Sandile Nomvete no longer
holding any interest in Grit via Bowwood and Main.
-- The above restructure is not expected to result in any
dilution of Bronwyn Corbett's direct or indirect shareholding in
the Company .
-- Sandile Nomvete's shareholding in Grit is being exited as
since his resignation as director and Chairman of the Board of GRIT
on 13 April 2018, he has not been involved in the management of
Grit.
-- Bowwood and Main originally subscribed for 5,746,061 shares
in Grit on the date of initial listing of the Company in July 2014,
of which 2,873,030 of the shares were indirectly owned by Bronwyn
Corbett (via Bowwood and Main) and 2,873,031 were indirectly owned
by Sandile Nomvete (via Bowwood and Main).
-- To date, the total shares sold by Bowwood and Main amount to 2,540,000 shares.
By Order of the Board
8 March 2019
FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer +230 269 7090
Darren Veenhuis, Head of Investor Relations +44 779 512 3402
Morne Reinders, Investor Relations +27 82 480 4541
Maitland/AMO - Communications Adviser
James Benjamin +44 20 7379 5151
Vikki Kosmalska Grit-maitland@maitland.co.uk
Jason Ochere
finnCap Ltd - UK Financial Adviser
William Marle / Scott Mathieson / Matthew
Radley (Corporate Finance) +44 20 7220 5000
Mark Whitfeld (Sales) +44 20 3772 4697
Monica Tepes (Research) +44 20 3772 4698
Perigeum Capital Ltd - SEM Authorised Representative
and Sponsor
Shamin A. Sookia +230 402 0894
Kesaven Moothoosamy +230 402 0898
PSG Capital - JSE Sponsor and Corporate
Adviser
David Tosi +27 21 887 9602
The Company's LEI is: 21380084LCGHJRS8CN05
NOTES:
Grit Real Estate Income Group Limited is a leading pan-African
real estate company focused on investing in and actively managing a
diversified portfolio of assets in carefully selected African
countries (excluding South Africa). These high-quality assets are
underpinned by predominantly US$ and Euro denominated long-term
leases with a wide range of blue-chip multi-national tenant
covenants across a diverse range of robust property sectors.
The Company is committed to delivering strong and sustainable
income for shareholders, with the potential for income and capital
growth. The Company is targeting an annual dividend yield in USD of
8%+ and a net total shareholder return inclusive of NAV growth of
12.0%+ p.a.*
The Company currently holds primary listings on both the Main
Market of the London Stock Exchange (LSE: GR1T) and on the Main
Board of the Johannesburg Stock Exchange (JSE: GTR), with a
secondary listing on the Official Market of the Stock Exchange of
Mauritius (SEM: DEL.N0000).
Further information on the Company is available at
http://grit.group/
*These are targets only and not a profit forecast and there can
be no assurance that they will be met.
Directors:
Peter Todd(+) (Chairman), Bronwyn Corbett (Chief Executive
Officer)*, Leon van de Moortele (Chief Financial Officer)*, Ian
Macleod(+) , Matshepo More, Nomzamo Radebe, Catherine McIlraith(+)
, David Love(+) , Sir Samuel Esson Jonah(+) and Bright Laaka
(Permanent Alternate Director to Nomzano Radebe).
(* Executive Director) ((+) independent Non-Executive
Director)
Company secretary: Intercontinental Fund Services Limited
Registered address: c/o Intercontinental Fund Services Limited,
Level 5, Alexander House, 35 Cybercity, Ebène 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor
Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental
Secretarial Services Limited
JSE sponsor: PSG Capital Proprietary Limited
Sponsoring broker: Axys Stockbroking Limited
SEM authorised representative and sponsor: Perigeum Capital
Ltd
This notice is issued pursuant to the JSE Listings Requirements,
LSE Listing Rules, Article 19 of MAR, SEM Listing Rule 11.3 and the
Mauritian Securities Act 2005. The Board accepts full
responsibility for the accuracy of the information contained in
this communiqué.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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