Result of AGM

RNS Number : 1834V

Grit Real Estate Income Group

29 November 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" or the "Group")

RESULTS OF THE ANNUAL GENERAL MEETING

The board of Directors (the "Board") of Grit Real Estate Income Group Limited are pleased to announce that at the annual general meeting of the Company ("AGM") held at 1:00 p.m. Mauritian time (11:00 a.m. South African time and 9:00 a.m. UK time) today, Friday, 29 November 2019, at 3rd Floor, La Croisette Shopping Centre, Grand Baie, Mauritius all resolution were passed. The detailed results of the voting, are as follows:

Resolutions proposed at the AGM	Votes for resolution as a percentage of total number of shares voted at AGM	Votes against resolution as a percentage of total number of shares voted at AGM	Number of shares voted at AGM	Number of shares voted at AGM as a percentage of shares in issue	Number of shares abstained as a percentage of shares in issue
Ordinary resolution number 1: Receiving and considering the auditors' reports and the Integrated Annual Report and the adoption of the audited financial statements	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.1: Re-election of Peter Todd as Independent Non-Executive Director	95.33%	4.67%	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.2: Re-election of Bronwyn Corbett as Executive Director	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.3: Re-election of Leon van de Moortele as Executive Director	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.4: Re-election of Nomzamo Radebe as Non-Executive Director	95.13%	4.87%	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.5: Re-election of Catherine McIlraith as Independent Non-Executive Director	95.89%	4.11%	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.6: Re-election of Ian Macleod as Independent Non-Executive Director	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.7: Re-election of Sir Samuel Esson Jonah as Independent Non-Executive Director	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 2.1.8: Re-election of Bright Laaka as Permanent Alternate Director to Nomzamo Radebe	95.10%	4.90%	228,340,079	74.52%	3.74%
Ordinary resolution number 2.2: Appointment of David Love as Independent Non-Executive Director	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 3: Re-appointment of PwC Mauritius as the statutory auditors of the Company and the re-appointment of PwC UK for JSE and LSE purposes	100%	Nil	239,278,000	78.09%	0.17%
Ordinary resolution number 4: Approval of Non-Executive Directors' remuneration	95.31%	4.69%	238,465,194	77.83%	0.44%
Ordinary resolution number 5: Directors' authority to issue a maximum of 15,013,406 additional ordinary shares	93.60%	6.40%	238,545,194	77.86%	0.41%
Ordinary resolution number 6: Authority of Directors	100%	Nil	238,545,194	77.86%	0.41%
Ordinary resolution number 7: Non-binding advisory vote on Grit's remuneration policy	57.83%	42.17%	238,465,194	77.83%	0.44%
Ordinary resolution number 8: Non-binding advisory vote on Grit's implementation report on the remuneration policy	54.69%	45.31%	238,465,194	77.83%	0.44%
Special resolution number 1: General authority to issue shares for cash on a non-pre-emptive basis	93.31%	6.69%	239,278,000	78.09%	0.17%
Special resolution number 2: Antecedent Distributions (Reduction in Stated Capital)	100%	Nil	239,278,000	78.09%	0.17%
Special resolution number 3: Share buy-back	100%	Nil	239,278,000	78.09%	0.17%

Note:

Total number of shares in issue as at the date of the AGM was 306,396,035.

Shareholders are further advised that, as ordinary resolution number 7, relating to the non-binding advisory vote on the remuneration policy of the Company and ordinary resolution number 8 relating to the non-binding advisory vote on the implementation of the remuneration policy, were voted against by 25% or more of the votes exercised by the Company's shareholders present in person or represented by proxy at the AGM, the executives of GRIT will make themselves available to consult with such dissenting shareholders on Thursday, 5 December 2019 at 1pm Mauritius time (11:00am South African time and 09:00am UK time) as follows:

1.    via a telephone conference; or

2.    in person at the offices of the Compant, 3rd Floor, La Croisette Shopping Centre, Grand Baie, Mauritius.

All dissenting shareholders to confirm their participation to the company secretary by e-mail at [e-mail] by no later than close of business on 3 December 2019, who will provide dial-in details for the telephone conference. Dissenting shareholders are further invited to forward their concerns/questions on the remuneration policy to the company secretary in writing by close of business on 3 December 2019.

By Order of the Board

29 November 2019

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer	[phone]
Darren Veenhuis, Head of Investor Relations	[phone]
Morne Reinders, Investor Relations	[phone]
Maitland/AMO - Communications Adviser
James Benjamin	[phone]
Vikki Kosmalska	[e-mail]
Jason Ochere
finnCap Ltd - UK Financial Adviser
William Marle / Scott Mathieson / Matthew Radley (Corporate Finance)	[phone]
Mark Whitfeld (Sales)	[phone]
Monica Tepes (Research)	[phone]
Perigeum Capital Ltd - SEM Authorised Representative and Sponsor
Shamin A. Sookia	[phone]
Kesaven Moothoosamy	[phone]
PSG Capital - JSE Sponsor and Corporate Adviser
David Tosi	[phone]

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 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), while its listing on the Official Market of the Stock Exchange of Mauritius Ltd is termed as a secondary listing (SEM: DEL.N0000).

Further information on the Company is available at http://grit.group/   

*     This is a target only and not a profit forecast and there can be no assurance that it 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 Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, Ian Macleod⁺, Nomzamo Radebe, Catherine McIlraith⁺, David Love⁺, Sir Samuel Esson Jonah⁺ and Bright Laaka (Permanent Alternate Director to Nomzamo 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 

SEM authorised representative and sponsor: Perigeum Capital Ltd

This notice is issued pursuant to the LSE Listing Rules, JSE Listings Requirements, SEM Listing Rule 11.3 and the Mauritian Securities Act 2005. The board of directors of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.

 

END

 

 

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