TIDMGR1T

RNS Number : 9466T

Grit Real Estate Income Group

29 November 2021

GRIT REAL ESTATE INCOME GROUP LIMITED

(Registered in Guernsey)

(Registration number: 68739)

LSE share code: GR1T

SEM share code: DEL.N0000

ISIN: GG00BMDHST63

   LEI:   21380084LCGHJRS8CN05 

("Grit" or the "Company" and, together with its subsidiaries, the "Group")

RESULTS OF THE ANNUAL GENERAL MEETING

The board of Directors (the "Board") of Grit is pleased to announce that at the annual general meeting of the Company ("AGM") held at 1:00 p.m. Mauritian time (9:00 a.m. UK time) on Monday, 29 November 2021, at 3rd Floor, La Croisette Shopping Centre, Grand Baie, Mauritius, all resolutions were passed, except Special Resolution Number 1: Authority to issue shares for cash on a non-pre-emptive basis. The detailed results of the voting are as follows:

 
                                      Votes for      Votes against 
                                     resolution         resolution                       Number of 
                                as a percentage    as a percentage                    shares voted           Number of 
                                       of total           of total                       at AGM as    shares abstained 
                                      number of          number of       Number of    a percentage     as a percentage 
 Resolutions proposed              shares voted       shares voted    shares voted       of shares           of shares 
  at the AGM                             at AGM             at AGM          at AGM        in issue            in issue 
 Ordinary resolution 
  number 1: 
  Receiving and considering 
  the auditors' reports 
  and the Integrated 
  Annual Report 2021 
  and the adoption 
  of the audited 
  annual financial 
  statements                               100%                NIL     258,361,596          78.00%               0.01% 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 2: 
  Appointment of 
  PwC LLP (UK) as 
  the statutory auditor 
  of the Company                           100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 3: 
  Re-election of 
  Peter McAllister 
  Todd as Director 
  of the Company                           100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 4: 
  Re-election of 
  Bronwyn Anne Knight 
  as Director of 
  the Company                              100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 5: 
  Re-election of 
  Leon van de Moortele 
  as Director of 
  the Company                              100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 6: 
  Re-election of 
  Nomzamo Radebe 
  as Director of 
  the Company                              100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 7: 
  Re-election of 
  Catherine McIlraith 
  as Director of 
  the Company                            89.94%             10.06%     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 8: 
  Re-election of 
  David Arthur Love 
  as Director of 
  the Company                              100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 9: 
  Re-election of 
  Sir Samuel Esson 
  Jonah as Director 
  of the Company                         92.41%              7.59%     258,381,586          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 10: 
  Re-election of 
  Jonathan H.K. Crichton 
  as as Director 
  of the Company                           100%                NIL     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 11: 
  Re-election of 
  Cross Kgosidiile 
  as Director of 
  the Company                            87.54%             12.46%     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 12: 
  Re-election of 
  Nchaupe Bright 
  Laaka as Director 
  of the Company                         94.13%              5.87%     258,381,596          78.01%                 NIL 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 13: 
  Approval of issue 
  of awards                              99.99%              0.01%     258,357,791          78.00%               0.01% 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Ordinary resolution 
  number 14: 
  Non-binding advisory 
  vote on Grit's 
  implementation 
  report on the remuneration 
  policy                                 67.24%             32.76%     258,337,836          77.99%               0.01% 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Special resolution 
  number 1: 
  Authority to issue 
  shares for cash 
  on a non-pre-emptive 
  basis                                  64.85%             35.15%     258,361,551          78.00%               0.01% 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 Special resolution 
  number 2: 
  Market Purchase 
  of Own Shares / 
  Share buy back                         99.99%              0.01%     258,361,596          78.00%               0.01% 
                              -----------------  -----------------  --------------  --------------  ------------------ 
 

Total number of shares in issue as at the date of the AGM was 331,235,546.

Shareholders are further advised that, whilst ordinary resolution number 14, relating to the non-binding advisory vote on the implementation of the remuneration policy of the Company, was supported by the majority of shareholders, the Company does recognise that it was voted against by 32.76% of the votes exercised by the Company's shareholders present in person or represented by proxy at the AGM. Shareholders are further advised that special resolution number 1, relating to the authority to issue shares for cash on a non-pre-emptive basis, was not passed and was voted against by 35.15% of the votes exercised by the Company's shareholders present in person or represented by proxy at the AGM.

The executives of Grit have taken this on board and are committed to achieving a greater understanding of the underlying reasons that has seen some shareholders being unable to support these resolutions. The executives of Grit will initiate a consultation with the Company's shareholders including dissenting shareholders on Thursday, 9 December 2021 at 1.00 p.m. Mauritius time (9.00 a.m. UK time) via a telephone conference to further understand their position and perspectives on the resolutions.

All shareholders are asked to confirm their participation to the company secretary by e-mail at Grit@intercontinentaltrust.com by no later than close of business on Tuesday, 7 December 2021, who will provide dial-in details for the telephone conference. Shareholders are further invited to forward their concerns/questions on the remuneration policy and/or the authority to issue shares for cash on a non-pre-emptive basis to the company secretary in writing by close of business on Tuesday, 7 December 2021.

In accordance with Listing Rule 9.6.2 of the UK Financial Conduct Authority ("FCA"), a copy of the resolutions passed at the A GM has been submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

By Order of the Board

29 November 2021

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
Grit Real Estate Income Group Limited 
Bronwyn Knight, Chief Executive Officer                +230 269 7090 
Darren Veenhuis, Chief Strategy Officer and Investor 
 Relations                                             +44 779 512 3402 
 
Maitland/AMO - Communications Adviser 
James Benjamin                                         +44 7747 113 930 
                                                       Grit-maitland@maitland.co.uk 
 
finnCap Ltd - UK Financial Adviser 
William Marle / Teddy Whiley (Corporate Finance)       +44 20 7220 5000 
Mark Whitfeld / Pauline Tribe (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 
 
Capital Markets Brokers Ltd - Mauritian Sponsoring 
 Broker 
Neetusha Aubeeluck                                     +230 402 0285 
 
 

NOTES:

Grit Real Estate Income Group Limited is the 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 net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*

The Company holds its primary listing on the Main Market of the London Stock Exchange (LSE: GR1T and a secondary listing on 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. Any forward-looking statements and the assumptions underlying such statements are the responsibility of the Board of Directors and have not been reviewed or reported on by the Company's external auditors.

Directors: Peter Todd+ (Chairman), Bronwyn Knight (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson Jonah+, Nomzamo Radebe, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile+ and Bright Laaka+ (Permanent Alternate Director to Nomzamo Radebe).

(* Executive Director) (+ independent Non-Executive Director)

Company secretary : Intercontinental Fund Services Limited

Registered address : PO Box 186, Royal Chambers, St Julian's Avenue, St Peter Port, Guernsey GY1 4HP

Registrar and transfer agent (Mauritius) : Intercontinental Secretarial Services Limited

UK Transfer secretary : Link Asset Services Limited

SEM authorised representative and sponsor : Perigeum Capital Ltd

This notice is issued pursuant to the FCA Listing Rules and SEM Listing Rule 15.24 and the Mauritian Securities Act 2005. The Board of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.

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END

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